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67
SUNOCO LOGISTICS PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
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
Cash Flows from Operating Activities:
Net Income $ 300 $ 474 $ 142 $ 389
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization expense 296 265 63 76
Impairment charge and other related matters 258 — — (1)
(Claim for) recovery of environmental liability — — 13 (14)
Deferred income tax expense (benefit) (4) 6 (2) —
Amortization of financing fees and bond discount 2 1 — 2
Amortization of bond premium (14) (23) (6) —
Non-cash compensation expense (Note 14) 16 14 2 6
Equity in earnings of unconsolidated affiliates (25) (21) (5) (15)
Distributions from unconsolidated affiliates 14 14 6 5
Changes in working capital pertaining to operating
activities:
Accounts receivable, affiliated companies 4 8 (18) (1)
Accounts receivable, net 445 (351) 162 190
Inventories (105) (117) (70) (44)
Accounts payable and accrued liabilities (570) 468 4 (174)
Accounts payable, affiliated companies 4 2 12 —
Accrued taxes payable (19) 11 4 (6)
Unrealized (gains) losses on commodity risk
activities (17) (1) (3) 6
Other (19) (1) (24) (8)
Net cash provided by operating activities 566 749 280 411
Cash Flows from Investing Activities:
Capital expenditures (2,416) (897) (139) (235)
Investments in joint venture interests (42) — — —
Acquisitions (Note 3 and 12) (391) (60) — —
Change in long-term note receivable, affiliated companies (17) — — —
Proceeds from divestments and related matters — — — 11
Net cash used in investing activities (2,866) (957) (139) (224)
Cash Flows from Financing Activities:
Distributions paid to limited and general partners (468) (353) (74) (178)
Distributions paid to noncontrolling interests (4) (13) (2) (5)
Contributions from general partner 2 — — —
Net proceeds from issuance of limited partner units 839 — — —
Payments of statutory withholding on net issuance of limited
partner units under LTIP (9) (3) (7) (5)
Repayments under credit facilities (2,845) (119) (233) (322)
Borrowings under credit facilities 2,795 215 193 501
Net proceeds from issuance of long-term debt 1,976 691 — —
Repayments of senior notes (175) — — (250)
Advances to affiliated companies, net 239 (183) (17) 69
Contributions attributable to acquisition from affiliate 12 9 — —
Net cash provided by (used in) financing activities 2,362 244 (140) (190)
Net change in cash and cash equivalents 62 36 1 (3)
Cash and cash equivalents at beginning of period 39 3 2 5
Cash and cash equivalents at end of period $ 101 $ 39 $ 3 $ 2
(See Accompanying Notes)