Sunoco 2014 Annual Report Download - page 67
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65
SUNOCO LOGISTICS PARTNERS L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions, except per unit amounts)
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
2014 2013
Revenues
Sales and other operating revenue:
Unaffiliated customers $ 17,018 $ 15,073 $ 2,989 $ 9,460
Affiliates (Note 4) 1,070 1,566 200 461
Gain on divestment and related matters (Note 19) — — — 11
Total Revenues 18,088 16,639 3,189 9,932
Costs and Expenses
Cost of products sold 16,853 15,574 2,885 9,214
Operating expenses 196 148 58 122
Selling, general and administrative expenses 118 92 24 61
Depreciation and amortization expense 296 265 63 76
Impairment charge and other related matters (Notes 2, 6, 18 and 19) 258 — — (1)
Total Costs and Expenses 17,721 16,079 3,030 9,472
Operating Income 367 560 159 460
Interest cost to affiliates, net (Note 4) 1 (1) — —
Other interest cost and debt expense, net (146) (97) (18) (73)
Capitalized interest 78 21 4 8
Other income 25 21 5 18
Income Before Provision for Income Taxes 325 504 150 413
Provision for income taxes (Note 2) (25) (30) (8) (24)
Net Income 300 474 142 389
Net Income attributable to noncontrolling interests (9) (11) (3) (8)
Net Income attributable to Sunoco Logistics Partners L.P. $ 291 $ 463 $ 139 $ 381
Calculation of Limited Partners' interest:
Net Income attributable to Sunoco Logistics Partners L.P. $ 291 $ 463 $ 139 $ 381
Less: General Partner's interest (181) (124) (24) (55)
Limited Partners’ interest (1) $ 110 $ 339 $ 115 $ 326
Net Income attributable to Sunoco Logistics Partners L.P. per
Limited Partner unit (Note 5): (2)
Basic $ 0.52 $ 1.63 $ 0.55 $ 1.57
Diluted $ 0.51 $ 1.63 $ 0.55 $ 1.57
Weighted average Limited Partners' units outstanding (Note 5): (2)
Basic $ 212.9 $ 207.6 $ 207.5 $ 207.0
Diluted $ 214.1 $ 208.6 $ 208.1 $ 207.6
Net Income $ 300 $ 474 $ 142 $ 389
Adjustment to affiliate's pension funded status 1 — — —
Loss on cash flow hedges — — — (21)
Other Comprehensive Income (Loss) 1 — — (21)
Comprehensive Income 301 474 142 368
Less: Comprehensive income attributable to noncontrolling interests (9) (11) (3) (8)
Comprehensive Income attributable to Sunoco Logistics Partners
L.P. $ 292 $ 463 $ 139 $ 360
(1) Includes interest in net income attributable to Class A units, which were converted to common units in July 2012.
(2) Amounts reflect the second quarter 2014 two-for-one stock split.
(See Accompanying Notes)