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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 805,549 $ 728,315
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 311,615 314,041
Equity in net earnings from investments (71,970) (59,040)
Distributions received from unconsolidated affiliates 71,488 58,486
Deferred income taxes 227,897 226,963
Other, net 44,584 39,837
Changes in assets and liabilities:    
Accounts receivable (339,729) (268,541)
NGLs and natural gas in storage, net of commodity imbalances (164,890) (171,654)
Accounts payable 568,705 363,694
Risk-management assets and liabilities (130,873) (158,927)
Other assets and liabilities, net (72,792) 4,809
Cash provided by operating activities 1,249,584 1,077,983
Investing activities    
Capital expenditures (less allowance for equity funds used during construction) (559,310) (324,122)
Distributions received from unconsolidated affiliates in excess of cumulative earnings 13,375 11,695
Other, net 3,148 (12,138)
Cash used in investing activities (542,787) (324,565)
Financing activities    
Dividends paid (835,309) (833,083)
Issuance of long-term debt 120,000 0
Repayment of long-term debt 0 (68,787)
Other, net (2,105) (1,667)
Cash used in financing activities (717,414) (903,537)
Change in cash and cash equivalents (10,617) (150,119)
Cash and cash equivalents at beginning of period 146,391 524,496
Cash and cash equivalents at end of period $ 135,774 $ 374,377