| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net income (loss) | |||||||||
-369,833 | 42,351 | 86,050 | -38,187 | -222,228 | -47,368 | 47,008 | 42,997 | 37,951 | 8,172 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Noncash lease expense | |||||||||
3,086 | 0 | 0 | - | - | - | - | - | - | - |
Depreciation and amortization | |||||||||
111,426 | 106,767 | 114,872 | 112,661 | 105,903 | 91,822 | 72,264 | 36,866 | 11,675 | 3,874 |
Amortization of favorable and unfavorable contracts | |||||||||
- | - | - | - | - | - | - | - | - | 215 |
Amortization of debt issuance costs | |||||||||
4,411 | 4,285 | 4,158 | 3,976 | 4,309 | 3,836 | 2,757 | 1,458 | 560 | 0 |
Deferred Purchase Price Obligation expense | |||||||||
-1,982 | 20,975 | -200,322 | 55,854 | 0 | 0 | - | - | - | - |
Unit-based and noncash compensation | |||||||||
8,171 | 8,328 | 7,951 | 7,985 | 7,017 | 5,841 | 4,242 | 1,876 | 3,440 | 0 |
(Income) loss from equity method investees | |||||||||
-337,851 | -10,888 | -2,223 | -30,344 | -6,563 | -16,712 | 0 | - | - | - |
Distributions from equity method investees | |||||||||
37,300 | 35,271 | 40,220 | 44,991 | 34,641 | 2,992 | 0 | - | - | - |
Loss (gain) on asset sales, net | |||||||||
1,536 | 0 | -527 | -93 | 172 | -442 | -113 | 0 | 0 | - |
Long-lived asset impairment | |||||||||
60,507 | 7,186 | 188,702 | 1,764 | 9,305 | 5,505 | 0 | 0 | - | - |
Goodwill impairment | |||||||||
16,211 | 0 | 0 | - | 248,851 | 54,199 | 0 | 0 | - | - |
Early extinguishment of debt | |||||||||
0 | 0 | -22,039 | 0 | 0 | - | - | - | - | - |
Write-off of debt issuance costs | |||||||||
0 | 0 | 302 | 0 | 727 | 1,554 | 0 | - | - | - |
Purchase accounting adjustment | |||||||||
- | - | - | - | - | 1,185 | 0 | 0 | - | - |
Pay-in-kind interest on promissory notes payable to Sponsors | |||||||||
- | - | - | - | - | - | - | 5,426 | 2,025 | 0 |
Changes in operating assets and liabilities: | |||||||||
Accounts receivable | |||||||||
4,334 | 21,535 | -25,063 | 7,783 | -3,328 | 21,503 | 21,950 | 8,174 | 17,238 | 8,865 |
Other assets | |||||||||
- | - | - | - | - | - | - | - | - | -125 |
Trade accounts payable | |||||||||
-95 | 81 | -3,246 | 2,001 | -1,450 | -420 | 1,427 | -2,536 | 2,468 | 4,210 |
Accrued expenses | |||||||||
-10,327 | 9,464 | 1,110 | 4,613 | -1,967 | 509 | - | - | - | - |
Insurance receivable | |||||||||
- | - | - | - | -25,000 | 25,000 | 0 | - | - | - |
Due from (to) affiliate | |||||||||
71 | -848 | 830 | -891 | 1,377 | -883 | -6,153 | -773 | 0 | 0 |
Deferred revenue, net | |||||||||
1,683 | 5,355 | -40,758 | 11,302 | -11,453 | 26,378 | 16,685 | 9,994 | 0 | 0 |
Ad valorem taxes payable | |||||||||
-1,525 | 2,221 | -2,259 | 317 | 1,092 | 804 | -11 | 3,125 | 0 | 0 |
Accrued interest | |||||||||
25 | -24 | -5,173 | 0 | -1,375 | 6,714 | 12,128 | -484 | 500 | - |
Accrued environmental remediation, net | |||||||||
-2,284 | -3,808 | -4,109 | -4,211 | -16,336 | 30,000 | 0 | - | - | - |
Other, net | |||||||||
6,489 | -972 | 348 | -5,666 | -1,757 | -2,004 | 6,901 | -383 | -1,439 | 0 |
Other current liabilities | |||||||||
- | - | - | - | - | - | - | - | - | 1,822 |
Net cash provided by operating activities | |||||||||
182,337 | 227,929 | 237,832 | 230,495 | 191,375 | 152,953 | 135,411 | 89,392 | 39,942 | 9,553 |
Cash flows from investing activities: | |||||||||
Capital expenditures | |||||||||
182,291 | 200,586 | 124,215 | 142,719 | 272,225 | 343,380 | 249,626 | 77,296 | 78,248 | - |
Option Exercise | |||||||||
- | - | - | - | - | 382,385 | 0 | - | - | - |
Proceeds from asset sale (net of cash of $1,475 for the period ended March 31, 2019) | |||||||||
102,111 | 496 | 2,300 | 0 | 0 | - | 585 | 0 | - | - |
Contributions to equity method investees | |||||||||
0 | 4,924 | 25,513 | - | - | - | - | - | - | - |
Distributions from equity method investment | |||||||||
7,313 | 0 | 0 | - | - | - | - | - | - | - |
Initial contribution to Ohio Gathering | |||||||||
- | - | - | - | - | 8,360 | 0 | - | - | - |
Investment in equity method investee | |||||||||
18,316 | 0 | 0 | 31,582 | 86,200 | - | 0 | - | - | - |
Purchase of noncontrolling interest | |||||||||
0 | 10,981 | 797 | 0 | 0 | - | - | - | - | 90,722 |
Distributions to Sponsors | |||||||||
- | - | - | - | - | - | - | 123,138 | 132,943 | - |
Other, net | |||||||||
-313 | 284 | 458 | 394 | -323 | -325 | - | - | 0 | - |
Acquisitions of gathering systems from affiliate | |||||||||
- | - | - | 359,431 | 288,618 | 305,000 | 200,000 | 0 | 0 | - |
Net cash (used in) provided by investing activities | |||||||||
-90,870 | -216,279 | -148,683 | -534,126 | -646,720 | -1,384,803 | -659,041 | -77,296 | -667,710 | -153,719 |
Cash flows from financing activities: | |||||||||
Distributions to unitholders | |||||||||
116,624 | 180,705 | 179,103 | 167,504 | 152,074 | 122,224 | 90,196 | 0 | 0 | 0 |
Borrowings under Revolving Credit Facility | |||||||||
369,000 | 289,000 | 247,500 | 520,300 | 367,000 | 294,295 | 476,950 | 213,000 | 147,000 | 0 |
Repayments under Revolving Credit Facility | |||||||||
158,000 | 84,000 | 634,500 | 204,300 | 151,000 | 430,295 | 297,180 | 160,770 | 0 | - |
Borrowings under term loan | |||||||||
- | - | - | - | - | 400,000 | 200,000 | - | - | - |
Repayments under term loan | |||||||||
- | - | - | - | 182,500 | 100,000 | 100,000 | - | - | - |
Acquisition of gathering systems | |||||||||
- | - | - | - | - | 10,872 | 210,000 | 0 | 589,462 | 153,719 |
Red Rock Gathering cash contributed by Summit Investments | |||||||||
- | - | - | - | - | - | - | 1,097 | 0 | - |
Repayment of Deferred Purchase Price Obligation | |||||||||
151,750 | 0 | 0 | - | - | - | - | 209,230 | 200,000 | 0 |
Debt issuance costs | |||||||||
499 | 344 | 16,390 | 3,032 | 412 | 8,323 | 14,059 | 3,344 | 5,248 | 0 |
Payment of redemption and call premiums on senior notes | |||||||||
0 | 0 | 17,932 | 0 | 0 | - | - | - | - | - |
Repurchase of DFW Net Profits Interests | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Proceeds from ATM Program common unit issuances, net of costs | |||||||||
0 | 0 | 17,078 | 0 | 0 | - | - | - | - | - |
Tax withholdings on vested SMLP LTIP awards | |||||||||
- | - | - | - | - | - | - | 0 | - | - |
Proceeds from underwritten issuance of common units, net of costs | |||||||||
- | - | - | 125,233 | 221,977 | 197,806 | 0 | 263,125 | 0 | 0 |
Proceeds from issuance of Series A preferred units, net of costs | |||||||||
27,392 | 0 | 293,238 | 0 | 0 | - | - | - | - | - |
Contribution from General Partner | |||||||||
0 | 0 | 465 | 2,702 | 4,737 | 4,235 | 2,229 | 0 | 425,000 | 194,134 |
Cash advance from Summit Investments to contributed subsidiaries, net | |||||||||
- | - | - | 12,214 | 320,527 | 674,383 | -50,087 | 500 | 0 | - |
Expenses paid by Summit Investments on behalf of contributed subsidiaries | |||||||||
- | - | - | 4,821 | 22,879 | 24,884 | 22,380 | 2,536 | 0 | - |
Issuance of senior notes | |||||||||
0 | 0 | 500,000 | 0 | 0 | 300,000 | 300,000 | 0 | 0 | - |
Tender and redemption of senior notes | |||||||||
0 | 0 | 300,000 | 0 | 0 | - | - | - | - | - |
Repurchase of equity-based compensation awards | |||||||||
- | - | - | - | - | 228 | 11,957 | 0 | - | - |
Issuance of units to affiliate in connection with the Mountaineer Acquisition | |||||||||
- | - | - | - | - | - | 100,000 | 0 | 0 | - |
Other, net | |||||||||
-4,491 | -4,186 | -3,128 | -1,168 | -1,807 | -656 | 0 | - | - | - |
Contributions from noncontrolling interest | |||||||||
- | - | - | - | - | - | - | - | - | 10,720 |
Net cash provided by (used in) financing activities | |||||||||
-63,472 | -8,735 | -95,147 | 289,266 | 449,327 | 1,233,877 | 538,080 | -16,224 | 633,809 | 114,132 |
Net change in cash, cash equivalents and restricted cash | |||||||||
27,995 | 2,915 | -5,998 | -14,365 | -6,018 | 2,027 | 14,450 | -4,128 | 6,041 | -30,034 |
Supplemental cash flow disclosures: | |||||||||
Cash interest paid | |||||||||
76,883 | 64,678 | 71,488 | 63,000 | 59,302 | 38,453 | 13,170 | 8,283 | 2,463 | 0 |
Less capitalized interest | |||||||||
6,974 | 8,497 | 2,579 | 3,709 | 3,372 | 4,646 | 6,690 | 2,784 | 3,362 | 0 |
Interest paid (net of capitalized interest) | |||||||||
69,909 | 56,181 | 68,909 | 59,291 | 55,930 | 33,807 | 6,480 | 5,499 | -899 | 0 |
Cash paid for taxes | |||||||||
150 | 175 | 0 | 0 | 0 | 0 | 660 | 650 | 223 | 10 |
Noncash investing and financing activities | |||||||||
Capital expenditures in trade accounts payable (period-end accruals) | |||||||||
19,846 | 33,750 | 11,792 | 8,422 | 34,977 | 31,110 | 30,528 | 8,523 | 11,332 | 12,958 |
Excess of acquired carrying value over consideration paid and recognized for 2016 Drop Down Assets | |||||||||
- | - | - | 247,997 | 0 | 0 | 56,535 | 0 | 0 | - |
Distribution of debt related to Carve-Out Financial Statements of Summit Investments | |||||||||
- | - | - | 342,926 | 0 | 0 | - | - | - | - |
Issuance of Deferred Purchase Price Obligation to affiliate to partially fund the 2016 Drop Down | |||||||||
- | - | - | 507,427 | 0 | 0 | - | - | - | - |
Unit-based compensation | |||||||||
8,171 | 8,328 | 7,951 | 7,985 | 7,017 | 5,841 | - | - | - | 0 |
Issuance of units to affiliate to partially fund the Bison Drop Down | |||||||||
- | - | - | - | - | - | 48,914 | 0 | 0 | - |
Excess of acquired carrying value over consideration paid for Polar and Divide | |||||||||
- | - | - | 247,997 | 0 | - | - | - | - | - |
Excess of acquired carrying value over consideration paid for Polar and Divide | |||||||||
- | - | - | - | 130,367 | 0 | 0 | - | - | - |
Capitalized interest allocated to contributed subsidiaries from Summit Investments | |||||||||
- | - | - | 223 | 1,079 | 1,310 | 2,539 | 0 | 0 | - |
DPPO partial settlement | |||||||||
51,750 | 0 | 0 | - | - | - | - | - | - | - |
Asset contribution to an equity method investment | |||||||||
23,643 | 0 | 0 | - | - | - | - | - | - | - |
Right-of-use assets relating to ASC Topic 842 | |||||||||
5,448 | 0 | 0 | - | - | - | - | - | - | - |
(1) A reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets follow: | |||||||||
Capital expenditures paid by Summit Investments on behalf of contributed subsidiaries | |||||||||
- | - | - | - | - | 597 | 52 | 0 | 0 | - |
Excess of consideration paid over acquired carrying value of Red Rock Gathering | |||||||||
- | - | - | - | - | -66,124 | 0 | 0 | - | - |
Red Rock Gathering working capital adjustment | |||||||||
- | - | - | - | - | - | - | 0 | - | - |
Assets contributed to Red Rock Gathering from Summit Investments | |||||||||
- | - | - | - | - | 4,233 | 0 | 0 | - | - |
Pay-in-kind interest on promissory notes payable to Sponsors | |||||||||
- | - | - | - | - | - | - | 6,337 | 2,893 | 0 |
Net assets retained by the Predecessor | |||||||||
- | - | - | - | - | - | - | 4,417 | 0 | 0 |
Deferred initial public offering costs in trade accounts payable | |||||||||
- | - | - | - | - | - | - | 743 | 0 | - |
IPO costs incurred in 2011 | |||||||||
- | - | - | - | - | - | - | - | - | 0 |
Working capital acquired related to Grand River system acquisition | |||||||||
- | - | - | - | - | - | - | - | 854 | 0 |
Series A Preferred Units | |||||||||
Distributions to unitholders | |||||||||
28,500 | 28,500 | 2,375 | 0 | - | - | - | - | - | - |
Topic 606 | |||||||||
Capital expenditures relating to contributions in aid of construction for day 1 adoption | |||||||||
0 | 33,123 | 0 | 0 | - | - | - | - | - | - |