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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income (loss) $ 332.6 $ 555.2
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization in interest expense 3.7 3.2
Compensation on equity grants 14.6 15.0
Depreciation and amortization expense 340.5 324.8
(Gain) loss on sale or disposition of assets (1.1) (1.5)
Write-downs of assets 1.0 0.9
Accretion of asset retirement obligations 1.6 1.6
Deferred income tax expense (benefit) 79.8 106.0
Equity (earnings) loss of unconsolidated affiliates (2.8) 0.2
Distributions of earnings received from unconsolidated affiliates 5.6 1.4
Risk management activities 22.0 (175.7)
Changes in operating assets and liabilities, net of acquisitions:    
Receivables and other assets 39.8 440.8
Inventories 147.0 237.5
Accounts payable, accrued liabilities and other liabilities (64.5) (292.7)
Interest payable (43.4) (46.9)
Net cash provided by operating activities 876.4 1,169.8 Close
Cash flows from investing activities    
Outlays for property, plant and equipment (669.8) (475.7)
Proceeds from sale of assets 0.9 0.2
Investments in unconsolidated affiliates (9.4) (6.2)
Return of capital from unconsolidated affiliates 0.7 1.2
Other, net (0.3) (0.3)
Net cash provided by (used in) investing activities (677.9) (480.8) Close
Debt obligations:    
Repayments of credit facilities 0.0 (290.0)
Proceeds from borrowings of commercial paper notes 14,025.0 14,526.8
Repayments of commercial paper notes (13,840.0) (15,230.5)
Proceeds from borrowings under accounts receivable securitization facility 25.0 0.0
Repayments of accounts receivable securitization facility (100.0) (96.0)
Proceeds from issuance of senior notes 0.0 1,717.1
Principal payments of finance leases (10.8) (9.4)
Costs incurred in connection with financing arrangements 0.0 (4.1)
Repurchase of shares (160.2) (85.8)
Contributions from noncontrolling interests 1.8 0.2
Distributions to noncontrolling interests (53.2) (47.3)
Repurchase of noncontrolling interests (1.3) (1,091.9)
Dividends paid to common and Series A Preferred shareholders (116.6) (85.3)
Net cash provided by (used in) financing activities (230.3) (696.2) Close
Net change in cash and cash equivalents (31.8) (7.2) Close
Cash and cash equivalents, beginning of period 141.7 219.0
Cash and cash equivalents, end of period $ 109.9 $ 211.8