SUNOCO LOGISTICS PARTNERS L.P.

CIK:0001161154|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES:
Total revenues	$ 38,954	$ 54,213	$ 54,087
COSTS AND EXPENSES:
Cost of products sold	25,487	39,801	41,603
Operating expenses	3,218	3,294	3,089
Depreciation, depletion and amortization	3,669	3,136	2,843
Selling, general and administrative	701	686	664
Impairment losses	2,880	74	431
Total costs and expenses	35,955	46,991	48,630
OPERATING INCOME	2,999	7,222	5,457
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized	(2,323)	(2,262)	(1,709)
Equity in earnings of unconsolidated affiliates	119	302	344
Impairment of investments in unconsolidated affiliates	(129)	0	0
Losses on extinguishments of debt	(72)	(2)	(109)
Gains (losses) on interest rate derivatives	(203)	(241)	47
Other, net	159	295	69
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE	550	5,314	4,099
Income tax expense from continuing operations	239	199	5
INCOME FROM CONTINUING OPERATIONS	311	5,115	4,094
Loss from discontinued operations, net of income taxes	0	0	(265)
NET INCOME	311	5,115	3,829
Less: Net income attributable to noncontrolling interests	410	1,051	715
Less: Net income attributable to redeemable noncontrolling interests	49	51	39
Less: Net income (loss) attributable to predecessor	(6)	3	(5)
NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS	$ (142)	$ 4,010	$ 3,080

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 311	$ 5,115	$ 3,829
Reconciliation of net income to net cash provided by operating activities:
Loss from discontinued operations	0	0	265
Depreciation, depletion and amortization	3,669	3,136	2,843
Deferred income taxes	212	221	(8)
Inventory valuation adjustments	82	(79)	85
Non-cash compensation expense	121	113	105
Impairment losses	2,880	74	431
Losses on extinguishment of debt	72	2	109
Impairment of investments in unconsolidated affiliates	129	0	0
Distributions on unvested awards	(9)	(9)	(33)
Equity in earnings of unconsolidated affiliates	(119)	(302)	(344)
Distributions from unconsolidated affiliates	220	290	328
Other non-cash	89	132	113
Net change in operating assets and liabilities, net of effects of acquisitions	212	(395)	62
Net cash provided by operating activities	7,869	8,298	7,559
INVESTING ACTIVITIES:
Cash received for sale of noncontrolling interest	0	93	0
Cash paid for all other acquisitions	0	(7)	(429)
Capital expenditures, excluding allowance for equity funds used during construction	(5,130)	(5,960)	(7,407)
Contributions in aid of construction costs	67	80	109
Contributions to unconsolidated affiliates	(38)	(523)	(26)
Distributions from unconsolidated affiliates in excess of cumulative earnings	186	98	69
Proceeds from the sale of assets	19	54	87
Other	3	18	16
Net cash used in investing activities	(4,899)	(6,397)	(6,902)
FINANCING ACTIVITIES:
Proceeds from borrowings	24,440	22,583	28,538
Repayments of debt	(24,081)	(18,881)	(27,297)
Proceeds from Related Party Debt	1,591	995
Cash received from (paid to) related company			(440)
Common units issued for cash	0	0	58
Preferred units issued for cash	1,580	780	867
Cash Inflow from Redeemable Noncontrolling Interest	0	0	465
Capital contributions from noncontrolling interests	192	348	649
Distributions to partners	5,265	6,284	4,556
Predecessor distributions to partners	0	0	(276)
Distributions to noncontrolling interest	(1,311)	(1,401)	(891)
Distributions to redeemable noncontrolling interests	(49)	(53)	(24)
Payments for Repurchase of Common Stock	0	0	(24)
Debt issuance costs	(59)	(117)	(162)
Other	(65)	(1)	(85)
Net cash used in financing activities	(2,892)	(2,031)	(3,308)
DISCONTINUED OPERATIONS:
Operating activities	0	0	(484)
Investing activities	0	0	3,207
Changes in cash included in current assets held for sale	0	0	11
Net increase in cash and cash equivalents of discontinued operations	0	0	2,734
Increase (decrease) in cash and cash equivalents	78	(130)	83
Cash and cash equivalents, beginning of period	288	418	335
Cash and cash equivalents, end of period	366	288	418
Predecessor proceeds from noncontrolling interest	30	0	0
Payments to Noncontrolling Interests	(25)	0	0
CDM Distribution and USAC Acquisition [Member]
INVESTING ACTIVITIES:
Proceeds from Divestiture of Interest in Joint Venture	0	0	711
PennTex [Member]
INVESTING ACTIVITIES:
Cash paid for all other acquisitions	0	250	0
Sunoco LP [Member]
Reconciliation of net income to net cash provided by operating activities:
Impairment losses		47
FINANCING ACTIVITIES:
Payments for Repurchase of Common Stock	$ 0	$ 0	$ (300)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Lease, Right of Use Asset, Net	$ 866
Operating Lease, Right-of-Use Asset	1,000	$ 964
Current assets:
Cash and cash equivalents	366	288
Accounts receivable, net	3,875	5,038
Accounts receivable from related companies	79	167
Inventories	1,739	1,532
Income taxes receivable	35	146
Derivative assets	9	23
Other current assets	222	291
Total current assets	6,325	7,485
Property, plant and equipment	93,620	89,294
Accumulated depreciation and depletion	(18,801)	(15,398)
PROPERTY, PLANT AND EQUIPMENT, net	74,819	73,896
Advances to and investments in unconsolidated affiliates	3,055	3,454
Other non-current assets, net	1,657	1,571
Long-term affiliate receivable	1,883	3,603
Intangible assets, net	5,746	6,154
Goodwill	2,391	5,167
Total assets	96,742	102,294
Current liabilities:
Accounts payable	2,809	4,119
Accounts payable to related companies	177	31
Derivative liabilities	238	147
Operating lease current liabilities	53	60
Accrued and other current liabilities	2,769	3,336
Current maturities of long-term debt	21	26
Total current liabilities	6,067	7,719
Long-term debt, less current maturities	51,345	50,904
Non-current derivative liabilities	237	273
Non-current operating lease liabilities	837	901
Deferred income taxes	3,392	3,171
Other non-current liabilities	1,152	1,162
Commitments and contingencies
Redeemable noncontrolling interests	762	739
Limited Partners:
Common Unitholders and Other	20,084	24,226
Accumulated other comprehensive income (loss)	6	(18)
Total partners’ capital	24,854	27,382
Noncontrolling interests	8,096	8,018
Total equity	32,950	37,425
Total liabilities and equity	96,742	102,294
Predecessor Equity [Member]
Limited Partners:
Total equity	0	2,025
Series A Preferred Units [Member]
Equity:
Preferred Units	958	958
Series B Preferred Units [Member]
Equity:
Preferred Units	556	556
Series C Preferred Units
Equity:
Preferred Units	440	440
Series D Preferred Units
Equity:
Preferred Units	434	434
Series E Preferred Units [Member]
Equity:
Preferred Units	786	786
Series F Preferred Units [Member]
Equity:
Preferred Units	496	0
Series G Preferred Units [Member]
Equity:
Preferred Units	$ 1,094	$ 0