v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 331.4 $ 341.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 112.9 103.3
Income from equity investments (9.3) (7.4)
Distributions from equity investments 7.6 9.6
Amortization of deferred financing costs 6.0 8.1
Equity-based compensation expense 0.3 0.6
Deferred income tax expense 59.3 52.0
Changes in assets and liabilities:    
Accounts receivable - trade (1.7) (2.0)
Accounts receivable – affiliate 0.6 (2.9)
Other current and noncurrent assets 5.1 3.7
Accounts payable – trade 6.8 (23.5)
Accounts payable – affiliate 2.8 (1.2)
Accrued liabilities 18.3 8.6
Other current and noncurrent liabilities (8.2) (10.7)
Net cash provided by operating activities 531.9 479.3
Cash flows from investing activities    
Additions to property, plant and equipment (51.9) (108.9)
Net cash used in investing activities (51.9) (108.9)
Cash flows from financing activities    
Net proceeds from (repayments of) borrowings with maturities of 90 days or less (82.0) 258.0
Borrowings with maturities of greater than 90 days:    
Proceeds 0.0 800.0
Repayments (15.0) (810.0)
Deferred financing costs 0.0 (12.5)
Transaction costs (0.6) (1.6)
Share and unit repurchases (60.0) (300.0)
Distributions to shareholders/unitholders (198.8) (155.9)
Distributions to noncontrolling interest (120.5) (148.2)
Net cash used in financing activities (476.9) (370.2)
Increase in cash and cash equivalents 3.1 0.2
Cash and cash equivalents, beginning of period 1.9 4.3
Cash and cash equivalents, end of period 5.0 4.5
Supplemental disclosure of non-cash investing and financing activities:    
(Increase) decrease in accrued capital expenditures and related liabilities 10.9 (11.2)
Recognition of deferred tax asset $ (1.1) $ 306.7