Sunoco 2011 Annual Report Download - page 84

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Income (loss) from discontinued operations includes net gains (losses) on divestment consisting of the
following components (in millions of dollars):
2011 2010 2009
Pretax After tax Pretax After tax Pretax After tax
Provision attributable to discontinued phenol operations . . . $(287) $(171) $ — $ — $— $—
Gain on sale of discontinued phenol operations .......... 13 8 — — — —
Loss on sale of discontinued polypropylene operations .... — (4) (169) (44) — —
Gain on sale of Tulsa refinery* ....................... — — — — 70 41
$(274) $(167) $(169) $(44) $70 $41
*In 2008, Sunoco recognized a $160 million provision ($95 million after tax) attributable to the discontinued Tulsa refining operations.
Sales and other operating revenue (including consumer excise taxes) from discontinued operations totaled
$1,095, $1,402 and $2,239 million for 2011, 2010 and 2009, respectively.
Separation of SunCoke Energy, Inc.
On July 26, 2011, an initial public offering of 13.34 million shares of SunCoke Energy common stock was
completed, reducing Sunoco’s ownership to 81 percent. On January 17, 2012, the Company completed the
separation of SunCoke Energy from Sunoco by distributing its remaining shares of SunCoke Energy common
stock to Sunoco shareholders by means of a spin-off. For additional information concerning these transactions,
see Note 16.
The following table sets forth the components of Sunoco’s net investment in SunCoke Energy at
December 31, 2011 (in millions of dollars):
Current assets ...................................................... $ 412
Properties, plants and equipment, net .................................... 1,487
Deferred charges and other assets ....................................... 82
Total assets ........................................................ 1,981
Current liabilities ................................................... (281)
Long-term debt ..................................................... (723)
Retirement benefit liabilities ........................................... (50)
Deferred income taxes ............................................... (325)
Other deferred credits and liabilities ..................................... (66)
Total liabilities ..................................................... (1,445)
Noncontrolling interest ............................................... (150)
Net investment ..................................................... $ 386
Other Divestments
Toledo Refinery—In March 2011, Sunoco completed the sale of its Toledo refinery and related crude and
refined product inventories to a wholly owned subsidiary of PBF Holding Company LLC. The Company
received $1,037 million in net proceeds consisting of $546 million in cash at closing, a $200 million two-year
note receivable of which $18 million was repaid during the third quarter of 2011 with the remainder repaid in
February 2012, and a $285 million note receivable and $6 million in cash related to working capital adjustments
subsequent to closing which were both paid in May 2011. In addition, the purchase agreement also includes a
participation payment of up to $125 million based on the future profitability of the refinery. Sunoco has not
recorded any amount related to the contingent consideration in accordance with its accounting policy election on
such amounts. The Company expects to receive a significant portion of the $125 million participation payment in
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