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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 290.1 $ 311.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense 94.4 89.4
(Income) loss from equity investments (3.3) (1.4)
Distributions from equity investments 4.4 6.1
Amortization of deferred financing costs 4.2 4.2
Equity-based compensation expense 1.0 0.9
Deferred income tax expense (benefit) 14.6 12.1
Changes in assets and liabilities:    
Accounts receivable – affiliate 12.9 (33.2)
Other current and noncurrent assets 5.6 8.4
Accounts payable – trade (7.5) 5.4
Accounts payable – affiliate (4.4) (5.7)
Accrued liabilities (2.7) 6.8
Other current and noncurrent liabilities (6.0) (0.6)
Net cash provided by (used in) operating activities 403.3 403.8
Cash flows from investing activities    
Additions to property, plant and equipment (107.3) (110.7)
Net cash provided by (used in) investing activities (107.3) (110.7)
Cash flows from financing activities    
Net proceeds from (repayments of) bank borrowings with maturities of 90 days or less 180.0 (13.0)
Bank borrowings with maturities of greater than 90 days    
Repayments   (10.0)
Proceeds from issuance of senior notes   400.0
Deferred financing costs   (5.9)
Transaction costs (1.1) (1.2)
Class B unit repurchase (200.0) (400.0)
Distributions to shareholders/unitholders (51.0) (41.7)
Distributions to noncontrolling interest (224.0) (221.1)
Net cash provided by (used in) financing activities (296.1) (292.9)
Increase (decrease) in cash and cash equivalents (0.1) 0.2
Cash and cash equivalents, beginning of period 3.1 2.2
Cash and cash equivalents, end of period 3.0 2.4
Supplemental disclosure of non-cash investing and financing activities:    
(Increase) decrease in accrued capital expenditures and related liabilities (2.1) 1.9
Recognition of deferred tax asset $ 91.5 $ 86.4