Sunoco 2014 Annual Report Download - page 46
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44
Results of Operations
Successor Predecessor
Year Ended
December 31,
2014
Year Ended
December 31,
2013
Three Months
Ended
December 31,
2013
Nine Months
Ended
September 30,
2013
Period from
Acquisition,
October 5, 2012
to December 31,
2012 (1)
Period from
January 1, 2012
to October 4,
2012 (1)
(in millions, except per unit data)
(in millions,
except per unit
data)
Statements of Income
Sales and other operating revenue:
Unaffiliated customers $ 17,018 $ 15,073 $ 3,907 $ 11,166 $ 2,989 $ 9,460
Affiliates 1,070 1,566 381 1,185 200 461
Gain on divestment and related matters — — — — — 11
Total revenues 18,088 16,639 4,288 12,351 3,189 9,932
Cost of products sold (2) 16,853 15,574 4,040 11,534 2,885 9,214
Operating expenses 196 148 31 117 58 122
Selling, general and administrative
expenses (2) 118 92 22 70 24 61
Depreciation and amortization expense 296 265 69 196 63 76
Impairment charge and other related
matters 258 — — — — (1)
Total costs and expenses 17,721 16,079 4,162 11,917 3,030 9,472
Operating income (3) 367 560 126 434 159 460
Net interest expense (67) (77) (19) (58) (14) (65)
Other income 25 21 5 16 5 18
Income before provision for income
taxes 325 504 112 392 150 413
Provision for income taxes (25) (30) (7) (23) (8) (24)
Net Income 300 474 105 369 142 389
Net Income attributable to
noncontrolling interests (9) (11) (3) (8) (3) (8)
Net Income attributable to Sunoco
Logistics Partners L.P. $ 291 $ 463 $ 102 $ 361 $ 139 $ 381
Net Income attributable to Sunoco
Logistics Partners L.P. per Limited
Partner unit:
Basic $ 0.52 $ 1.63 $ 0.32 $ 1.32 $ 0.55 $ 1.57
Diluted $ 0.51 $ 1.63 $ 0.32 $ 1.31 $ 0.55 $ 1.57
(1) The effective date of the acquisition for accounting and reporting purposes was deemed to be October 1, 2012. The activity from
October 1, 2012 through October 4, 2012 was not material in relation to our financial position, results of operations or cash flows.
(2) During the fourth quarter 2014, we adjusted our presentation of certain operating expenses and selling, general and administrative
expenses to conform to the presentation utilized by ETP. These changes did not impact our net income. Prior period amounts have
been recast to conform to current presentation.
(3) During the first quarter 2013, we adjusted our presentation of operating income to conform to the presentation utilized by ETP. 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.