Energy Transfer 2015 Annual Report Download - page 110

Table of Contents
The total amounts of Sunoco Logistics distributions declared during the periods presented were as follows (all from Available Cash from Sunoco Logistics’
operating surplus and are shown in the period with respect to which they relate):
Years Ended December 31,
2015
2014
2013
Limited Partners:
Common units held by public $ 344
$ 225
$ 173
Common units held by ETP 120
100
82
General Partner interest held by ETP 12
10
5
Incentive distributions held by ETP 281
175
117
Total distributions declared $ 757
$ 510
$ 377
New Accounting Standards
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09,    
 (“ASU 2014-09”), which clarifies the principles for recognizing revenue based on the core principle that an entity should recognize
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services. In August 2015, the FASB deferred the effective date of ASU 2014-09, which is now effective for annual
reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted as of annual
reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. ASU 2014-09 can be adopted either
retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The Partnership is currently
evaluating the impact, if any, that adopting this new accounting standard will have on our revenue recognition policies.
In February 2015, the FASB issued Accounting Standards Update No. 2015-02,        
(“ASU 2015-02”), which changed the requirements for consolidation analysis. Under ASU 2015-02, reporting entities are required to evaluate whether they
should consolidate certain legal entities. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, and early adoption was permitted. We
expect to adopt this standard for the year ended December 31, 2016, and we do not anticipate a material impact to our financial position or results of
operations as a result of the adoption of this standard.
In April 2015, the FASB issued Accounting Standards Update No. 2015-03,        (“ASU 2015-03”), which
simplifies the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability to be presented in the balance sheet as
a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective for annual reporting periods after December 15, 2015, including
interim periods within that reporting period, with early adoption permitted for financial statements that have not been previously issued. Upon adoption,
ASU 2015-03 must be applied retrospectively to all prior reporting period presented. We adopted and applied this standard to all consolidated financial
statements presented and there was not a material impact to our financial position or results of operations as a result of the adoption of this standard.
In August 2015, the FASB issued ASU No. 2015-16, 
This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period
in which the adjustment amounts are determined. Additionally, this update requires that the acquirer record, in the same period’s financial statements, the
effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as
if the accounting had been completed at the acquisition date. Finally, this update requires an entity to present separately on the face of the income statement
or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting
periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this update are effective for financial
statements issued with fiscal years beginning after December 15, 2015, including interim periods within that reporting period. We do not anticipate a material
impact to our financial position or results of operations as a result of the adoption of this standard.
In November 2015, the FASB issued ASU No. 2015-17,  (“ASU 2015-17”), which
is intended to improve how deferred taxes are classified on organizations’ balance sheets. The ASU eliminates the current requirement for organizations to
present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations are now required to classify all
deferred tax assets and liabilities as noncurrent.
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