Sunoco 2013 Annual Report Download - page 65

63
SUNOCO LOGISTICS PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Successor Predecessor
Year Ended
December 31,
2013
Period from
Acquisition
(October 5, 2012) to
December 31, 2012
Period from
January 1, 2012 to
October 4, 2012
Year Ended
December 31,
2011
Cash Flows from Operating Activities:
Net Income $ 474 $ 142 $ 389 $ 322
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization expense 265 63 76 86
Impairment charge and related matters — — (1) 42
(Claim for) recovery of environmental liability — 13 (14) —
Expected proceeds from insurance recovery (1) — — —
Deferred income tax expense (benefit) 6 (2) — (2)
Amortization of financing fees and bond discount 1 — 2 2
Amortization of bond premium (23) (6) — —
LTIP expense (Note 14) 14 2 6 6
Changes in working capital pertaining to operating
activities:
Accounts receivable, affiliated companies 8 (18) (1) 154
Accounts receivable, net (351) 162 190 (647)
Inventories (117) (70) (44) (108)
Accounts payable and accrued liabilities 468 4 (174) 548
Accounts payable, affiliated companies 2 12 — —
Accrued taxes payable 11 4 (6) 18
Other (8) (26) (12) 9
Net cash provided by operating activities 749 280 411 430
Cash Flows from Investing Activities:
Capital expenditures (897) (139) (235) (213)
Acquisitions (60) — — (396)
Proceeds from divestments and related matters — — 11 —
Net cash used in investing activities (957) (139) (224) (609)
Cash Flows from Financing Activities:
Distributions paid to limited and general partners (353) (74) (178) (210)
Distributions paid to noncontrolling interests (13) (2) (5) (8)
Contributions from general partner — — — 2
Payments of statutory withholding on net issuance of limited
partner units under LTIP (3) (7) (5) (3)
Repayments under credit facilities (119) (233) (322) (560)
Borrowings under credit facilities 215 193 501 529
Net proceeds from issuance of long-term debt 691 — — 595
Repayments of senior notes — — (250) —
Promissory note from affiliate — — — (100)
Advances to affiliated companies, net (183) (17) 69 (63)
Contributions attributable to acquisition from affiliate 9 — — —
Net cash provided by (used in) financing activities 244 (140) (190) 182
Net change in cash and cash equivalents 36 1 (3) 3
Cash and cash equivalents at beginning of period 3 2 5 2
Cash and cash equivalents at end of period $ 39 $ 3 $ 2 $ 5
(See Accompanying Notes)