Energy Transfer 2015 Annual Report Download - page 209
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Table of Contents
Historically, our effective rate differed from the statutory rate primarily due to Partnership earnings that are not subject to U.S. federal and most state
income taxes at the partnership level. The completion of the Southern Union Merger, Sunoco Merger, ETP Holdco Transaction and Susser Merger (see
Note 3) significantly increased the activities conducted through corporate subsidiaries. A reconciliation of income tax expense (benefit) at the U.S.
statutory rate to the income tax expense (benefit) attributable to continuing operations for the years ended December 31, 2015, 2014 and 2013 is as
follows:
December 31, 2015
December 31, 2014
December 31, 2013
Corporate
Subsidiaries(1)
Consolidated (2)
Corporate
Subsidiaries(1)
Consolidated (2)
Corporate
Subsidiaries(1)
Consolidated (2)
Income tax expense (benefit)
at U.S. statutory rate of 35
percent $ (25)
$ (25)
$ 217
$ 217
$ (166)
$ (166)
Increase (reduction) in
income taxes resulting
from:
Nondeductible goodwill —
—
—
—
241
241
Nondeductible goodwill
included in the Lake
Charles LNG
Transaction —
—
105
105
—
—
State income taxes (net of
federal income tax
effects) (56)
(37)
9
54
31
36
Dividend Received
Deduction (24)
(24)
—
—
—
—
Premium on debt
retirement —
—
(10)
(10)
—
—
Audit Settlement (7)
(7)
—
—
—
—
Foreign —
—
(8)
(8)
—
—
Other (30)
(30)
—
—
(13)
(14)
Income tax expense (benefit)
from continuing operations $ (142) $ (123)
$ 313
$ 358
$ 93
$ 97
(1) Includes ETP Holdco, Susser Holdings Corporation, Oasis Pipeline Company, Susser Petroleum Property Company LLC, Aloha Petroleum Ltd.,
Inland Corporation, Mid-Valley Pipeline Company and West Texas Gulf Pipeline Company. Susser Holding Corporation, Susser Petroleum Property
Company LLC and Aloha Petroleum Ltd. were deconsolidated from these financial statements in July 2015 due to the contribution of Susser
Holding Corporation to Sunoco LP and the acquisition by ETE of 100% of the membership interest of Sunoco GP, the general partner of Sunoco LP
(See Note 3).
(2) Includes ETP and its subsidiaries that are classified as pass-through entities for federal income tax purposes, as well as corporate subsidiaries.
F - 48