Supplemental Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Supplemental Condensed Consolidating Financial Information | ' |
Supplemental Condensed Consolidating Financial Information |
The Partnership serves as guarantor of the senior notes. These guarantees are full and unconditional. For the purposes of this footnote, Sunoco Logistics Partners L.P. is referred to as "Parent Guarantor" and Sunoco Logistics Partners Operations L.P. is referred to as "Subsidiary Issuer." All other consolidated subsidiaries of the Partnership are collectively referred to as "Non-Guarantor Subsidiaries." |
The following supplemental condensed consolidating financial information reflects the Parent Guarantor's separate accounts, the Subsidiary Issuer's separate accounts, the combined accounts of the Non-Guarantor Subsidiaries, the combined consolidating adjustments and eliminations and the Parent Guarantor's consolidated accounts for the dates and periods indicated. For purposes of the following condensed consolidating information, the Parent Guarantor's investments in its subsidiaries and the Subsidiary Issuer's investments in its subsidiaries are accounted for under the equity method of accounting. |
Condensed Consolidating Statement of Comprehensive Income (Loss) |
Three Months Ended June 30, 2014 |
(in millions, unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Total |
Guarantor | Issuer | Subsidiaries | Adjustments |
Revenues | | | | | | | | | | |
Sales and other operating revenue: | | | | | | | | | | |
Unaffiliated customers | | $ | — | | | $ | — | | | $ | 4,412 | | | $ | — | | | $ | 4,412 | |
|
Affiliates | | — | | | — | | | 409 | | | — | | | 409 | |
|
Total Revenues | | — | | | — | | | 4,821 | | | — | | | 4,821 | |
|
Costs and Expenses | | | | | | | | | | |
Cost of products sold | | — | | | — | | | 4,517 | | | — | | | 4,517 | |
|
Operating expenses | | — | | | — | | | 23 | | | — | | | 23 | |
|
Selling, general and administrative expenses | | — | | | — | | | 27 | | | — | | | 27 | |
|
Depreciation and amortization expense | | — | | | — | | | 74 | | | — | | | 74 | |
|
Total Costs and Expenses | | — | | | — | | | 4,641 | | | — | | | 4,641 | |
|
Operating Income | | — | | | — | | | 180 | | | — | | | 180 | |
|
Interest cost and debt expense, net | | — | | | (36 | ) | | (1 | ) | | — | | | (37 | ) |
|
Capitalized interest | | — | | | 16 | | | — | | | — | | | 16 | |
|
Other income | | — | | | — | | | 7 | | | — | | | 7 | |
|
Equity in earnings of subsidiaries | | 156 | | | 176 | | | — | | | (332 | ) | | — | |
|
Income (Loss) Before Provision for Income Taxes | | 156 | | | 156 | | | 186 | | | (332 | ) | | 166 | |
|
Provision for income taxes | | — | | | — | | | (8 | ) | | — | | | (8 | ) |
|
Net Income (Loss) | | 156 | | | 156 | | | 178 | | | (332 | ) | | 158 | |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | (2 | ) | | — | | | (2 | ) |
|
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. | | $ | 156 | | | $ | 156 | | | $ | 176 | | | $ | (332 | ) | | $ | 156 | |
|
| | | | | | | | | | |
Comprehensive Income (Loss) | | $ | 156 | | | $ | 156 | | | $ | 179 | | | $ | (332 | ) | | $ | 159 | |
|
Less: Comprehensive income attributable to noncontrolling interests | | — | | | — | | | (2 | ) | | — | | | (2 | ) |
|
Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. | | $ | 156 | | | $ | 156 | | | $ | 177 | | | $ | (332 | ) | | $ | 157 | |
|
Condensed Consolidating Statement of Comprehensive Income (Loss) |
Three Months Ended June 30, 2013 |
(in millions, unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Total |
Guarantor | Issuer | Subsidiaries | Adjustments |
Revenues | | | | | | | | | | |
Sales and other operating revenue: | | | | | | | | | | |
Unaffiliated customers | | $ | — | | | $ | — | | | $ | 3,948 | | | $ | — | | | $ | 3,948 | |
|
Affiliates | | — | | | — | | | 363 | | | — | | | 363 | |
|
Total Revenues | | — | | | — | | | 4,311 | | | — | | | 4,311 | |
|
Costs and Expenses | | | | | | | | | | |
Cost of products sold | | — | | | — | | | 4,023 | | | — | | | 4,023 | |
|
Operating expenses | | — | | | — | | | 25 | | | — | | | 25 | |
|
Selling, general and administrative expenses | | — | | | — | | | 34 | | | — | | | 34 | |
|
Depreciation and amortization expense | | — | | | — | | | 64 | | | — | | | 64 | |
|
Total Costs and Expenses | | — | | | — | | | 4,146 | | | — | | | 4,146 | |
|
Operating Income | | — | | | — | | | 165 | | | — | | | 165 | |
|
Interest cost and debt expense, net | | — | | | (22 | ) | | (1 | ) | | — | | | (23 | ) |
|
Capitalized interest | | — | | | 6 | | | — | | | — | | | 6 | |
|
Other income | | — | | | — | | | 7 | | | — | | | 7 | |
|
Equity in earnings of subsidiaries | | 143 | | | 159 | | | — | | | (302 | ) | | — | |
|
Income (Loss) Before Provision for Income Taxes | | 143 | | | 143 | | | 171 | | | (302 | ) | | 155 | |
|
Provision for income taxes | | — | | | — | | | (9 | ) | | — | | | (9 | ) |
|
Net Income (Loss) | | 143 | | | 143 | | | 162 | | | (302 | ) | | 146 | |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | (3 | ) | | — | | | (3 | ) |
|
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. | | $ | 143 | | | $ | 143 | | | $ | 159 | | | $ | (302 | ) | | $ | 143 | |
|
| | | | | | | | | | |
Comprehensive Income (Loss) | | $ | 143 | | | $ | 143 | | | $ | 162 | | | $ | (302 | ) | | $ | 146 | |
|
Less: Comprehensive income attributable to noncontrolling interests | | — | | | — | | | (3 | ) | | — | | | (3 | ) |
|
Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. | | $ | 143 | | | $ | 143 | | | $ | 159 | | | $ | (302 | ) | | $ | 143 | |
|
|
|
|
|
|
Condensed Consolidating Statement of Comprehensive Income (Loss) |
Six Months Ended June 30, 2014 |
(in millions, unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Total |
Guarantor | Issuer | Subsidiaries | Adjustments |
Revenues | | | | | | | | | | |
Sales and other operating revenue: | | | | | | | | | | |
Unaffiliated customers | | $ | — | | | $ | — | | | $ | 8,583 | | | $ | — | | | $ | 8,583 | |
|
Affiliates | | — | | | — | | | 715 | | | — | | | 715 | |
|
Total Revenues | | — | | | — | | | 9,298 | | | — | | | 9,298 | |
|
Costs and Expenses | | | | | | | | | | |
Cost of products sold | | — | | | — | | | 8,727 | | | — | | | 8,727 | |
|
Operating expenses | | — | | | — | | | 57 | | | — | | | 57 | |
|
Selling, general and administrative expenses | | — | | | — | | | 64 | | | — | | | 64 | |
|
Depreciation and amortization expense | | — | | | — | | | 143 | | | — | | | 143 | |
|
Total Costs and Expenses | | — | | | — | | | 8,991 | | | — | | | 8,991 | |
|
Operating Income | | — | | | — | | | 307 | | | — | | | 307 | |
|
Interest cost and debt expense, net | | — | | | (61 | ) | | (2 | ) | | — | | | (63 | ) |
|
Capitalized interest | | — | | | 26 | | | — | | | — | | | 26 | |
|
Other income | | — | | | — | | | 11 | | | — | | | 11 | |
|
Equity in earnings of subsidiaries | | 263 | | | 298 | | | — | | | (561 | ) | | — | |
|
Income (Loss) Before Provision for Income Taxes | | 263 | | | 263 | | | 316 | | | (561 | ) | | 281 | |
|
Provision for income taxes | | — | | | — | | | (13 | ) | | — | | | (13 | ) |
|
Net Income (Loss) | | 263 | | | 263 | | | 303 | | | (561 | ) | | 268 | |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | (5 | ) | | — | | | (5 | ) |
|
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. | | $ | 263 | | | $ | 263 | | | $ | 298 | | | $ | (561 | ) | | $ | 263 | |
|
| | | | | | | | | | |
Comprehensive Income (Loss) | | $ | 263 | | | $ | 263 | | | $ | 304 | | | $ | (561 | ) | | $ | 269 | |
|
Less: Comprehensive income attributable to noncontrolling interests | | — | | | — | | | (5 | ) | | — | | | (5 | ) |
|
Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. | | $ | 263 | | | $ | 263 | | | $ | 299 | | | $ | (561 | ) | | $ | 264 | |
|
|
|
Condensed Consolidating Statement of Comprehensive Income (Loss) |
Six Months Ended June 30, 2013 |
(in millions, unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Total |
Guarantor | Issuer | Subsidiaries | Adjustments |
Revenues | | | | | | | | | | |
Sales and other operating revenue: | | | | | | | | | | |
Unaffiliated customers | | $ | — | | | $ | — | | | $ | 7,046 | | | $ | — | | | $ | 7,046 | |
|
Affiliates | | — | | | — | | | 777 | | | — | | | 777 | |
|
Total Revenues | | — | | | — | | | 7,823 | | | — | | | 7,823 | |
|
Costs and Expenses | | | | | | | | | | |
Cost of products sold | | — | | | — | | | 7,247 | | | — | | | 7,247 | |
|
Operating expenses | | — | | | — | | | 51 | | | — | | | 51 | |
|
Selling, general and administrative expenses | | — | | | — | | | 67 | | | — | | | 67 | |
|
Depreciation and amortization expense | | — | | | — | | | 128 | | | — | | | 128 | |
|
Total Costs and Expenses | | — | | | — | | | 7,493 | | | — | | | 7,493 | |
|
Operating Income | | — | | | — | | | 330 | | | — | | | 330 | |
|
Interest cost and debt expense, net | | — | | | (45 | ) | | (2 | ) | | — | | | (47 | ) |
|
Capitalized interest | | — | | | 11 | | | — | | | — | | | 11 | |
|
Other income | | — | | | — | | | 9 | | | — | | | 9 | |
|
Equity in earnings of subsidiaries | | 283 | | | 317 | | | — | | | (600 | ) | | — | |
|
Income (Loss) Before Provision for Income Taxes | | 283 | | | 283 | | | 337 | | | (600 | ) | | 303 | |
|
Provision for income taxes | | — | | | — | | | (15 | ) | | — | | | (15 | ) |
|
Net Income (Loss) | | 283 | | | 283 | | | 322 | | | (600 | ) | | 288 | |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | (5 | ) | | — | | | (5 | ) |
|
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. | | $ | 283 | | | $ | 283 | | | $ | 317 | | | $ | (600 | ) | | $ | 283 | |
|
| | | | | | | | | | |
Comprehensive Income (Loss) | | $ | 283 | | | $ | 283 | | | $ | 322 | | | $ | (600 | ) | | $ | 288 | |
|
Less: Comprehensive income attributable to noncontrolling interests | | — | | | — | | | (5 | ) | | — | | | (5 | ) |
|
Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. | | $ | 283 | | | $ | 283 | | | $ | 317 | | | $ | (600 | ) | | $ | 283 | |
|
Condensed Consolidating Balance Sheet |
30-Jun-14 |
(in millions, unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Total |
Guarantor | Issuer | Subsidiaries | Adjustments |
Assets | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 116 | | | $ | — | | | $ | — | | | $ | 116 | |
|
Accounts receivable, affiliated companies | | 2 | | | 1 | | | 19 | | | — | | | 22 | |
|
Accounts receivable, net | | — | | | — | | | 2,786 | | | — | | | 2,786 | |
|
Inventories | | — | | | — | | | 593 | | | — | | | 593 | |
|
Total Current Assets | | 2 | | | 117 | | | 3,398 | | | — | | | 3,517 | |
|
Properties, plants and equipment, net | | — | | | — | | | 7,536 | | | — | | | 7,536 | |
|
Investment in affiliates | | 6,360 | | | 9,272 | | | 189 | | | (15,632 | ) | | 189 | |
|
Goodwill | | — | | | — | | | 1,359 | | | — | | | 1,359 | |
|
Intangible assets, net | | — | | | — | | | 797 | | | — | | | 797 | |
|
Other assets | | — | | | 18 | | | 38 | | | — | | | 56 | |
|
Total Assets | | $ | 6,362 | | | $ | 9,407 | | | $ | 13,317 | | | $ | (15,632 | ) | | $ | 13,454 | |
|
Liabilities and Equity | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | — | | | $ | 2,912 | | | $ | — | | | $ | 2,912 | |
|
Accounts payable, affiliated companies | | — | | | — | | | 34 | | | — | | | 34 | |
|
Accrued liabilities | | 1 | | | 51 | | | 189 | | | — | | | 241 | |
|
Accrued taxes payable | | — | | | — | | | 74 | | | — | | | 74 | |
|
Intercompany | | (1 | ) | | (337 | ) | | 338 | | | — | | | — | |
|
Total Current Liabilities | | — | | | (286 | ) | | 3,547 | | | — | | | 3,261 | |
|
Long-term debt | | — | | | 3,333 | | | 35 | | | — | | | 3,368 | |
|
Other deferred credits and liabilities | | — | | | — | | | 75 | | | — | | | 75 | |
|
Deferred income taxes | | — | | | — | | | 251 | | | — | | | 251 | |
|
Total Liabilities | | — | | | 3,047 | | | 3,908 | | | — | | | 6,955 | |
|
Redeemable noncontrolling interests | | — | | | — | | | 15 | | | — | | | 15 | |
|
Total Equity | | 6,362 | | | 6,360 | | | 9,394 | | | (15,632 | ) | | 6,484 | |
|
Total Liabilities and Equity | | $ | 6,362 | | | $ | 9,407 | | | $ | 13,317 | | | $ | (15,632 | ) | | $ | 13,454 | |
|
Condensed Consolidating Balance Sheet |
December 31, 2013 |
(in millions, unaudited) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Total |
Guarantor | Issuer | Subsidiaries | Adjustments |
Assets | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 12 | | | $ | 27 | | | $ | — | | | $ | 39 | |
|
Advances to (from) affiliated companies | | 217 | | | 79 | | | (57 | ) | | — | | | 239 | |
|
Accounts receivable, affiliated companies | | — | | | — | | | 11 | | | — | | | 11 | |
|
Accounts receivable, net | | — | | | — | | | 2,184 | | | — | | | 2,184 | |
|
Inventories | | — | | | — | | | 600 | | | — | | | 600 | |
|
Total Current Assets | | 217 | | | 91 | | | 2,765 | | | — | | | 3,073 | |
|
Properties, plants and equipment, net | | — | | | — | | | 6,519 | | | — | | | 6,519 | |
|
Investment in affiliates | | 5,988 | | | 8,399 | | | 125 | | | (14,387 | ) | | 125 | |
|
Goodwill | | — | | | — | | | 1,346 | | | — | | | 1,346 | |
|
Intangible assets, net | | — | | | — | | | 794 | | | — | | | 794 | |
|
Other assets | | — | | | 10 | | | 30 | | | — | | | 40 | |
|
Total Assets | | $ | 6,205 | | | $ | 8,500 | | | $ | 11,579 | | | $ | (14,387 | ) | | $ | 11,897 | |
|
Liabilities and Equity | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | — | | | $ | 2,451 | | | $ | — | | | $ | 2,451 | |
|
Accounts payable, affiliated companies | | — | | | — | | | 17 | | | — | | | 17 | |
|
Accrued liabilities | | 1 | | | 44 | | | 152 | | | — | | | 197 | |
|
Accrued taxes payable | | — | | | — | | | 71 | | | — | | | 71 | |
|
Total Current Liabilities | | 1 | | | 44 | | | 2,691 | | | — | | | 2,736 | |
|
Long-term debt | | — | | | 2,468 | | | 35 | | | — | | | 2,503 | |
|
Other deferred credits and liabilities | | — | | | — | | | 80 | | | — | | | 80 | |
|
Deferred income taxes | | — | | | — | | | 253 | | | — | | | 253 | |
|
Total Liabilities | | 1 | | | 2,512 | | | 3,059 | | | — | | | 5,572 | |
|
Total Equity | | 6,204 | | | 5,988 | | | 8,520 | | | (14,387 | ) | | 6,325 | |
|
Total Liabilities and Equity | | $ | 6,205 | | | $ | 8,500 | | | $ | 11,579 | | | $ | (14,387 | ) | | $ | 11,897 | |
|
Condensed Consolidating Statement of Cash Flows |
Six Months Ended June 30, 2014 |
(in millions, unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Total |
Guarantor | Issuer | Subsidiaries | Adjustments |
Net Cash Flows provided by (used in) Operating Activities | | $ | 260 | | | $ | 254 | | | $ | 268 | | | $ | (561 | ) | | $ | 221 | |
|
Cash Flows provided by (used in) Investing Activities: | | | | | | | | | | |
Capital expenditures | | — | | | — | | | (1,000 | ) | | — | | | (1,000 | ) |
|
Investment in joint venture interests | | — | | | — | | | (61 | ) | | — | | | (61 | ) |
|
Acquisitions | | — | | | — | | | (65 | ) | | — | | | (65 | ) |
|
Related party loan | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
Intercompany | | (360 | ) | | (1,093 | ) | | 892 | | | 561 | | | — | |
|
Net cash provided by (used in) investing activities | | (360 | ) | | (1,093 | ) | | (238 | ) | | 561 | | | (1,130 | ) |
|
Cash Flows provided by (used in) Financing Activities: | | | | | | | | | | |
Distributions paid to limited and general partners | | (215 | ) | | — | | | — | | | — | | | (215 | ) |
|
Distributions paid to noncontrolling interests | | (4 | ) | | — | | | — | | | — | | | (4 | ) |
|
Net proceeds from issuance of limited partner units | | 102 | | | — | | | — | | | — | | | 102 | |
|
Payments of statutory withholding on net issuance of limited partner units under LTIP | | — | | | — | | | (6 | ) | | — | | | (6 | ) |
|
Repayments under credit facilities | | — | | | (1,220 | ) | | — | | | — | | | (1,220 | ) |
|
Borrowings under credit facilities | | — | | | 1,270 | | | — | | | — | | | 1,270 | |
|
Net proceeds from issuance of long-term debt | | — | | | 989 | | | — | | | — | | | 989 | |
|
Repayments of senior notes | | — | | | (175 | ) | | — | | | — | | | (175 | ) |
|
Advances to affiliated companies, net | | 217 | | | 79 | | | (57 | ) | | — | | | 239 | |
|
Contributions attributable to acquisition from affiliate | | — | | | — | | | 6 | | | — | | | 6 | |
|
Net cash provided by (used in) financing activities | | 100 | | | 943 | | | (57 | ) | | — | | | 986 | |
|
Net change in cash and cash equivalents | | — | | | 104 | | | (27 | ) | | — | | | 77 | |
|
Cash and cash equivalents at beginning of period | | — | | | 12 | | | 27 | | | — | | | 39 | |
|
Cash and cash equivalents at end of period | | $ | — | | | $ | 116 | | | $ | — | | | $ | — | | | $ | 116 | |
|
Condensed Consolidating Statement of Cash Flows |
Six Months Ended June 30, 2013 |
(in millions, unaudited) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary | | Non-Guarantor | | Consolidating | | Total |
Guarantor | Issuer | Subsidiaries | Adjustments |
Net Cash Flows provided by (used in) Operating Activities | | $ | 283 | | | $ | 280 | | | $ | 355 | | | $ | (600 | ) | | $ | 318 | |
|
Cash Flows provided by (used in) Investing Activities: | | | | | | | | | | |
Capital expenditures | | — | | | — | | | (320 | ) | | — | | | (320 | ) |
|
Acquisitions | | — | | | — | | | (60 | ) | | — | | | (60 | ) |
|
Intercompany | | 255 | | | (820 | ) | | (35 | ) | | 600 | | | — | |
|
Net cash provided by (used in) investing activities | | 255 | | | (820 | ) | | (415 | ) | | 600 | | | (380 | ) |
|
Cash Flows provided by (used in) Financing Activities: | | | | | | | | | | |
Distributions paid to limited and general partners | | (165 | ) | | — | | | — | | | — | | | (165 | ) |
|
Distributions paid to noncontrolling interests | | (4 | ) | | — | | | — | | | — | | | (4 | ) |
|
Payments of statutory withholding on net issuance of limited partner units under LTIP | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Repayments under credit facilities | | — | | | (119 | ) | | — | | | — | | | (119 | ) |
|
Borrowings under credit facilities | | — | | | — | | | 15 | | | — | | | 15 | |
|
Net proceeds from issuance of long-term debt | | — | | | 691 | | | — | | | — | | | 691 | |
|
Advances to affiliated companies, net | | (369 | ) | | (32 | ) | | 42 | | | — | | | (359 | ) |
|
Contributions attributable to acquisition from affiliate | | — | | | — | | | 3 | | | — | | | 3 | |
|
Net cash provided by (used in) financing activities | | (538 | ) | | 540 | | | 59 | | | — | | | 61 | |
|
Net change in cash and cash equivalents | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Cash and cash equivalents at beginning of period | | — | | | 2 | | | 1 | | | — | | | 3 | |
|
Cash and cash equivalents at end of period | | $ | — | | | $ | 2 | | | $ | — | | | $ | — | | | $ | 2 | |
|
| | | | | | | | | | | | | | | | | | | | | |