Energy Transfer 2010 Annual Report Download - page 134

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ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Years Ended December 31,
2010 2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 617,222 $ 791,542 $ 866,023
Reconciliation of net income to net cash provided by operating
activities:
Impairment of investment in affiliate 52,620 – –
Impairment of goodwill – – 11,359
Proceeds from termination of interest rate derivatives 26,495 – –
Depreciation and amortization 343,011 312,803 262,151
Amortization of finance costs charged to interest 9,548 8,645 5,886
Non-cash unit-based compensation expense 27,180 24,032 23,481
Non-cash executive compensation expense 1,250 1,250 1,250
Losses on disposal of assets 5,043 1,564 1,303
Distributions on unvested awards (4,460) (2,673) –
Distributions in excess of equity in earnings of affiliates, net 20,909 3,224 5,621
Other non-cash (21,743) 7,171 (18,755)
Net change in operating assets and liabilities, net of effects of
acquisitions (see Note 2) 125,208 (320,680) 99,826
Net cash provided by operating activities 1,202,283 826,878 1,258,145
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (paid for) received from acquisitions (177,920) 30,367 (84,783)
Capital expenditures (1,350,754) (748,621) (2,054,806)
Contributions in aid of construction costs 13,720 6,453 50,050
(Advances to) repayments from affiliates, net (6,775) (655,500) 54,534
Proceeds from the sale of assets 27,881 21,545 19,420
Net cash used in investing activities (1,493,848) (1,345,756) (2,015,585)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings 1,538,286 3,475,107 6,015,461
Principal payments on debt (1,345,439) (2,954,737) (4,699,123)
Net proceeds from issuance of Limited Partner units 1,152,228 936,337 373,059
Capital contribution from General Partner 8,932 3,354 7,968
Distributions to partners (1,066,002) (957,255) (879,218)
Redemption of units (15,083) – –
Debt issuance costs – (7,647) (25,272)
Net cash provided by financing activities 272,922 495,159 792,875
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (18,643) (23,719) 35,435
CASH AND CASH EQUIVALENTS, beginning of period 68,183 91,902 56,467
CASH AND CASH EQUIVALENTS, end of period $ 49,540 $ 68,183 $ 91,902
The accompanying notes are an integral part of these consolidated financial statements.
F-8