Sunoco 2015 Annual Report Download - page 72

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70
SUNOCO LOGISTICS PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year Ended December 31,
2015 2014 2013
Cash Flows from Operating Activities:
Net Income $ 397 $ 300 $ 474
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 382 296 265
Impairment charge and other matters 162 258 —
Deferred income tax expense (benefit) 5 (4) 6
Amortization of bond premium (13) (14) (23)
Non-cash compensation expense (Note 14) 17 16 14
Equity in earnings of unconsolidated affiliates (24) (25) (21)
Distributions from unconsolidated affiliates 23 14 14
Changes in working capital pertaining to operating activities:
Accounts receivable, affiliated companies (11) 4 8
Accounts receivable, net 602 445 (351)
Inventories (299) (105) (117)
Accounts payable and accrued liabilities (667) (570) 468
Accounts payable, affiliated companies 18 4 2
Accrued taxes payable (8) (19) 11
Unrealized (gains) losses on commodity risk management activities 4 (17) (1)
Other 10 (17) —
Net cash provided by operating activities 598 566 749
Cash Flows from Investing Activities:
Capital expenditures (2,706) (2,416) (897)
Acquisitions (Notes 3 and 8) (131) (433) (60)
Change in long-term note receivable (17) (17) —
Net cash (used in) investing activities (2,854) (2,866) (957)
Cash Flows from Financing Activities:
Distributions paid to limited and general partners (686) (468) (353)
Distributions paid to noncontrolling interests (3) (4) (13)
Contributions from general partner — 2 —
Net proceeds from issuance of limited partner units 1,519 839 —
Payments of statutory withholding on net issuance of limited partner units under
LTIP (11) (9) (3)
Repayments under credit facilities (3,662) (2,845) (119)
Borrowings under credit facilities 4,039 2,795 215
Net proceeds from issuance of long-term debt 991 1,976 691
Repayments of senior notes — (175) —
Advances to affiliated companies, net — 239 (183)
Contributions attributable to acquisition from affiliate 11 12 9
Other (6) — —
Net cash provided by financing activities 2,192 2,362 244
Net change in cash and cash equivalents (64) 62 36
Cash and cash equivalents at beginning of period 101 39 3
Cash and cash equivalents at end of period $ 37 $ 101 $ 39
(See Accompanying Notes)