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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 5,615 $ 4,755 $ 3,886
Reconciliation of net income to net cash flows provided by operating activities:      
Depreciation and accretion 1,797 1,723 1,697
Amortization of intangible assets 177 151 143
Amortization of major maintenance costs for reaction-based plants 51 27 0
Other amortization expense 220 239 232
Impairment of goodwill 0 0 296
Impairment of assets other than goodwill 53 233 594
Equity in income of unconsolidated affiliates (464) (583) (426)
Distributions received from unconsolidated affiliates attributable to earnings 446 544 427
Net losses (gains) attributable to asset sales and related matters 1 5 (4)
Deferred income tax expense (benefit) 60 40 (148)
Change in fair market value of derivative instruments 78 (27) (79)
Non-cash expense related to long-term operating leases 59 41 39
Net effect of changes in operating accounts (54) 1,366 (768)
Other operating activities 0 (1) 2
Net cash flows provided by operating activities 8,039 8,513 5,891
Investing activities:      
Capital expenditures (1,964) (2,223) (3,288)
Cash used for business combinations, net of cash received (3,204) 0 0
Investments in unconsolidated affiliates (1) (2) (16)
Distributions received from unconsolidated affiliates attributable to the return of capital 98 46 188
Proceeds from asset sales and other matters 122 64 13
Other investing activities (5) (20) (18)
Cash used in investing activities (4,954) (2,135) (3,121)
Financing activities:      
Borrowings under debt agreements 96,140 11,159 6,672
Repayments of debt (97,395) (11,492) (4,407)
Debt issuance costs (1) (15) (46)
Monetization of interest rate derivative instruments 0 75 (33)
Cash distributions paid to common unitholders (4,095) (3,930) (3,891)
Cash payments made in connection with distribution equivalent rights (34) (31) (27)
Cash distributions paid to noncontrolling interests (163) (154) (131)
Cash contributions from noncontrolling interests 7 72 31
Repurchase of common units under 2019 Buyback Program (250) (214) (186)
Net cash proceeds from the issuance of preferred units 0 0 32
Other financing activities (53) (41) (36)
Cash used in financing activities (5,844) (4,571) (2,022)
Net change in cash and cash equivalents, including restricted cash (2,759) 1,807 748
Cash and cash equivalents, including restricted cash, at beginning of period 2,965 1,158 410
Cash and cash equivalents, including restricted cash, at end of period $ 206 $ 2,965 $ 1,158