|
| | | | | | | |
| Three Months Ended
March 31, |
| 2017 | | 2016 |
OPERATING ACTIVITIES | | | |
Net income | $ | 364 |
| | $ | 376 |
|
Reconciliation of net income to net cash provided by operating activities: | | | |
Depreciation, depletion and amortization | 560 |
| | 470 |
|
Deferred income taxes | 54 |
| | (57 | ) |
Amortization included in interest expense | (1 | ) | | (7 | ) |
Inventory valuation adjustments | (2 | ) | | 26 |
|
Unit-based compensation expense | 23 |
| | 19 |
|
Distributions on unvested awards | (8 | ) | | (7 | ) |
Equity in earnings of unconsolidated affiliates | (73 | ) | | (76 | ) |
Distributions from unconsolidated affiliates | 82 |
| | 84 |
|
Other non-cash | (52 | ) | | (12 | ) |
Net change in operating assets and liabilities, net of effects of acquisition | (15 | ) | | 144 |
|
Net cash provided by operating activities | 932 |
| | 960 |
|
INVESTING ACTIVITIES | | | |
Proceeds from Bakken Pipeline Transaction | 2,000 |
| | — |
|
Proceeds from the Sunoco, Inc. retail business to Sunoco LP transaction | — |
| | 2,200 |
|
Cash paid for all other acquisitions | (318 | ) | | — |
|
Capital expenditures, excluding allowance for equity funds used during construction | (1,384 | ) | | (1,819 | ) |
Contributions in aid of construction costs | 6 |
| | 10 |
|
Contributions to unconsolidated affiliates | (111 | ) | | (31 | ) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 90 |
| | 51 |
|
Proceeds from the sale of assets | — |
| | 8 |
|
Change in restricted cash | — |
| | (1 | ) |
Other | (3 | ) | | (3 | ) |
Net cash provided by investing activities | 280 |
| | 415 |
|
FINANCING ACTIVITIES | | | |
Proceeds from borrowings | 6,366 |
| | 2,938 |
|
Repayments of long-term debt | (7,216 | ) | | (3,914 | ) |
Cash paid on affiliate notes | (250 | ) | | (10 | ) |
Units issued for cash | 826 |
| | 363 |
|
Subsidiary units issued for cash | — |
| | 301 |
|
Capital contributions from noncontrolling interest | 106 |
| | 132 |
|
Distributions to partners | (896 | ) | | (897 | ) |
Distributions to noncontrolling interest | (148 | ) | | (100 | ) |
Redemption of Series A Preferred Units | (53 | ) | | — |
|
Debt issuance costs | (19 | ) | | — |
|
Other | 3 |
| | — |
|
Net cash used in financing activities | (1,281 | ) | | (1,187 | ) |
Increase (decrease) in cash and cash equivalents | (69 | ) | | 188 |
|
Cash and cash equivalents, beginning of period | 360 |
| | 527 |
|
Cash and cash equivalents, end of period | $ | 291 |
| | $ | 715 |
|
