Sunoco 2014 Annual Report Download - page 39

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37
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) (in millions)
Net Income $ 300 $ 474 $ 142 $ 389 $ 322 $ 348
Interest expense, net 67 77 14 65 89 73
Depreciation and amortization
expense 296 265 63 76 86 64
Impairment charge and other
related matters 258 — — 9 31 3
Provision for income taxes 25 30 8 24 25 8
Non-cash compensation
expense 16 14 2 6 6 5
Unrealized losses/(gains) on
commodity risk management
activities (17) (1) (3) 6 (2) 2
Amortization of excess equity
method investment 2 2 — — — —
Proportionate share of
unconsolidated affiliates’
interest, depreciation and
provision for income taxes 24 20 5 16 16 24
Non-cash accrued liability
adjustment — (10) — — — —
Adjustments to commodity
hedges resulting from "push-
down" accounting — — (12) — — —
Gain on investments in
affiliates — — — — — (128)
Adjusted EBITDA 971 871 219 591 573 399
Interest expense, net (67) (77) (14) (65) (89) (73)
Provision for current income
taxes (1) (29) (24) (10) (24) (27) (8)
Amortization of fair value
adjustments on long-term debt (14) (23) (6) — — —
Distributions versus Adjusted
EBITDA of unconsolidated
affiliates (35) (27) (3) (25) (17) (36)
Maintenance capital
expenditures (76) (53) (21) (29) (42) (37)
Distributable Cash Flow
attributable to noncontrolling
interests (12) (16) (2) (9) (10) (3)
Contributions attributable to
acquisition from affiliate 12 9 — — — —
Distributable Cash Flow (1) $ 750 $ 660 $ 163 $ 439 $ 388 $ 242
(1) During the third quarter 2014, we changed our definition of Distributable Cash Flow to conform to the presentation utilized by ETP.
This change did not have a material impact on our Distributable Cash Flows. Prior period amounts have been recast to conform to
current presentation.