Energy Transfer 2015 Annual Report Download - page 170
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Table of Contents
ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
Years Ended December 31,
2015
2014
2013
OPERATING ACTIVITIES:
Net income $ 1,521
$ 1,299
$ 746
Reconciliation of net income to net cash provided by operating activities:
Depreciation, depletion and amortization 1,929
1,669
1,296
Deferred income taxes 202
(49)
48
Amortization included in interest expense (36)
(60)
(72)
Inventory valuation adjustments 104
473
(3)
Unit-based compensation expense 79
68
54
Impairment losses 339
370
689
Gain on sale of AmeriGas common units —
(177)
(87)
Losses on extinguishments of debt 43
25
7
Distributions on unvested awards (16)
(16)
(12)
Equity in earnings of unconsolidated affiliates (469)
(332)
(236)
Distributions from unconsolidated affiliates 440
291
313
Other non-cash (22)
(72)
42
Net change in operating assets and liabilities, net of effects of acquisitions and
deconsolidations (1,367)
(320)
(158)
Net cash provided by operating activities 2,747
3,169
2,627
INVESTING ACTIVITIES:
Proceeds from Bakken Pipeline Transaction 980
—
—
Proceeds from Susser Exchange Transaction 967
—
—
Proceeds from sale of noncontrolling interest 64
—
—
Proceeds from the sale of AmeriGas common units —
814
346
Cash transferred to ETE in connection with the Sunoco LP Exchange (114)
—
—
Cash paid for acquisition of a noncontrolling interest (129)
(325)
—
Cash paid for Susser Merger, net of cash received —
(808)
—
Cash paid for predecessor acquisitions, net of cash received —
(762)
—
Cash paid for ETP Holdco Acquisition —
—
(1,332)
Cash paid for all other acquisitions (675)
(472)
(405)
Capital expenditures (excluding allowance for equity funds used during construction) (9,098)
(5,213)
(3,469)
Contributions in aid of construction costs 80
45
52
Contributions to unconsolidated affiliates (45)
(399)
(3)
Distributions from unconsolidated affiliates in excess of cumulative earnings 124
136
419
Proceeds from sale of discontinued operations —
77
1,008
Proceeds from the sale of assets 23
61
68
Change in restricted cash 19
172
(348)
Other (16)
(18)
21
Net cash used in investing activities (7,820)
(6,692)
(3,643)
The accompanying notes are an integral part of these consolidated financial statements.
F - 9