MAGELLAN MIDSTREAM PARTNERS LP

CIK:0001126975|SEC Filings

Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total revenue	$ 877.2	$ 788.6	$ 1,746.9	$ 1,463.3
Costs and expenses:
Operating	170.1	180.1	304.0	304.3
Cost of product sales	296.4	282.3	616.5	525.7
Depreciation, amortization and impairment	56.6	58.8	112.4	116.5
General and administrative	74.5	56.9	134.9	119.7
Total costs and expenses	597.6	578.1	1,167.8	1,066.2
Other operating income (expense)	(0.5)	3.0	5.3	1.0
Earnings of non-controlled entities	15.9	26.5	42.1	61.9
Operating profit	295.0	240.0	626.5	460.0
Interest expense	57.2	57.8	114.9	115.1
Interest capitalized	(0.9)	(0.3)	(1.5)	(0.7)
Interest income	(1.5)	(0.2)	(2.5)	(0.3)
Gain on disposition of assets	(1.1)	0.0	(1.1)	(0.2)
Other (income) expense	1.0	0.6	1.6	1.2
Income from continuing operations before provision for income taxes	240.3	182.1	515.1	344.9
Provision for income taxes	1.6	0.3	2.5	1.1
Income from continuing operations	238.7	181.8	512.6	343.8
Income from discontinued operations (including gain on disposition of assets of $162.4 million in June 2022)	0.0	172.1	0.0	175.6
Net income	$ 238.7	$ 353.9	$ 512.6	$ 519.4
Earnings per common unit
Basic income from continuing operations per common unit (in dollars per share)	$ 1.18	$ 0.86	$ 2.52	$ 1.62
Basic income from discontinued operations per common unit (in dollars per share)	0	0.81	0	0.83
Basic net income per common unit (in dollars per share)	$ 1.18	$ 1.67	$ 2.52	$ 2.45
Weighted average number of common units outstanding used for basic net income per unit calculation (in shares)	202.9	211.6	203.4	212.3
Diluted income from continuing operations per common unit (in dollars per share)	$ 1.18	$ 0.86	$ 2.52	$ 1.62
Diluted income from discontinued operations per common unit (in dollars per share)	0	0.81	0	0.83
Diluted net income per common unit (in dollars per share)	$ 1.18	$ 1.67	$ 2.52	$ 2.45
Weighted average number of common units outstanding used for diluted net income per unit calculation (in shares)	203.1	211.7	203.5	212.3
Transportation and terminals revenue
Total revenue	$ 503.2	$ 469.3	$ 957.3	$ 892.2
Product sales revenue
Total revenue	368.7	313.7	778.8	559.8
Affiliate management fee revenue
Total revenue	$ 5.3	$ 5.6	$ 10.8	$ 11.3

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net income	$ 512.6	$ 519.4
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations	0.0	(175.6)
Other Depreciation and Amortization	113.6	116.5
Gain on disposition of assets	(1.1)	(0.2)
Earnings of non-controlled entities	(42.1)	(61.9)
Distributions from operations of non-controlled entities	76.8	78.9
Equity-based incentive compensation expense	14.2	22.9
Settlement cost, amortization of prior service credit and actuarial loss	0.8	2.3
Changes in operating assets and liabilities:
Trade accounts receivable and other accounts receivable	60.0	(10.0)
Inventories	26.1	(47.9)
Accounts payable	26.5	6.1
Accrued payroll and benefits	(22.6)	(16.9)
Accrued taxes other than income	(20.7)	(12.9)
Accrued product liabilities	0.3	33.1
Deferred revenue	(9.8)	(6.6)
Other current and noncurrent assets and liabilities	21.4	(73.4)
Net cash provided by operating activities of continuing operations	756.0	373.8
Net cash provided by operating activities of discontinued operations	0.0	23.5
Net cash provided by operating activities	756.0	397.3
Investing Activities:
Additions to property, plant and equipment, net	(95.3)	(86.1)
Proceeds from disposition of assets	1.1	0.2
Investments in non-controlled entities	0.0	(0.9)
Net cash used by investing activities of continuing operations	(94.2)	(86.8)
Net cash provided by investing activities of discontinued operations	0.0	448.4
Net cash provided (used) by investing activities	(94.2)	361.6
Financing Activities:
Distributions paid	(424.7)	(440.1)
Repurchases of common units, net	(73.7)	(219.0)
Net commercial paper payments	(32.0)	(89.0)
Payments associated with settlement of equity-based incentive compensation	(9.9)	(8.9)
Net cash used by financing activities	(540.3)	(757.0)
Change in cash, cash equivalents and restricted cash	121.5	1.9
Cash, cash equivalents and restricted cash at beginning of period	6.9	9.0
Cash, cash equivalents and restricted cash at end of period	128.4	10.9
Supplemental non-cash investing and financing activities:
Additions to property, plant and equipment	(108.3)	(85.3)
Changes in current liabilities related to capital expenditures	13.0	(0.8)
Additions to property, plant and equipment, net	(95.3)	(86.1)
Repurchases of common units	(64.3)	(239.6)
Changes in accounts payable related to repurchases of common units	(9.4)	20.6
Repurchases of common units, net	$ (73.7)	$ (219.0)

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 128.4	$ 2.0
Trade accounts receivable	169.5	219.9
Other accounts receivable	34.8	44.4
Inventories	330.1	356.2
Commodity derivatives contracts, net	6.1	6.5
Commodity derivatives deposits	16.2	14.8
Assets held for sale	9.9	9.9
Other current assets	42.3	56.8
Total current assets	737.3	710.5
Property, plant and equipment	8,266.9	8,163.9
Less: accumulated depreciation	2,440.7	2,333.6
Net property, plant and equipment	5,826.2	5,830.3
Investments in non-controlled entities	859.3	894.0
Right-of-use asset, operating leases	95.4	149.4
Long-term receivables	8.1	8.3
Goodwill	50.4	50.4
Other intangibles (less accumulated amortization of $14.7 and $16.1 at December 31, 2022 and June 30, 2023, respectively)	39.6	41.0
Restricted cash	0.0	4.9
Other noncurrent assets	12.9	18.9
Total assets	7,629.2	7,707.7
Current liabilities:
Accounts payable	137.7	108.2
Accrued payroll and benefits	54.2	76.8
Accrued interest payable	59.0	59.0
Accrued taxes other than income	65.3	86.0
Deferred revenue	94.1	103.9
Accrued product liabilities	209.6	209.3
Commodity derivatives contracts, net	13.2	15.4
Current portion of operating lease liability	21.3	31.0
Other current liabilities	26.7	35.9
Total current liabilities	681.1	725.5
Long-term debt, net	4,984.1	5,015.0
Long-term operating lease liability	76.7	116.9
Long-term pension and benefits	91.6	87.4
Other noncurrent liabilities	81.2	78.0
Commitments and contingencies
Partners’ capital:
Common unitholders (203.0 units and 202.1 units outstanding at December 31, 2022 and June 30, 2023, respectively)	1,808.4	1,778.8
Accumulated other comprehensive loss	(93.9)	(93.9)
Total partners’ capital	1,714.5	1,684.9
Total liabilities and partners’ capital	$ 7,629.2	$ 7,707.7