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UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net income $ 1,362.6 $ 1,375.0
Reconciliation of net income to net cash flows provided by operating activities:    
Depreciation and accretion 425.4 414.0
Amortization of intangible assets 36.1 39.6
Amortization of major maintenance costs for reaction-based plants 2.6 0.0
Other amortization expense 60.9 55.4
Impairment of assets other than goodwill 65.6 1.6
Equity in income of unconsolidated affiliates (148.9) (140.8)
Distributions received from unconsolidated affiliates attributable to earnings 111.9 126.9
Net losses attributable to asset sales and related matters 10.9 0.1
Deferred income tax expense (benefit) 4.6 (184.1)
Change in fair market value of derivative instruments (15.6) (29.5)
Change in fair market value of Liquidity Option 0.0 2.3
Non-cash expense related to long-term operating leases 9.3 10.0
Net effect of changes in operating accounts 99.0 341.7
Other operating activities (1.3) 0.0
Net cash flows provided by operating activities 2,023.1 2,012.2
Investing activities:    
Capital expenditures (679.0) (1,079.5)
Investments in unconsolidated affiliates (1.3) (3.3)
Distributions received from unconsolidated affiliates attributable to the return of capital 18.6 10.3
Proceeds from asset sales 6.2 0.6
Other investing activities (1.5) 0.2
Cash used in investing activities (657.0) (1,071.7)
Financing activities:    
Borrowings under debt agreements 7,531.8 5,411.8
Repayments of debt (8,741.8) (3,406.6)
Debt issuance costs 0.0 (28.4)
Monetization of interest rate derivative instruments 75.2 (33.3)
Cash distributions paid to common unitholders (981.7) (974.2)
Cash payments made in connection with distribution equivalent rights (7.0) (5.8)
Cash distributions paid to noncontrolling interests (29.8) (29.9)
Cash contributions from noncontrolling interests 13.1 5.2
Repurchase of common units under 2019 Buyback Program (13.9) (140.1)
Other financing activities (35.7) (33.6)
Cash provided by (used in) financing activities (2,189.8) 765.1
Net change in cash and cash equivalents, including restricted cash (823.7) 1,705.6
Cash and cash equivalents, including restricted cash, at beginning of period 1,158.1 410.0
Cash and cash equivalents, including restricted cash, at end of period $ 334.4 $ 2,115.6