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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income $ 304,780 $ 958,326
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 426,014 350,552
Impairment charges 641,754 0
Equity in net earnings from investments (108,001) (115,175)
Distributions received from unconsolidated affiliates 109,595 121,176
Deferred income tax expense 93,174 269,488
Other, net (17,599) (18,337)
Changes in assets and liabilities:    
Accounts receivable 111,629 100,250
NGLs and natural gas in storage 4,349 13,122
Accounts payable (198,809) (162,806)
Accrued interest (50,244) (39,314)
Risk-management assets and liabilities (136,543) (93,244)
Other assets and liabilities, net (76,971) (57,193)
Cash provided by operating activities 1,103,128 1,326,845
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (1,924,003) (2,739,338)
Distributions received from unconsolidated affiliates in excess of cumulative earnings 22,280 82,171
Other, net (80,148) 9,293
Cash used in investing activities (1,981,871) (2,647,874)
Financing activities    
Dividends paid (1,189,575) (1,079,379)
Repayment of short-term borrowings, net (220,000) 0
Issuance of long-term debt, net of discounts 3,244,777 4,185,435
Debt financing costs (28,324) (29,777)
Repayment of long-term debt (1,433,480) (1,055,436)
Issuance of common stock 959,653 19,333
Other (28,137) (57,813)
Cash provided by financing activities 1,304,914 1,982,363
Change in cash and cash equivalents 426,171 661,334
Cash and cash equivalents at beginning of period 20,958 11,975
Cash and cash equivalents at end of period $ 447,129 $ 673,309