| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | ||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
568,920 | 534,994 | 434,000 | 245,902 | 157,893 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation | ||||||
97,485 | 62,691 | 49,895 | 49,061 | 30,906 | ||
Deferred income taxes | ||||||
0 | 8,774 | -219,140 | -309,380 | -152,097 | ||
Equity income | ||||||
22,171 | 9,898 | 2,367 | 0 | 0 | ||
AFUDC equity | ||||||
5,110 | 19,402 | 6,327 | 3,313 | 1,242 | ||
Non-cash long-term compensation expense | ||||||
451 | 373 | 1,549 | 3,368 | 981 | ||
Non-cash adjustments | ||||||
- | - | - | -1,520 | -680 | ||
Changes in other assets and liabilities: | ||||||
Accounts receivable | ||||||
8,142 | 2,872 | 647 | 5,446 | 4,720 | ||
Accounts payable | ||||||
4,822 | -9,394 | 8,511 | 4,734 | -4,534 | ||
Due to/from EQT affiliates | ||||||
-3,225 | 34,133 | -216,869 | -334,088 | -234,953 | ||
Other assets and other liabilities | ||||||
-8,348 | -4,224 | -5,986 | -7,342 | 335 | ||
Net cash provided by operating activities | ||||||
647,828 | 535,357 | 488,329 | 324,836 | 261,125 | ||
Capital expenditures | ||||||
301,584 | 584,819 | 458,056 | 356,239 | 283,011 | ||
Acquisitions - net assets from EQT | ||||||
0 | 62,372 | 386,791 | 168,198 | 0 | ||
MVP Interest Acquisition (see Note 2) and capital contributions to the MVP Joint Venture | ||||||
159,550 | 98,399 | 84,381 | 0 | 0 | ||
Sales of interests in the MVP Joint Venture | ||||||
0 | 12,533 | 9,723 | 0 | - | ||
Preferred Interest Acquisition | ||||||
0 | 0 | 124,317 | 0 | 0 | ||
Principal payments received on Preferred Interest | ||||||
4,166 | 1,024 | 0 | 0 | - | ||
Net cash used in investing activities | ||||||
-456,968 | -732,033 | -1,043,822 | -524,437 | -283,011 | ||
Cash flows from financing activities: | ||||||
Proceeds from the issuance of EQM common units, net of offering costs | ||||||
0 | 217,102 | 1,182,002 | 902,467 | 529,442 | ||
Acquisitions - purchase price in excess of net assets from EQT | ||||||
0 | 3,734 | 486,392 | 952,802 | 0 | ||
Acquisition of AVC net assets from EQT | ||||||
0 | 208,894 | 0 | 0 | - | ||
Sunrise Merger payment | ||||||
- | - | - | - | 507,500 | ||
Proceeds from EQM credit facility borrowings | ||||||
524,000 | 740,000 | 617,000 | 450,000 | 0 | ||
Payments of EQM credit facility borrowings | ||||||
344,000 | 1,039,000 | 318,000 | 450,000 | 0 | ||
Proceeds from EQM's issuance of long-term debt | ||||||
0 | 500,000 | 0 | 500,000 | 0 | ||
Payments on the EQGP Working Capital Facility loan | ||||||
- | - | - | - | 0 | ||
Net contributions from EQT | ||||||
- | - | - | - | 87,612 | ||
EQM debt discount and issuance costs | ||||||
2,257 | 8,580 | 0 | 9,707 | 0 | ||
Distributions paid to noncontrolling interest unitholders of EQM | ||||||
214,805 | 174,878 | 117,755 | 67,819 | 32,782 | ||
Capital lease principal payments | ||||||
- | - | - | - | 0 | ||
Distributions paid to EQGP unitholders | ||||||
214,530 | 151,980 | 40,295 | 0 | 0 | ||
Proceeds from the EQGP Working Capital Facility loan | ||||||
84 | 18 | 66 | 0 | 0 | ||
Net contributions from (distributions to) EQT | ||||||
0 | -20,234 | 102,662 | 240,170 | - | ||
Capital contributions | ||||||
3,052 | 5,884 | 1,748 | 382 | 5,631 | ||
Net cash provided by (used in) financing activities | ||||||
-248,456 | -103,828 | 735,712 | 132,351 | -92,821 | ||
Net change in cash and cash equivalents | ||||||
-57,596 | -300,504 | 180,219 | -67,250 | -114,707 | ||
Cash paid during the period for: | ||||||
Interest, net of amount capitalized | ||||||
41,961 | 13,902 | 19,610 | 1,580 | 939 | ||
Non-cash activity during the period for: | ||||||
(Decrease) increase in capital contribution receivable from EQT | ||||||
12,411 | -5,283 | 5,744 | - | - | ||
Increase in capital lease asset/obligation | ||||||
- | - | - | - | 134,395 | ||
Elimination of net current and deferred taxes at IPO | ||||||
- | - | - | - | 0 | ||
MVP Joint Venture investment/payable for capital contributions | ||||||
- | - | - | 0 | - | ||
Elimination of net current and deferred tax liabilities | ||||||
0 | -93,951 | 164,586 | 0 | - | ||
Asset adjustments prior to acquisition | ||||||
0 | -115,270 | 0 | 0 | - | ||
Limited partner and general partner units issued for acquisitions | ||||||
0 | 0 | 52,500 | 59,000 | 32,500 | ||
Net settlement of current income taxes payable with EQT | ||||||
0 | 0 | 371,664 | 214,983 | 16,117 | ||
Deferred taxes related to public offering of EQM units | ||||||
- | - | - | - | 1,641 | ||