Sunoco 2014 Annual Report Download - page 38

36
Successor Predecessor
Year Ended December 31, Period from Acquisition,
October 5, 2012 to
December 31, 2012
Period from
January 1, 2012 to
October 4, 2012
Year Ended December 31,
2014 2013 2011 2010
(in millions, except per unit data) (in millions, except per unit data)
Income Statement Data:
Revenues:
Sales and other operating
revenue:
Unaffiliated
customers $ 17,018 $ 15,073 $ 2,989 $ 9,460 $ 10,473 $ 6,691
Affiliates 1,070 1,566 200 461 432 1,117
Gain on divestment and
related matters — — — 11 — —
Total revenues $ 18,088 $ 16,639 $ 3,189 $ 9,932 $ 10,905 $ 7,808
Operating income (1) $ 367 $ 560 $ 159 $ 460 $ 423 $ 271
Other income (2) $ 25 $ 21 $ 5 $ 18 $ 13 $ 30
Income before income tax
expense $ 325 $ 504 $ 150 $ 413 $ 347 $ 356
Net Income $ 300 $ 474 $ 142 $ 389 $ 322 $ 348
Net Income attributable to
noncontrolling interests (9) (11) (3) (8) (9) (2)
Net Income attributable to
Sunoco Logistics Partners L.P. $ 291 $ 463 $ 139 $ 381 $ 313 $ 346
Net Income attributable to
Sunoco Logistics Partners L.P.
per Limited Partner unit: (3)
Basic $ 0.52 $ 1.63 $ 0.55 $ 1.57 $ 1.28 $ 1.56
Diluted $ 0.51 $ 1.63 $ 0.55 $ 1.57 $ 1.27 $ 1.56
Cash distributions per unit to
Limited Partners: (3) (4)
Paid $ 1.43 $ 1.17 $ 0.26 $ 0.66 $ 0.81 $ 0.75
Declared $ 1.50 $ 1.23 $ 0.27 $ 0.71 $ 0.82 $ 0.77
Other Data:
Adjusted EBITDA (5) $ 971 $ 871 $ 219 $ 591 $ 573 $ 399
Distributable Cash Flow (5) $ 750 $ 660 $ 163 $ 439 $ 388 $ 242
(1) During the first quarter 2013, we adjusted our presentation of operating income reported in the consolidated statements of
comprehensive income to conform to the presentation utilized by Energy Transfer Partners, L.P. ("ETP"), the controlling member of
our general partner. Other income, which is comprised primarily of equity income from our unconsolidated joint venture interests,
is presented separately and is no longer included as a component of operating income. These changes did not impact our net
income. Prior period amounts have been recast to conform to current presentation.
(2) Includes equity income from our investments in the following joint ventures: Explorer Pipeline Company, Wolverine Pipe Line
Company, West Shore Pipe Line Company ("West Shore"), Yellowstone Pipe Line Company, Bayview Refining Company, LLC
("Bayview"), SunVit Pipeline LLC ("SunVit"), Mid-Valley Pipeline Company ("Mid-Valley") and West Texas Gulf Pipe Line
Company ("West Texas Gulf"). Equity income from the investments has been included based on our respective ownership
percentages of each, and from the dates of acquisition or formation. In the third quarter 2010, we acquired a controlling financial
interest in Mid-Valley and West Texas Gulf. Therefore, these joint ventures are reflected as consolidated subsidiaries from the
respective dates of acquisition.
(3) In December 2011, we completed a three-for-one split of our common and Class A units. The unit split resulted in the issuance of
two additional common or Class A units for every one unit owned. In June 2014, a two-for-one split was completed, which resulted
in the issuance of one additional common unit for every one unit owned. All unit and per unit information is presented on a post-
split basis.
(4) Cash distributions paid per unit to limited partners represent payments made per unit during the period stated. Cash distributions
declared per unit to limited partners represent distributions declared per unit for the quarters within the period stated. Declared
distributions were paid within 45 days following the close of each quarter.
(5) Adjusted EBITDA and Distributable Cash Flow provide additional information for evaluating our ability to make distributions to
our unitholders and our general partner. The following tables reconcile (a) the difference between net income, as determined under
United States generally accepted accounting principles ("GAAP"), and Adjusted EBITDA and Distributable Cash Flow and (b) net
cash provided by operating activities and Adjusted EBITDA: