Set forth below is our calculation of distributable cash flow.
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Net income attributable to Holly Energy Partners||$||21,885||$||23,336||$||60,451||$||67,113|
|Depreciation and amortization||19,449||14,351||48,730||42,801|
|Predecessor depreciation and amortization||—||(444||)||—||(7,903||)|
|Amortization of discount and deferred debt charges||527||528||1,590||1,403|
|Loss on early extinguishment of debt||—||—||—||2,979|
|Amortization of unrecognized loss attributable to terminated cash flow hedge||—||1,274||849||3,821|
|Increase (decrease) in deferred revenue attributable to shortfall billings||3,472||2,162||3,624||1,733|
|Billed crude revenue settlement||—||917||918||2,753|
|Maintenance capital expenditures*||(2,045||)||(2,287||)||(6,557||)||(3,886||)|
|Other non-cash adjustments||577||594||2,711||692|
|Distributable cash flow||$||43,865||$||40,431||$||112,316||$||111,506|
* Maintenance capital expenditures are capital expenditures made to replace partially or fully depreciated assets in order to maintain the existing operating capacity of our assets and to extend their useful lives. Maintenance capital expenditures include expenditures required to maintain equipment reliability, tankage and pipeline integrity, and safety and to address environmental regulations.
|September 30,||December 31,|
|Balance Sheet Data|
|Cash and cash equivalents||$||11,220||$||5,237|
|Partners' equity (4)||$||387,510||$||352,653|
(4) As a master limited partnership, we distribute our available cash, which historically has exceeded our net income attributable to Holly Energy Partners because depreciation and amortization expense represents a non-cash charge against income. The result is a decline in partners’ equity since our regular quarterly distributions have exceeded our quarterly net income attributable to Holly Energy Partners. Additionally, if the assets contributed and acquired from HollyFrontier while we were a consolidated variable interest entity of HollyFrontier had been acquired from third parties, our acquisition cost in excess of HollyFrontier’s basis in the transferred assets of $305.3 million would have been recorded as increases to our properties and equipment and intangible assets instead of decreases to partners’ equity.
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