Sunoco 2014 Annual Report Download - page 40

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38
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 cash provided by
operating activities $ 566 $ 749 $ 280 $ 411 $ 430 $ 341
Interest expense, net 67 77 14 65 89 73
Amortization of bond
premium, financing fees
and bond discount 12 22 6 (2) (2) (2)
Deferred income tax
(expense) benefit 4 (6) 2 — 2 —
Regulatory matters
excluded from Adjusted
EBITDA — — — 10 (11) —
Claim for (recovery of)
environmental liability — — (13) 14 — —
Equity in earnings of
unconsolidated affiliates 25 21 5 15 12 24
Distributions from
unconsolidated affiliates (14) (14) (6) (5) (11) (12)
Net change in working
capital pertaining to
operating activities 258 (20) (91) 29 37 (57)
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) — — —
Provision for income taxes 25 30 8 24 25 8
Other 19 1 24 8 (12) (2)
Adjusted EBITDA $ 971 $ 871 $ 219 $ 591 $ 573 $ 399
Our management believes Adjusted EBITDA and Distributable Cash Flow information enhances an investor's
understanding of a business's ability to generate cash for payment of distributions and other purposes. In addition, Adjusted
EBITDA is also used as a measure in determining our compliance with certain revolving credit facility covenants. However,
there may be contractual, legal, economic or other reasons which may prevent us from satisfying principal and interest
obligations with respect to indebtedness and may require us to allocate funds for other purposes. Adjusted EBITDA and
Distributable Cash Flow do not represent and should not be considered alternatives to net income or cash flows from operating
activities as determined under GAAP and may not be comparable to other similarly titled measures of other businesses.