Sunoco 2015 Annual Report Download - page 43
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41
(3) Cash distributions paid per unit to limited partners represent payments made per unit during the period stated. Cash distributions
declared per unit to limited partners represent distributions declared per unit for the quarters within the period stated. Declared
distributions were paid within 45 days following the close of each quarter.
(4) Adjusted EBITDA and Distributable Cash Flow provide additional information for evaluating our ability to make distributions to
our unitholders and our general partner. The following tables reconcile (a) the difference between net income, as determined under
United States generally accepted accounting principles ("GAAP"), and Adjusted EBITDA and Distributable Cash Flow and (b) net
cash provided by operating activities and Adjusted EBITDA:
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,
2015 2014 2013 2011
(in millions) (in millions)
Net Income $ 397 $ 300 $ 474 $ 142 $ 389 $ 322
Interest expense, net 134 67 77 14 65 89
Depreciation and amortization expense 382 296 265 63 76 86
Impairment charge and other matters 162 258 — — 9 31
Provision for income taxes 21 25 30 8 24 25
Non-cash compensation expense 17 16 14 2 6 6
Unrealized losses/(gains) on
commodity risk management activities 4 (17) (1) (3) 6 (2)
Amortization of excess equity method
investment 2 2 2 — — —
Proportionate share of unconsolidated
affiliates’ interest, depreciation and
provision for income taxes 34 24 20 5 16 16
Non-cash accrued liability adjustment — — (10) — — —
Adjustments to commodity hedges
resulting from "push-down"
accounting — — — (12) — —
Adjusted EBITDA 1,153 971 871 219 591 573
Interest expense, net (134) (67) (77) (14) (65) (89)
Provision for current income taxes (15) (29) (24) (10) (24) (27)
Amortization of fair value adjustments
on long-term debt (13) (14) (23) (6) — —
Distributions versus Adjusted
EBITDA of unconsolidated affiliates (35) (35) (27) (3) (25) (17)
Maintenance capital expenditures (84) (76) (53) (21) (29) (42)
Distributable Cash Flow attributable to
noncontrolling interests (4) (12) (16) (2) (9) (10)
Contributions attributable to
acquisition from affiliate 11 12 9 — — —
Distributable Cash Flow $ 879 $ 750 $ 660 $ 163 $ 439 $ 388