Sunoco 2014 Annual Report Download - page 80

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78
The following table sets forth the reconciliation of the weighted average number of limited partner units used to compute
basic net income attributable to SXL per limited partner unit to those used to compute diluted net income attributable to SXL
per limited partner unit for the periods presented:
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
(in millions) (in millions)
Weighted average number of units outstanding
—basic (1) 212.9 207.6 207.5 207.0
Add effect of dilutive incentive awards (1) 1.2 1.0 0.6 0.6
Weighted average number of units—diluted (1) 214.1 208.6 208.1 207.6
(1) Amounts reflect the second quarter 2014 two-for-one unit split (Note 12).
6. Inventories
The components of inventories are as follows:
Successor
December 31,
2014 2013
(in millions)
Crude oil $ 364 $ 488
Refined products and NGLs 90 99
Refined products additives 4 3
Materials, supplies and other 12 10
Total Inventories $ 470 $ 600
In the fourth quarter 2014, the Partnership recorded write downs of $231 and $27 million, respectively, on its crude oil,
refined products and NGL inventories as a result of declining commodity prices.
7. Properties, Plants and Equipment
The components of net properties, plants and equipment are as follows:
Successor
December 31,
Estimated
Useful Lives 2014 2013
(in years) (in millions)
Land and land improvements (including rights-of-way) (1) — $ 1,212 $ 1,101
Pipelines and related assets 16 - 39 4,044 3,172
Terminals and storage facilities 20 - 41 1,214 1,081
Buildings and improvements 25 - 32 245 124
Other 5 - 20 585 339
Construction-in-progress 2,058 968
Total properties, plants and equipment 9,358 6,785
Less: Accumulated depreciation and amortization (509)(266)
Total properties, plants and equipment, net $ 8,849 $ 6,519
(1) As of December 31, 2014 and 2013, the Partnership has rights-of-way with a book value of $996 and $940 million, respectively.
As of December 31, 2014 and 2013, accrued capital expenditures were $283 and $137 million, respectively.