Energy Transfer 2015 Annual Report Download - page 208
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Table of Contents
During the years ended December 31, 2015, 2014, and 2013, the weighted average grant-date fair value per unit award granted was $35.21, $60.85 and
$50.54, respectively. The total fair value of awards vested was $49 million, $26 million and $29 million, respectively, based on the market price of ETP
Common Units as of the vesting date. As of December 31, 2015, a total of 4.8 million unit awards remain unvested, for which ETP expects to recognize a
total of $147 million in compensation expense over a weighted average period of 2.1 years.
The Partnership has also granted cash restricted units, which vest 100% at the end of the third year of service. A cash restricted
unit entitles the award recipient to receive cash equal to the market value of one ETP Common Unit upon vesting.
As of December 31, 2015, a total of 0.6 million unvested cash restricted units were outstanding.
Based on the trading price of ETP Common Units at December 31, 2015, the Partnership expects to recognize $7 million of unit-based compensation
expense related to non-vested cash restricted units over a period of 1.3 years.
Sunoco Logistics Unit-Based Compensation Plan
Sunoco Logistics’ general partner has a long-term incentive plan for employees and directors, which permits the grant of restricted units and unit options
of Sunoco Logistics. As of December 31, 2015, a total of 2.5 million Sunoco Logistics restricted units were outstanding for which Sunoco Logistics
expects to recognize $52 million of expense over a weighted average period of 3 years.
10. INCOME TAXES:
As a partnership, we are not subject to U.S. federal income tax and most state income taxes. However, the Partnership conducts certain activities through
corporate subsidiaries which are subject to federal and state income taxes. The components of the federal and state income tax expense (benefit) are
summarized as follows:
Years Ended December 31,
2015
2014
2013
Current expense (benefit):
Federal $ (274)
$ 321
$ 51
State (51)
86
(2)
Total (325)
407
49
Deferred expense (benefit):
Federal 231
(50)
(6)
State (29)
1
54
Total 202
(49)
48
Total income tax expense (benefit) from continuing operations $ (123)
$ 358
$ 97
F - 47