Energy Transfer 2012 Annual Report Download - page 159

F - 14
The net change in operating assets and liabilities (net of acquisitions) included in cash flows from operating activities is
comprised as follows:
Years Ended December 31,
2012 2011 2010
Accounts receivable $ 300 $ 3 $ 63
Accounts receivable from related companies (50)(28) 3
Inventories (253) 68 15
Exchanges receivable 11 3 1
Other current assets 571 (62) 33
Other non-current assets, net (53) 7 5
Accounts payable (979) 31 (48)
Accounts payable to related companies 100 6 (11)
Exchanges payable — 3 (4)
Accrued and other current liabilities (151) 60 42
Other non-current liabilities 25 — —
Price risk management assets and liabilities, net 4 75 26
Net change in operating assets and liabilities, net of effects of acquisitions,
dispositions and deconsolidation $(475) $ 166 $ 125
Non-cash investing and financing activities and supplemental cash flow information are as follows:
Years Ended December 31,
2012 2011 2010
NON-CASH INVESTING ACTIVITIES:
Accrued capital expenditures $ 359 $ 202 $ 88
AmeriGas limited partner interest received in exchange for Propane
Contribution $ 1,123 $ — $ —
Transfer of MEP joint venture interest in exchange for redemption of
Common Units $ — $ — $ 589
NON-CASH FINANCING ACTIVITIES:
Long-term debt assumed and non-compete agreement notes payable
issued in acquisitions $ 6,658 $ 4 $ 3
Issuance of common units in connection with certain acquisitions $ 2,295 $ 3 $ —
Contributions receivable related to noncontrolling interest $ 23 $ — $ —
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, net of interest capitalized $ 678 $ 476 $ 431
Cash paid for income taxes $ 22 $ 24 $ 9
Accounts Receivable
Our midstream, NGL and intrastate transportation and storage operations deal with counterparties that are typically either
investment grade or are otherwise secured with a letter of credit or other form of security (corporate guaranty prepayment or
master setoff agreement). Management reviews midstream and intrastate transportation and storage accounts receivable
balances bi-weekly. Credit limits are assigned and monitored for all counterparties of the midstream and intrastate transportation
and storage operations. Bad debt expense related to these receivables is recognized at the time an account is deemed
uncollectible.
Our investment in Sunoco segment extends credit terms to certain customers after review of various credit indicators, including
the customer's credit rating. Outstanding customer receivable balances are regularly reviewed for possible non-payment
indicators and reserves are recorded for doubtful accounts based upon management's estimate of collectability at the time of
review. Actual balances are charged against the reserve when all collection efforts have been exhausted.
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