Energy Transfer 2012 Annual Report Download - page 99
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91
Year Ended December 31, 2010
Cash provided by operating activities in 2010 was $1.20 billion and net income was $617 million. The difference between net
income and cash provided by operating activities in 2010 consisted of non-cash items totaling $417 million, changes in operating
assets and liabilities of $125 million, interest rate swap termination proceeds of $26 million and distributions received from our
affiliates that exceeded our equity in earnings by $21 million. The non-cash activity in 2010 consisted primarily of depreciation
and amortization, including amounts attributable to discontinued operations, of $343 million, non-cash compensation expense of
$28 million, and a non-cash impairment of $53 million on our investment in MEP. This impairment was incurred prior to our
transfer of substantially all of our investment in MEP to ETE on May 26, 2010. These amounts are partially offset by the allowance
for equity funds used during construction of $29 million.
Investing Activities
Cash flows from investing activities primarily consist of cash amounts paid in acquisitions, capital expenditures, and cash
contributions to our joint ventures. Changes in capital expenditures between periods primarily result from increases or decreases
in our growth capital expenditures to fund our construction and expansion projects.
Following is a summary of investing activities by period:
Year Ended December 31, 2012
Cash used in investing activities in 2012 was $2.29 billion. Total capital expenditures (excluding the allowance for equity funds
used during construction) were $2.84 billion. Additional detail related to our capital expenditures is provided in the table below. In
addition, in 2012 we paid net cash of $1.25 billion for acquisitions, primarily including amounts related to Citrus and Sunoco.
We also received net cash proceeds of $1.44 billion from the contribution of the Propane Business.
Year Ended December 31, 2011
Cash used in investing activities in 2011 was $3.55 billion. Total capital expenditures (excluding the allowance for equity funds
used during construction) were $1.42 billion. Additional detail related to our capital expenditures is provided in the table below. In
addition, in 2011 we paid cash for acquisitions of $1.97 billion, primarily for the LDH Acquisition, and made net advances to our
joint ventures of $200 million.
Year Ended December 31, 2010
Cash used in investing activities in 2010 was $1.49 billion. Total capital expenditures (excluding the allowance for equity funds
used during construction) were $1.35 billion. Additional detail related to our capital expenditures is provided in the table below.
In addition, in 2010 we paid cash for acquisitions of $178 million.
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