Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 01, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | SUNOCO LOGISTICS PARTNERS L.P. | |
Entity Central Index Key | 1,161,154 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SXL | |
Amendment Flag | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 286,281,199 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,416,196 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Revenues | |||
Unaffiliated customers | $ 1,668 | $ 2,453 | |
Affiliates (Note 4) | 109 | 119 | |
Total Revenues | [1] | 1,777 | 2,572 |
Costs and Expenses | |||
Cost of products sold | 1,413 | 2,318 | |
Operating expenses | 23 | 40 | |
Selling, general and administrative expenses | 26 | 25 | |
Depreciation and amortization expense | 106 | 82 | |
Impairment charge and other matters (Notes 6 and 16) | 26 | 41 | |
Total Costs and Expenses | 1,594 | 2,506 | |
Operating Income | 183 | 66 | |
Interest cost and debt expense, net | (65) | (50) | |
Capitalized interest | 26 | 21 | |
Other income | 7 | 6 | |
Income Before Provision for Income Taxes | 151 | 43 | |
Provision for income taxes (Note 8) | (5) | (6) | |
Net Income | 146 | 37 | |
Net income attributable to noncontrolling interests | (1) | (1) | |
Net Income Attributable to Sunoco Logistics Partners L.P. | 145 | 36 | |
Less: General Partner's interest | (90) | (60) | |
Limited Partners' interest | $ 55 | $ (24) | |
Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. per Limited Partner unit (Note 5): | |||
Basic (in dollars per share) | $ 0.18 | $ (0.10) | |
Diluted (in dollars per share) | $ 0.18 | $ (0.10) | |
Weighted average Limited Partners' units outstanding (Note 5): | |||
Basic (in shares) | 282.5 | 231 | |
Diluted (in shares) | 283.1 | 231 | |
Net Income | $ 146 | $ 37 | |
Adjustment to affiliate's pension funded status | 1 | (1) | |
Other Comprehensive Income (Loss) | 1 | (1) | |
Comprehensive Income | 147 | 36 | |
Less: Comprehensive income attributable to noncontrolling interests | (1) | (1) | |
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | $ 146 | $ 35 | |
[1] | Sales and other operating revenue includes the following amounts from ETP and its affiliates for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (in millions)Crude Oil $4 $61Natural Gas Liquids 49 36Refined Products 56 22Total sales and other operating revenue $109 $119 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 43 | $ 37 |
Accounts receivable, affiliated companies (Note 4) | 43 | 20 |
Accounts receivable, net | 1,146 | 1,165 |
Inventories (Note 6) | 683 | 607 |
Other current assets | 15 | 19 |
Total Current Assets | 1,930 | 1,848 |
Properties, plants and equipment | 12,007 | 11,527 |
Less accumulated depreciation and amortization | (928) | (835) |
Properties, plants and equipment, net | 11,079 | 10,692 |
Investment in affiliates | 911 | 802 |
Goodwill | 1,358 | 1,358 |
Intangible assets, net (Note 7) | 705 | 718 |
Other assets | 71 | 71 |
Total Assets | 16,054 | 15,489 |
Liabilities and Equity | ||
Accounts payable | 1,342 | 1,251 |
Accounts payable, affiliated companies (Note 4) | 20 | 39 |
Accrued liabilities | 216 | 329 |
Accrued taxes payable (Note 8) | 33 | 44 |
Total Current Liabilities | 1,611 | 1,663 |
Long-term debt (Note 9) | 5,968 | 5,591 |
Other deferred credits and liabilities | 126 | 125 |
Deferred income taxes (Note 8) | 254 | 254 |
Total Liabilities | $ 7,959 | $ 7,633 |
Commitments and contingent liabilities (Note 10) | ||
Redeemable noncontrolling interests | $ 15 | $ 15 |
Redeemable Limited Partners' interests (Note 11) | 290 | 286 |
Total Equity | 7,790 | 7,555 |
Total Liabilities and Equity | $ 16,054 | $ 15,489 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 146 | $ 37 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 106 | 82 |
Impairment charge and other matters | 26 | 41 |
Deferred income tax benefit | 0 | (2) |
Amortization of bond premium | (3) | (3) |
Non-cash compensation expense | 5 | 4 |
Equity in earnings of unconsolidated affiliates | (8) | (7) |
Distributions from unconsolidated affiliates | 5 | 5 |
Changes in working capital pertaining to operating activities: | ||
Accounts receivable, affiliated companies | (23) | (34) |
Accounts receivable, net | (6) | 286 |
Inventories | (102) | (180) |
Accounts payable, affiliated companies | (19) | (4) |
Accounts payable and accrued liabilities | (16) | (313) |
Accrued taxes payable | (11) | (17) |
Unrealized losses on commodity risk management activities | 13 | 15 |
Other | 7 | 14 |
Net cash provided by (used in) operating activities | 120 | (76) |
Cash Flows from Investing Activities: | ||
Capital expenditures | (580) | (567) |
Acquisitions | 0 | (131) |
Change in long-term note receivable | (1) | (6) |
Net cash used in investing activities | (581) | (704) |
Cash Flows from Financing Activities: | ||
Distributions paid to limited and general partners | (216) | (146) |
Distributions paid to noncontrolling interests | (1) | 0 |
Net proceeds from issuance of limited partner units | 301 | 689 |
Payments of statutory withholding on net issuance of limited partner units under LTIP | 0 | (8) |
Repayments under credit facilities | (813) | (750) |
Borrowings under credit facilities | 1,193 | 950 |
Contributions attributable to acquisition from affiliate | 3 | 3 |
Other | 0 | (5) |
Net cash provided by financing activities | 467 | 733 |
Net change in cash and cash equivalents | 6 | (47) |
Cash and cash equivalents at beginning of period | 37 | 101 |
Cash and cash equivalents at end of period | $ 43 | $ 54 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Limited PartnersCommon Stock [Member] | General Partner |
Balance at Dec. 31, 2014 | $ 6,738 | $ 1 | $ 60 | $ 5,752 | $ 925 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net Income (loss) | 37 | 0 | 1 | (24) | 60 |
Adjustment to affiliate's pension funded status | (1) | (1) | |||
Total comprehensive income (loss) | 36 | (1) | 1 | (24) | 60 |
Issuance of limited partner units to the public | 689 | 689 | 0 | ||
Non-cash compensation expense | 4 | 4 | |||
Payments of statutory withholding on issuance under LTIP | (8) | (8) | |||
Distributions | (146) | 0 | (92) | (54) | |
Contributions attributable to acquisition from affiliate | 3 | 3 | |||
Acquisition of a noncontrolling interest in a consolidated subsidiary | 131 | (26) | 103 | (2) | |
Balance at Mar. 31, 2015 | 7,185 | 0 | 35 | 6,221 | 929 |
Balance at Dec. 31, 2015 | 7,555 | 0 | 34 | 6,577 | 944 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net Income (loss) | 146 | 0 | 1 | 55 | 90 |
Adjustment to affiliate's pension funded status | 1 | 1 | 0 | 0 | 0 |
Total comprehensive income (loss) | 147 | 1 | 1 | 55 | 90 |
Issuance of limited partner units to the public | 301 | 301 | 0 | ||
Non-cash compensation expense | 5 | 5 | |||
Distribution equivalent rights | (1) | (1) | |||
Payments of statutory withholding on issuance under LTIP | 0 | 0 | |||
Distributions | (217) | (1) | (131) | (85) | |
Contributions attributable to acquisition from affiliate | 3 | 3 | |||
Decrease attributable to Class B units | (4) | (4) | |||
Other | 1 | 0 | 1 | ||
Balance at Mar. 31, 2016 | $ 7,790 | $ 1 | $ 34 | $ 6,805 | $ 950 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Sunoco Logistics Partners L.P. (the "Partnership" or "SXL") is a publicly traded Delaware limited partnership that owns and operates a logistics business, consisting of geographically diverse portfolio of integrated pipeline, terminalling, and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil, natural gas liquids ("NGLs") and refined products. The Partnership conducts its business activities in 35 states located throughout the United States. During the fourth quarter 2015, the Partnership realigned its reporting segments as a result of the continued investment in its organic growth capital program which has served to increase the integration that exists between its assets that service each commodity. This has also resulted in a shift in Management's strategic decision making process, resource allocation methodology, and assessment of the Partnership's financial results. The updated reporting segments are: Crude Oil, Natural Gas Liquids and Refined Products. The new segmentation provides the Partnership's investors with a more meaningful view of its business that is consistent with that of Management. For the purpose of comparability, all prior period segment disclosures have been recast to conform to the current presentation. Such recasts have no impact on previously reported consolidated earnings. The consolidated financial statements reflect the results of the Partnership and its wholly-owned subsidiaries, including Sunoco Logistics Partners Operations L.P. (the "Operating Partnership"), the proportionate shares of the Partnership's undivided interests in assets, and the accounts of entities in which the Partnership has a controlling financial interest. A controlling financial interest is evidenced by either a voting interest greater than 50 percent or a risk and rewards model that identifies the Partnership or one of its subsidiaries as the primary beneficiary of a variable interest entity. At March 31, 2016, the Partnership held a controlling financial interest in Inland Corporation ("Inland"), Mid-Valley Pipeline Company ("Mid-Valley"), and Price River Terminal, LLC ("PRT"), and as such, these entities are reflected as consolidated subsidiaries of the Partnership. The Partnership is not the primary beneficiary of any variable-interest entities ("VIEs"). All significant intercompany accounts and transactions are eliminated in consolidation, and noncontrolling interests in net income and equity are shown separately in the condensed consolidated statements of comprehensive income and equity. Equity ownership interests in corporate joint ventures in which the Partnership does not have a controlling financial interest, but over which the Partnership can exercise significant influence, are accounted for under the equity method of accounting. In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, which created Topic 842, Leases, and superseded the leases requirements in Topic 840. The objective of Topic 842 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Partnership is currently evaluating the impact that it will have on its consolidated financial statements and related disclosures. In May 2014, the FASB codified guidance in ASU 2014-09 related to the recognition of revenue from contracts with customers. The new guidance outlines the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods, with early adoption permitted. The Partnership is currently assessing the impact, if any, that adoption of new guidance will have on its consolidated financial position and results of operations. In the fourth quarter 2015, the Partnership adjusted its presentation of costs associated with issuances of debt in response to the early adoption of ASU 2015-03. This guidance requires costs incurred to issue certain debt instruments to be reflected as a reduction of the reported long-term debt liability within the consolidated balance sheet, as opposed to being reported as an asset. All prior periods are reported presenting the impact of ASU 2015-03. The adoption did not impact the Partnership's overall financial position or results of operations. The Partnership also adjusted its balance sheet presentation of deferred tax assets and liabilities in response to the early adoption of ASU 2015-17. This guidance requires all deferred tax assets and liabilities to be presented as noncurrent within the consolidated balance sheet, and is retrospectively applied to all prior reporting periods presented. This change did not impact the Partnership's financial position or results of operations. The accompanying condensed consolidated financial statements are presented in accordance with the requirements of Form 10-Q and accounting principles generally accepted in the United States for interim financial reporting. They do not include all disclosures normally made in annual financial statements contained in Form 10-K. The accompanying condensed consolidated balance sheet at December 31, 2015 has been derived from the Partnership's audited financial statements for the year ended December 31, 2015. In management's opinion, all adjustments necessary for a fair presentation of the results of operations, financial position and cash flows for the periods shown have been made. All such adjustments are of a normal, recurring nature. Results for the three months ended March 31, 2016 are not necessarily indicative of results for the full year 2016. Certain amounts in the prior year condensed consolidated financial statements have been reclassified to conform to the current-year presentation. |
Change in Business and Other Ma
Change in Business and Other Matters | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Change in Business and Other Matters | Changes in Business and Other Matters In October 2015, the Partnership finalized its participation in the Bakken Pipeline project with Energy Transfer Partners, L.P. ("ETP") and Phillips 66. The Partnership obtained a 30 percent economic interest in the project which, combined with ETP's 45 percent interest, will be a consolidated subsidiary of ETP. The project consists of existing and newly constructed pipelines that are expected to provide aggregate takeaway capacity of approximately 450 thousand barrels per day of crude oil from the Bakken/Three Forks production area in North Dakota to key refinery and terminalling hubs in the Midwest and Gulf Coast, including the Partnership's Nederland terminal. The ultimate takeaway capacity target for the project is 570 thousand barrels per day. The Partnership expects to reach agreement to become the operator of the pipeline system, which is expected to begin commercial operations in the fourth quarter of 2016. In exchange for its 30 percent economic interest in the project, the Partnership issued 9.4 million Class B units to ETP, representing limited partner interests in the Partnership, and paid $ 382 million in cash to cover the Partnership's proportionate share of contributions at the time of closing. Since the interest in the project was acquired from a related party, the Partnership's initial investment was recorded at ETP's historical carrying value. Subsequent contributions will be made by the joint partners in proportion to their respective economic ownership interests. The Partnership's investment in the Bakken Pipeline project is reflected as an equity method investment within the Crude Oil segment. See Note 11 for additional information on the issuance of the Class B units. In July 2015, the Partnership entered into an agreement with ETP and Phillips 66 to participate in the Bayou Bridge Pipeline project. The Partnership obtained a 30 percent economic interest in the project which, combined with ETP's 30 percent interest, will be a consolidated subsidiary of ETP. The project consists of a newly constructed pipeline that will deliver crude oil from Nederland, Texas to refinery markets in Louisiana. Commercial operations from Nederland, Texas to Lake Charles, Louisiana commenced in the second quarter 2016, with continued progress on construction of the pipeline segment to St. James, Louisiana. The Partnership is the operator of the pipeline and will continue to fund its proportionate share of the cost of the project, which is accounted for as an equity method investment within the Partnership's Crude Oil segment. In connection with the formation of Bayview Refining Company, LLC ("Bayview") in the second quarter 2014, the joint owners agreed to guarantee the obligations of the entity with respect to certain third-party operating agreements over a ten-year term. The fair value of the liability recognized in connection with the guarantee was not material in relation to the Partnership’s financial position at March 31, 2016. The Partnership's note receivable from the joint owner of Bayview is reflected in other assets in the condensed consolidated balance sheet. No pro forma information has been presented, as the impact of these investments was not material to the Partnership's consolidated financial position or results of operations. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions In January 2015, the Partnership acquired the remaining noncontrolling interest in West Texas Gulf Pipe Line Company ("West Texas Gulf"), from the Southwest Pipeline Holding Company for $ 131 million. The acquisition of the remaining ownership interest reduced noncontrolling interest and partners' equity by $ 26 and $ 105 million, respectively, in the first quarter 2015. No pro forma information has been presented, as the impact of this acquisition was not material in relation to the Partnership's consolidated financial position or results of operations. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Partnership is a consolidated subsidiary of ETP. ETP and one of its affiliates own Sunoco Partners LLC, the Partnership's general partner, and a 26 percent limited partner interest in the Partnership, including the Class B units issued in October 2015. The Partnership has various operating and administrative agreements with ETP and its affiliates, which include the agreements described below. Administrative Services The Partnership has no employees. The operations of the Partnership are carried out by employees of the general partner. The Partnership reimburses the general partner and its affiliates for certain costs and direct expenses incurred on the Partnership's behalf. These costs may be increased if the acquisition or construction of new businesses or assets requires an increase in the level of services received by the Partnership. The Partnership pays ETP and its affiliates an annual administrative fee for expenses incurred by ETP and its affiliates to perform certain centralized corporate functions, such as legal, accounting, information technology, insurance, office space rental, and other corporate services, including the administration of employee benefit plans. This fee does not include the salaries or wages of employees of the general partner, or the cost of employee benefits or shared insurance. The Partnership's share of allocated ETP employee benefit plan expenses, including defined contribution 401(k) plans, employee and retiree medical, dental and life insurance plans, incentive compensation plans and other such benefits are reflected in operating expenses and selling, general and administrative expenses in the condensed consolidated statements of comprehensive income. Affiliated Revenues and Accounts Receivable, Affiliated Companies The Partnership is party to various agreements with ETP and its affiliates to supply crude oil and refined products, as well as to provide pipeline and terminalling services. The revenues associated with these activities are reflected as affiliated revenues in the condensed consolidated statements of comprehensive income. Acquisitions See Note 2 for additional information related to the Partnership's participation in the Bayou Bridge and Bakken pipeline projects. Capital Contributions In connection with the acquisition of the Marcus Hook Facility in the second quarter 2013, the Partnership will be reimbursed $ 40 million by an affiliate of ETP for certain operating expenses of the facility through March 31, 2017. The reimbursement proceeds are reflected as contributions to equity within the condensed consolidated statements of equity. |
Net Income Attributable to Suno
Net Income Attributable to Sunoco Logistics Partners L.P. Per Limited Partner Unit | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to Sunoco Logistics Partners L.P. per Limited Partner Unit | Net Income Attributable to Sunoco Logistics Partners L.P. per Limited Partner Unit The general partner's interest in net income attributable to SXL consists of its general partner interest and "incentive distributions," which are increasing percentages of up to 50 percent of quarterly distributions in excess of $0.0833 per common unit (Note 12). The general partner was allocated net income attributable to SXL of $90 and $60 million (representing 62 and 167 percent of total net income attributable to SXL) for the three months ended March 31, 2016 and 2015, respectively. Diluted net income attributable to SXL per limited partner unit is calculated by dividing the limited partners' interest in net income attributable to SXL by the sum of the weighted average number of common and Class B units outstanding and the dilutive effect of unvested incentive unit awards (Note 13). In the first quarter 2016, net income attributable to SXL was reduced by $ 4 million in determining earnings per limited partner unit in accordance with accounting guidance applicable to the Class B units, which are reflected as redeemable limited partner interests. The following table sets forth the reconciliation of the weighted average number of limited partner and Class B units used to compute basic net income attributable to SXL per limited partner unit to those used to compute diluted net income attributable to SXL per limited partner unit for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (in millions) Weighted average number of units outstanding, basic 282.5 231.0 Add effect of dilutive incentive awards (1) 0.6 — Weighted average number of units, diluted 283.1 231.0 (1) Unvested incentive unit awards are not included within the calculation of the dilutive weighted average number of units for the three months ended March 31, 2015 since the effect on the net loss attributable to SXL per limited partner unit would have been antidilutive. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories are as follows: March 31, 2016 December 31, 2015 (in millions) Crude oil $ 453 $ 424 NGLs 83 83 Refined products 130 83 Refined products additives 2 3 Materials, supplies and other 15 14 Total Inventories $ 683 $ 607 The Partnership's lower of cost or market ("LCM") reserves totaled $ 405 and $ 41 million, respectively, on its crude oil and NGLs inventories at March 31, 2016. At December 31, 2015, the LCM reserves totaled $ 381 , $ 37 and $ 2 million on the Partnership's crude oil, NGLs and refined products inventories, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangible Assets The components of intangible assets are as follows: Weighted Average Amortization Period March 31, 2016 December 31, 2015 (in years) (in millions) Gross Customer relationships 18 $ 836 $ 836 Technology 10 47 47 Total gross 883 883 Accumulated amortization Customer relationships (161 ) (149 ) Technology (17 ) (16 ) Total accumulated amortization (178 ) (165 ) Total Net $ 705 $ 718 Amortization expense was $13 million for the three months ended March 31, 2016 and 2015. The Partnership forecasts annual amortization expense of $51 million for each year through the year 2020, for its intangible assets. Intangible assets associated with rights of way are included in properties, plants and equipment in the Partnership's condensed consolidated balance sheets. Goodwill Goodwill, which represents the excess of the purchase price in a business combination over the fair value of net assets acquired, is tested for impairment annually in the fourth quarter, or more often if events or changes in circumstances indicate that the carrying value of goodwill may exceed its estimated fair value. The Partnership's goodwill balance was $ 1,358 million at March 31, 2016 and December 31, 2015. The Partnership will continue to monitor the volatility in the energy markets and the impact it could have on the estimated fair value of its reporting segments. It is possible that continued negative volatility within these markets could change the Partnership's conclusion regarding whether goodwill is impaired. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Partnership is not a taxable entity for U.S. federal income tax purposes, or for the majority of states that impose income taxes. Rather, income taxes are generally assessed at the partner level. There are some states in which the Partnership operates where it is subject to state and local income taxes. Substantially all of the income tax amounts reflected in the Partnership's condensed consolidated financial statements are related to the operations of Inland, Mid-Valley and West Texas Gulf, all of which are entities subject to income taxes for federal and state purposes at the corporate level. The effective tax rates for these entities approximate the federal statutory rate of 35 percent . In taxable jurisdictions, the Partnership records deferred income taxes on all significant temporary differences between the book basis and the tax basis of assets and liabilities. The net deferred tax liabilities reflected in the condensed consolidated balance sheets are derived principally from the differences in the book and tax bases of properties, plants and equipment of Inland, Mid-Valley and West Texas Gulf. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The components of the Partnership's debt balance are as follows: March 31, 2016 December 31, 2015 Credit Facilities (in millions) $2.50 billion Credit Facility, due March 2020 $ 942 $ 562 Senior Notes Senior Notes - 6.125%, due May 2016 (1) 175 175 Senior Notes - 5.50%, due February 2020 250 250 Senior Notes - 4.40%, due April 2021 600 600 Senior Notes - 4.65%, due February 2022 300 300 Senior Notes - 3.45%, due January 2023 350 350 Senior Notes - 4.25% due April 2024 500 500 Senior Notes - 5.95%, due December 2025 400 400 Senior Notes - 6.85%, due February 2040 250 250 Senior Notes - 6.10%, due February 2042 300 300 Senior Notes - 4.95%, due January 2043 350 350 Senior Notes - 5.30% due April 2044 700 700 Senior Notes - 5.35% due May 2045 800 800 Unamortized fair value adjustments (2) 90 93 Total debt 6,007 5,630 Less: Unamortized bond discount and debt issuance costs (3) (39 ) (39 ) Long-term debt $ 5,968 $ 5,591 (1) The 6.125 percent Senior Notes were classified as long-term debt at March 31, 2016 as the Partnership has the ability and intent to refinance such borrowings on a long-term basis. (2) Represents fair value adjustments on senior notes resulting from the application of push-down accounting in connection with the acquisition of the Partnership's general partner by ETP on October 5, 2012. (3) In the fourth quarter 2015, the Partnership adopted accounting guidance which requires certain debt issuance costs to be reflected as a reduction in the total long-term debt liability for all periods presented. The net long-term debt balance now includes $ 31 and $ 32 million of debt issuance costs at March 31, 2016 and December 31, 2015, respectively. Refer to Note 1 for additional information. Credit Facilities In March 2015, the Operating Partnership amended and restated its $ 1.50 billion Credit Facility, which was scheduled to mature in November 2018. The amended and restated credit facility is a $2.50 billion unsecured revolving credit agreement (the "$ 2.50 billion Credit Facility"), which matures in March 2020 , that will continue to fund the Partnership's working capital requirements, finance acquisitions and capital projects, and be used for general partnership purposes. The $2.50 billion Credit Facility contains an "accordion" feature, under which the total aggregate commitment may be extended to $ 3.25 billion under certain conditions. In June 2015, the $2.50 billion Credit Facility was amended to create a segregated tranche of borrowings that will be guaranteed by ETP. The amendment did not modify the outstanding borrowings, total capacity or terms of the facility. In September 2015, the Operating Partnership initiated a commercial paper program under the borrowing limits established by its $2.50 billion Credit Facility. The $2.50 billion Credit Facility bears interest at LIBOR or the Base Rate (as defined in the facility), each plus an applicable margin. The credit facility may be repaid at any time. The $2.50 billion Credit Facility contains various covenants, including limitations on the creation of indebtedness and liens, and related to the operation and conduct of the business of the Partnership and its subsidiaries. The credit facility also limits the Partnership, on a rolling four quarter basis, to a maximum total consolidated debt to consolidated Adjusted EBITDA ratio, as defined in the underlying credit agreement, of 5.0 to 1, which can generally be increased to 5.5 to 1 during an acquisition period. The Partnership's ratio of total consolidated debt, excluding net unamortized fair value adjustments, to consolidated Adjusted EBITDA was 3.5 to 1 at March 31, 2016, as calculated in accordance with the credit agreement. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Partnership is subject to numerous federal, state and local laws which regulate the discharge of materials into the environment or otherwise relate to the protection of the environment. These laws and regulations can result in liabilities and loss contingencies for remediation at the Partnership's facilities and at third-party or formerly owned sites. At March 31, 2016 and December 31, 2015, there were accrued liabilities for environmental remediation in the condensed consolidated balance sheets of $ 5 and $6 million, respectively. The accrued liabilities for environmental remediation do not include any amounts attributable to unasserted claims, since there are no unasserted claims that are probable of settlement or are reasonably estimable, nor have any recoveries from insurance been assumed. Charges against income for environmental remediation totaled $ 2 and $3 million for the three months ended March 31, 2016 and 2015, respectively. The Partnership maintains insurance programs that cover certain of its existing or potential environmental liabilities. Claims for recovery of environmental liabilities and previous expenditures that are probable of realization were not material in relation to the Partnership's consolidated financial position at March 31, 2016. Total future costs for environmental remediation activities will depend upon, among other things, the identification of any additional sites; the determination of the extent of the contamination at each site; the timing and nature of required remedial actions; the technology available and needed to meet the various existing legal requirements; the nature and extent of future environmental laws, inflation rates and the determination of the Partnership's liability at multi-party sites, if any, in light of uncertainties with respect to joint and several liability; and the number, participation levels and financial viability of other parties. Management believes it is reasonably possible that additional environmental remediation losses will be incurred. At March 31, 2016, the aggregate of the estimated maximum additional reasonably possible losses, which relate to numerous individual sites, totaled $ 8 million. The Partnership is a party to certain pending and threatened claims. Although the ultimate outcome of these claims cannot be ascertained at this time, nor can a range of reasonably possible losses be determined, it is reasonably possible that some portion of them could be resolved unfavorably for the Partnership. Management does not believe that any liabilities which may arise from such claims or the environmental matters discussed above would be material in relation to the Partnership's financial position, results of operations or cash flows at March 31, 2016. Furthermore, management does not believe that the overall costs for such matters will have a material impact, over an extended period of time, on the Partnership's financial position, results of operations or cash flows. Sunoco, Inc. ("Sunoco") has indemnified the Partnership for 30 years for environmental and toxic tort liabilities related to the assets contributed to the Partnership that arose from the operation of such assets prior to the closing of the February 2002 initial public offering ("IPO"). Sunoco has also indemnified the Partnership for 100 percent of all losses asserted within the first 21 years after the closing of the IPO. Sunoco's share of the liability for claims asserted thereafter will decrease by 10 percent per year. For example, for a claim asserted during the twenty-third year after the closing of the IPO, Sunoco would be required to indemnify the Partnership for 80 percent of its loss. There is no monetary cap on the amount of indemnity coverage provided by Sunoco. The Partnership has agreed to indemnify Sunoco for events and conditions associated with the operation of the Partnership's assets that occur on or after the closing of the IPO and for environmental and toxic tort liabilities to the extent that Sunoco is not required to indemnify the Partnership. Management of the Partnership does not believe that any liabilities which may arise from claims indemnified by Sunoco would be material in relation to the Partnership's financial position, results of operations or cash flows at March 31, 2016. There are certain other pending legal proceedings related to matters arising after the IPO that are not indemnified by Sunoco. Management believes that any liabilities that may arise from these legal proceedings will not be material in relation to the Partnership's financial position, results of operations or cash flows at March 31, 2016. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Equity | Equity The changes in the number of common units outstanding from January 1, 2015 through March 31, 2016 are as follows: Common Units (in millions) Balance at January 1, 2015 226.1 Units issued in public offering 15.5 Units issued under ATM program 26.8 Units issued under incentive plans 0.4 Balance at December 31, 2015 268.8 Units issued in public offering — Units issued under ATM program 12.1 Units issued under incentive plans — Balance at March 31, 2016 280.9 The Partnership maintains an at-the-market equity offering program ("ATM" program) which allows it to issue common units directly to the public and raise capital in a timely and efficient manner to finance its growth capital program, while supporting the Partnership's investment grade credit ratings. For the three months ended March 31, 2016 and 2015, the Partnership issued 12.1 and 3.4 million common units under this program, for proceeds of $301 and $142 million, net of $ 3 and $ 2 million in fees and commissions to managers, respectively. In March 2015, the Partnership completed an overnight public offering of 13.5 million common units for net proceeds of $ 547 million. The net proceeds from this offering were used to repay outstanding borrowings under the Partnership's revolving credit facility and for general partnership purposes. In April 2015, an additional 2.0 million common units were issued for net proceeds of $ 82 million related to the exercise of an option in connection with the March 2015 offering. In October 2015, the Partnership issued 9.4 million Class B units to ETP in conjunction with the purchase of a 30 percent ownership interest in the Bakken pipeline. The Class B units represent a new class of limited partner interests in the Partnership which are not entitled to receive quarterly distributions that are made on the Partnership's common units, but are otherwise entitled to share in earnings pro-rata with common units. The Class B units will automatically convert to common units on a one-for-one basis in the third quarter 2017. However, the Partnership can exercise an option to call the Class B units for $ 300 million. If not exercised, ETP can exercise a put right during the third quarter 2017, effective prior to the one-for-one conversion date, for the greater of $ 313.5 million or the fair market value of the units, as defined in the unitholder agreement. As a result of the available put option, the amount attributable to the Class B units is excluded from total equity and instead reflected as redeemable interests in the Partnership's condensed consolidated balance sheet. |
Cash Distributions
Cash Distributions | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Cash Distributions | Cash Distributions Within 45 days after the end of each quarter, the Partnership distributes all cash on hand at the end of the quarter, less reserves established by the general partner at its discretion. This is defined as "available cash" in the partnership agreement. The general partner has broad discretion to establish cash reserves that it determines are necessary or appropriate to properly conduct the Partnership's business. The Partnership will make quarterly distributions to the extent there is sufficient cash from operations after the establishment of cash reserves and the payment of fees and expenses, including payments to the general partner. If cash distributions exceed $ 0.0833 per unit in a quarter, the general partner will receive increasing percentages, up to 50 percent , of the cash distributed in excess of that amount. These distributions are referred to as "incentive distributions." The percentage interests for the unitholders and the general partner for the minimum quarterly distribution are also applicable to the quarterly distribution amounts that are less than the minimum quarterly distribution. The following table shows the target distribution levels and distribution "splits" between the general partner and the holders of the Partnership's common units through March 31, 2016: Marginal Percentage Interest in Distributions Total Quarterly Distribution Target Amount General Partner Unitholders Minimum Quarterly Distribution $0.0750 2 % 98 % First Target Distribution up to $0.0833 2 % 98 % Second Target Distribution above $0.0833 15 % (1) 85 % up to $0.0958 Third Target Distribution above $0.0958 37 % (1) 63 % up to $0.2638 Thereafter above $0.2638 50 % (1) 50 % (1) Includes general partner interest. The distributions paid by the Partnership for the periods presented were as follows: Cash Distribution Payment Date Cash Distribution per Limited Partner Unit Total Cash Distribution to the Limited Partners Total Cash Distribution to the General Partner (in millions) (in millions) February 12, 2016 $ 0.4790 $ 131 $ 85 November 13, 2015 $ 0.4580 $ 119 $ 76 August 14, 2015 $ 0.4380 $ 111 $ 69 May 15, 2015 $ 0.4190 $ 103 $ 62 February 13, 2015 $ 0.4000 $ 92 $ 54 On April 28, 2016, the Partnership's general partner announced a cash distribution of $0.489 per common unit ( $1.96 annualized), representing the distribution for the first quarter 2016. The $232 million distribution, including $92 million to the general partner for its interests and incentive distribution rights, will be paid on May 13, 2016 to unitholders of record on May 9, 2016. |
Management Incentive Plan
Management Incentive Plan | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Management Incentive Plan | Management Incentive Plan Sunoco Partners LLC, the general partner of the Partnership, has adopted the Sunoco Partners LLC Long-Term Incentive Plan ("LTIP") for employees and directors of the general partner who perform services for the Partnership. In the fourth quarter 2015, the Partnership's unitholders approved the Sunoco Partners LLC Long-Term Incentive Plan, as amended and restated (the "Restated LTIP"), which was previously approved by the board of directors of Sunoco Partners LLC, the Partnership's general partner. The Restated LTIP authorized an additional 10.0 million common units to be available under the plan; added additional types of awards that can be granted under the plan, such as phantom unit awards, unit appreciation rights, unrestricted unit awards and other unit-based awards ("plan awards"); added a prohibition on repricing of unit options and unit appreciation rights without the approval of the unitholders; provided for termination of the plan at the earliest date it is terminated by the board of directors, the date no more units remain available for grants, and December 1, 2025; and incorporated certain other administrative changes. The Restated LTIP benefits eligible employees and directors of the general partner and its affiliates who perform services for the Partnership. The Restated LTIP is administered by the independent directors of the Compensation Committee of the general partner's board of directors with respect to employee awards, and by the general partner's board of directors with respect to awards granted to the independent directors. The Restated LTIP currently permits the grant of restricted units and unit options covering an additional 9.6 million common units. The Partnership issued less than 0.1 and 0.3 million common units under its long-term incentive plan, and recognized share-based compensation expense of $ 5 and $ 4 million for the three months ended March 31, 2016 and 2015, respectively. Each of the outstanding restricted unit grants have tandem distribution equivalent rights which are recognized as a reduction to equity when earned. |
Derivatives and Risk Management
Derivatives and Risk Management | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Risk Management | Derivatives and Risk Management The Partnership is exposed to various risks, including volatility in the prices of the products that the Partnership markets, counterparty credit risk and changes in interest rates. Price Risk Management The Partnership is exposed to risks associated with changes in the market price of crude oil, NGLs and refined products. These risks are primarily associated with price volatility related to pre-existing or anticipated purchases, sales and storage. Price changes are often caused by shifts in the supply and demand for these commodities, as well as their locations. In order to manage such exposure, the Partnership's policy is (i) to only purchase crude oil, NGLs and refined products for which sales contracts have been executed or for which ready markets exist, (ii) to structure sales contracts so that price fluctuations do not materially impact the margins earned, and (iii) to not acquire and hold physical inventory, futures contracts or other derivative instruments for the purpose of speculating on commodity price changes. Although the Partnership seeks to maintain a balanced inventory position within its commodity inventories, net unbalances may occur for short periods of time due to production, transportation and delivery variances. When physical inventory builds or draws do occur, the Partnership continuously manages the variance to a balanced position over a period of time. The physical contracts related to the Partnership's commodity purchase and sale activities that qualify as derivatives have been designated as normal purchases and sales and are accounted for using accrual accounting under United States' generally accepted accounting principles. The Partnership accounts for derivatives that do not qualify as normal purchases or sales at fair value. The Partnership currently does not utilize derivative instruments to manage its exposure to prices related to crude oil purchase and sale activities. All derivative balances are presented on a gross basis. Pursuant to the Partnership's approved risk management policy, derivative contracts, such as swaps, futures and other derivative instruments, may be used to hedge or reduce exposure to price risk associated with acquired inventory or forecasted physical transactions. The Partnership utilizes derivative instruments to mitigate the risk associated with market movements in the price of NGLs, refined products, and other commodities as necessary. These derivative contracts act as a hedging mechanism against the volatility of prices by allowing the Partnership to transfer this price risk to counterparties who are able and willing to bear it. The Partnership has not designated any of its derivative contracts as hedges for accounting purposes, therefore, all realized and unrealized gains and losses from these derivative contracts are recognized in the consolidated statement of comprehensive income in the period in which they occur. All realized gains and losses associated with the Partnership's derivative contracts are recorded in earnings in the same line item associated with the forecasted transaction (either sales and other operating revenue or cost of products sold). The Partnership had open derivative positions on approximately 6.5 and 9.2 million barrels of refined products and NGLs at March 31, 2016 and December 31, 2015, respectively. The derivatives outstanding as of March 31, 2016 vary in duration but do not extend beyond one year . The Partnership records its derivatives at fair value based on observable market prices (levels 1 and 2). As of March 31, 2016, the fair value of the Partnership's derivative assets and liabilities were approximately $5 and $6 million, respectively, compared to $30 and $18 million at December 31, 2015. Derivative asset and liability balances are recorded in accounts receivable and accrued liabilities, respectively, in the condensed consolidated balance sheets. The following table sets forth the impact of derivatives on the Partnership's results of operations for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Location of Gains (Losses) Recognized in Earnings (in millions) Commodity contracts not designated as cash flow hedging instruments: Sales and other operating revenue $ 3 $ (1 ) Cost of products sold (1 ) — $ 2 $ (1 ) Credit Risk Management The Partnership maintains credit policies with regard to its counterparties that management believes minimize the overall credit risk through credit analysis, credit approvals, credit limits and monitoring procedures. The credit positions of the Partnership's customers are analyzed prior to the extension of credit and periodically after credit has been extended. The Partnership's counterparties consist primarily of financial institutions and major integrated oil companies. This concentration of counterparties may impact the Partnership's overall exposure to credit risk, either positively or negatively, as the counterparties may be similarly affected by changes in economic, regulatory or other conditions. Interest Rate Risk Management The Partnership has interest rate risk exposure for changes in interest rates related to its outstanding borrowings. The Partnership manages its exposure to changes in interest rates through the use of a combination of fixed-rate and variable-rate debt. At March 31, 2016, the Partnership had $942 million of consolidated variable-rate borrowings under its revolving credit facility. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Partnership applies fair value accounting for all assets and liabilities that are required to be measured at fair value under current accounting rules. The assets and liabilities measured at fair value on a recurring basis are comprised primarily of derivative instruments. The Partnership determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques that maximize the use of observable inputs (levels 1 and 2) and minimize the use of unobservable inputs (level 3) within the fair value hierarchy established by the FASB. The Partnership generally applies a "market approach" to determine fair value. This method uses pricing and other information generated by market transactions for identical or comparable assets and liabilities. Assets and liabilities are classified within the fair value hierarchy based on the lowest level (least observable) input that is significant to the measurement in its entirety. The estimated fair value of the Partnership's financial instruments has been determined based on management's assessment of available market information and appropriate valuation methodologies. The Partnership's current assets (other than derivatives and inventories) and current liabilities (other than derivatives) are financial instruments and most of these items are recorded at cost in the condensed consolidated balance sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. The Partnership's derivatives are measured and recorded at fair value based on observable market prices (Note 14). The estimated fair values of the Partnership's senior notes are determined using observable market prices, as these notes are actively traded (level 1). The estimated aggregate fair value of the senior notes at March 31, 2016 was $4.5 billion, compared to the carrying amount of $5.1 billion. The estimated aggregate fair value of the senior notes at December 31, 2015 was $4.2 billion, compared to the carrying amount of $5.1 billion. For further information regarding the Partnership's fair value measurements, see Note 14. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information During the fourth quarter 2015, the Partnership realigned its reporting segments as a result of the continued investment in its organic growth capital program which has served to increase the integration that exists between its assets that service each commodity. This has also resulted in a shift in Management's strategic decision making process, resource allocation methodology, and assessment of the Partnership's financial results. The updated reporting segments are: Crude Oil, Natural Gas Liquids and Refined Products. The new segmentation will provide the Partnership's investors with a more meaningful view of its business that is consistent with that of Management. For the purpose of comparability, all prior year segment disclosures have been recast to conform to the current year presentation. Such recasts have no impact on previously reported consolidated earnings. The following tables summarize condensed consolidated statements of comprehensive income information for the Partnership's business segments and reconcile total segment Adjusted EBITDA to net income attributable to the Partnership for the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 2015 (in millions) Sales and other operating revenue (1) Crude Oil $ 1,380 $ 2,326 Natural Gas Liquids 233 186 Refined Products 164 60 Total sales and other operating revenue $ 1,777 $ 2,572 Depreciation and amortization Crude Oil $ 59 $ 48 Natural Gas Liquids 21 16 Refined Products 26 18 Total depreciation and amortization $ 106 $ 82 Impairment charge and other matters Crude Oil $ 24 $ 68 Natural Gas Liquids 4 (27 ) Refined Products (2 ) — Total impairment charge and other matters $ 26 $ 41 Adjusted EBITDA Crude Oil $ 224 $ 160 Natural Gas Liquids 74 28 Refined Products 51 33 Total Adjusted EBITDA 349 221 Interest expense, net (39 ) (29 ) Depreciation and amortization expense (106 ) (82 ) Impairment charge and other matters (26 ) (41 ) Provision for income taxes (5 ) (6 ) Non-cash compensation expense (5 ) (4 ) Unrealized losses on commodity risk management activities (13 ) (15 ) Amortization of excess equity method investment (1 ) (1 ) Proportionate share of unconsolidated affiliates' interest, depreciation and provision for income taxes (8 ) (6 ) Net Income 146 37 Less: Net income attributable to noncontrolling interests (1 ) (1 ) Net Income attributable to Sunoco Logistics Partners L.P. $ 145 $ 36 (1) Sales and other operating revenue includes the following amounts from ETP and its affiliates for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (in millions) Crude Oil $ 4 $ 61 Natural Gas Liquids 49 36 Refined Products 56 22 Total sales and other operating revenue $ 109 $ 119 The following table summarizes the identifiable assets for each segment as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 (in millions) Crude Oil $ 9,092 $ 8,802 Natural Gas Liquids 4,038 3,764 Refined Products 2,778 2,747 Corporate and other assets (1) 146 176 Total identifiable assets $ 16,054 $ 15,489 (1) Corporate and other assets consist of cash and cash equivalents, properties, plants and equipment and other assets. |
Supplemental Condensed Consolid
Supplemental Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Sales and other operating revenue: Unaffiliated customers $ — $ — $ 1,668 $ — $ 1,668 Affiliates — — 109 — 109 Total Revenues — — 1,777 — 1,777 Costs and Expenses Cost of products sold — — 1,413 — 1,413 Operating expenses — — 23 — 23 Selling, general and administrative expenses — — 26 — 26 Depreciation and amortization expense — — 106 — 106 Impairment charge and other matters — — 26 — 26 Total Costs and Expenses — — 1,594 — 1,594 Operating Income — — 183 — 183 Interest cost and debt expense, net — (64 ) (1 ) — (65 ) Capitalized interest — 26 — — 26 Other income — — 7 — 7 Equity in earnings of subsidiaries 145 183 — (328 ) — Income (Loss) Before Provision for Income Taxes 145 145 189 (328 ) 151 Provision for income taxes — — (5 ) — (5 ) Net Income (Loss) 145 145 184 (328 ) 146 Net income attributable to noncontrolling interests — — (1 ) — (1 ) Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. $ 145 $ 145 $ 183 $ (328 ) $ 145 Comprehensive Income (Loss) $ 145 $ 145 — $ 185 $ (328 ) $ 147 Less: Comprehensive income attributable to noncontrolling interests — — (1 ) — (1 ) Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. $ 145 $ 145 $ 184 $ (328 ) $ 146 Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended March 31, 2015 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Sales and other operating revenue: Unaffiliated customers $ — $ — $ 2,453 $ — $ 2,453 Affiliates — — 119 — 119 Total Revenues — — 2,572 — 2,572 Costs and Expenses Cost of products sold — — 2,318 — 2,318 Operating expenses — — 40 — 40 Selling, general and administrative expenses — — 25 — 25 Depreciation and amortization expense — — 82 — 82 Impairment charge and other matters — — 41 — 41 Total Costs and Expenses — — 2,506 — 2,506 Operating Income — — 66 — 66 Interest cost and debt expense, net — (49 ) (1 ) — (50 ) Capitalized interest — 21 — — 21 Other income — — 6 — 6 Equity in earnings of subsidiaries 36 64 — (100 ) — Income (Loss) Before Provision for Income Taxes 36 36 71 (100 ) 43 Provision for income taxes — — (6 ) — (6 ) Net Income (Loss) 36 36 65 (100 ) 37 Less: Net income attributable to noncontrolling interests — — (1 ) — (1 ) Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. $ 36 $ 36 $ 64 $ (100 ) $ 36 Comprehensive Income (Loss) $ 36 $ 36 $ 64 $ (100 ) $ 36 Less: Comprehensive income attributable to noncontrolling interests — — (1 ) — (1 ) Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. $ 36 $ 36 $ 63 $ (100 ) $ 35 Condensed Consolidating Balance Sheet March 31, 2016 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Cash and cash equivalents $ — $ 43 $ — $ — $ 43 Accounts receivable, affiliated companies — 8 35 — 43 Accounts receivable, net — — 1,146 — 1,146 Inventories — — 683 — 683 Other current assets — — 15 — 15 Total Current Assets — 51 1,879 — 1,930 Properties, plants and equipment, net — — 11,079 — 11,079 Investment in affiliates 6,637 9,883 911 (16,520 ) 911 Goodwill — — 1,358 — 1,358 Intangible assets, net — — 705 — 705 Other assets — 5 66 — 71 Total Assets $ 6,637 $ 9,939 $ 15,998 $ (16,520 ) $ 16,054 Liabilities and Equity Accounts payable $ — $ 2 $ 1,340 $ — $ 1,342 Accounts payable, affiliated companies — — 20 — 20 Accrued liabilities — 54 162 — 216 Accrued taxes payable — — 33 — 33 Intercompany (1,409 ) (2,722 ) 4,131 — — Total Current Liabilities (1,409 ) (2,666 ) 5,686 — 1,611 Long-term debt — 5,968 — — 5,968 Other deferred credits and liabilities — — 126 — 126 Deferred income taxes — — 254 — 254 Total Liabilities (1,409 ) 3,302 6,066 — 7,959 Redeemable noncontrolling interests — — 15 — 15 Redeemable Limited Partners' interests 290 — — — 290 Total Equity 7,756 6,637 9,917 (16,520 ) 7,790 Total Liabilities and Equity $ 6,637 $ 9,939 $ 15,998 $ (16,520 ) $ 16,054 Condensed Consolidating Balance Sheet December 31, 2015 (in millions, audited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Cash and cash equivalents $ — $ 37 $ — $ — $ 37 Accounts receivable, affiliated companies — 3 17 — 20 Accounts receivable, net — — 1,165 — 1,165 Inventories — — 607 — 607 Other current assets — — 19 — 19 Total Current Assets — 40 1,808 — 1,848 Properties, plants and equipment, net — — 10,692 — 10,692 Investment in affiliates 6,488 9,692 802 (16,180 ) 802 Goodwill — — 1,358 — 1,358 Intangible assets, net — — 718 — 718 Other assets — 6 65 — 71 Total Assets $ 6,488 $ 9,738 $ 15,443 $ (16,180 ) $ 15,489 Liabilities and Equity Accounts payable $ — $ 1 $ 1,250 $ — $ 1,251 Accounts payable, affiliated companies — — 39 — 39 Accrued liabilities 1 66 262 — 329 Accrued taxes payable — — 44 — 44 Intercompany (1,320 ) (2,408 ) 3,728 — — Total Current Liabilities (1,319 ) (2,341 ) 5,323 — 1,663 Long-term debt — 5,591 — — 5,591 Other deferred credits and liabilities — — 125 — 125 Deferred income taxes — — 254 — 254 Total Liabilities (1,319 ) 3,250 5,702 — 7,633 Redeemable noncontrolling interests — — 15 — 15 Redeemable Limited Partners' interests 286 — — — 286 Total Equity 7,521 6,488 9,726 (16,180 ) 7,555 Total Liabilities and Equity $ 6,488 $ 9,738 $ 15,443 $ (16,180 ) $ 15,489 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Net Cash Flows from Operating Activities $ 145 $ 127 $ 176 $ (328 ) $ 120 Cash Flows from Investing Activities: Capital expenditures — — (580 ) — (580 ) Change in long-term note receivable — — (1 ) — (1 ) Intercompany (229 ) (501 ) 402 328 — Net cash provided by (used in) investing activities (229 ) (501 ) (179 ) 328 (581 ) Cash Flows from Financing Activities: Distributions paid to limited and general partners (216 ) — — — (216 ) Distributions paid to noncontrolling interests (1 ) — — — (1 ) Net proceeds from issuance of limited partner units 301 — — — 301 Repayments under credit facilities — (813 ) — — (813 ) Borrowings under credit facilities — 1,193 — — 1,193 Contributions attributable to acquisition from affiliate — — 3 — 3 Net cash provided by financing activities 84 380 3 — 467 Net change in cash and cash equivalents — 6 — — 6 Cash and cash equivalents at beginning of period — 37 — — 37 Cash and cash equivalents at end of period $ — $ 43 $ — $ — $ 43 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2015 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Net Cash Flows from Operating Activities $ 36 $ 38 $ (50 ) $ (100 ) $ (76 ) Cash Flows from Investing Activities: Capital expenditures — — (567 ) — (567 ) Acquisitions — — (131 ) — (131 ) Change in long-term note receivable — — (6 ) — (6 ) Intercompany (579 ) (280 ) 759 100 — Net cash provided by (used in) investing activities (579 ) (280 ) 55 100 (704 ) Cash Flows from Financing Activities: Distributions paid to limited and general partners (146 ) — — — (146 ) Net proceeds from issuance of limited partner units 689 — — — 689 Payments of statutory withholding on net issuance of limited partner units under LTIP — — (8 ) — (8 ) Repayments under credit facilities — (750 ) — — (750 ) Borrowings under credit facilities — 950 — — 950 Contributions attributable to acquisition from affiliate — — 3 — 3 Other — (5 ) — — (5 ) Net cash provided by (used in) financing activities 543 195 (5 ) — 733 Net change in cash and cash equivalents — (47 ) — — (47 ) Cash and cash equivalents at beginning of period — 101 — — 101 Cash and cash equivalents at end of period $ — $ 54 $ — $ — $ 54 |
Net Income Attributable to Su23
Net Income Attributable to Sunoco Logistics Partners L.P. Per Limited Partner Unit (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Basic and Diluted Units | The following table sets forth the reconciliation of the weighted average number of limited partner and Class B units used to compute basic net income attributable to SXL per limited partner unit to those used to compute diluted net income attributable to SXL per limited partner unit for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (in millions) Weighted average number of units outstanding, basic 282.5 231.0 Add effect of dilutive incentive awards (1) 0.6 — Weighted average number of units, diluted 283.1 231.0 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The components of inventories are as follows: March 31, 2016 December 31, 2015 (in millions) Crude oil $ 453 $ 424 NGLs 83 83 Refined products 130 83 Refined products additives 2 3 Materials, supplies and other 15 14 Total Inventories $ 683 $ 607 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | The components of intangible assets are as follows: Weighted Average Amortization Period March 31, 2016 December 31, 2015 (in years) (in millions) Gross Customer relationships 18 $ 836 $ 836 Technology 10 47 47 Total gross 883 883 Accumulated amortization Customer relationships (161 ) (149 ) Technology (17 ) (16 ) Total accumulated amortization (178 ) (165 ) Total Net $ 705 $ 718 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Partnership's Debt Balances | The components of the Partnership's debt balance are as follows: March 31, 2016 December 31, 2015 Credit Facilities (in millions) $2.50 billion Credit Facility, due March 2020 $ 942 $ 562 Senior Notes Senior Notes - 6.125%, due May 2016 (1) 175 175 Senior Notes - 5.50%, due February 2020 250 250 Senior Notes - 4.40%, due April 2021 600 600 Senior Notes - 4.65%, due February 2022 300 300 Senior Notes - 3.45%, due January 2023 350 350 Senior Notes - 4.25% due April 2024 500 500 Senior Notes - 5.95%, due December 2025 400 400 Senior Notes - 6.85%, due February 2040 250 250 Senior Notes - 6.10%, due February 2042 300 300 Senior Notes - 4.95%, due January 2043 350 350 Senior Notes - 5.30% due April 2044 700 700 Senior Notes - 5.35% due May 2045 800 800 Unamortized fair value adjustments (2) 90 93 Total debt 6,007 5,630 Less: Unamortized bond discount and debt issuance costs (3) (39 ) (39 ) Long-term debt $ 5,968 $ 5,591 (1) The 6.125 percent Senior Notes were classified as long-term debt at March 31, 2016 as the Partnership has the ability and intent to refinance such borrowings on a long-term basis. (2) Represents fair value adjustments on senior notes resulting from the application of push-down accounting in connection with the acquisition of the Partnership's general partner by ETP on October 5, 2012. (3) In the fourth quarter 2015, the Partnership adopted accounting guidance which requires certain debt issuance costs to be reflected as a reduction in the total long-term debt liability for all periods presented. The net long-term debt balance now includes $ 31 and $ 32 million of debt issuance costs at March 31, 2016 and December 31, 2015, respectively. Refer to Note 1 for additional information. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Changes in Number of Units Outstanding | The changes in the number of common units outstanding from January 1, 2015 through March 31, 2016 are as follows: Common Units (in millions) Balance at January 1, 2015 226.1 Units issued in public offering 15.5 Units issued under ATM program 26.8 Units issued under incentive plans 0.4 Balance at December 31, 2015 268.8 Units issued in public offering — Units issued under ATM program 12.1 Units issued under incentive plans — Balance at March 31, 2016 280.9 |
Cash Distributions (Tables)
Cash Distributions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule Of Distributions Made To General And Limited Partners | The following table shows the target distribution levels and distribution "splits" between the general partner and the holders of the Partnership's common units through March 31, 2016: Marginal Percentage Interest in Distributions Total Quarterly Distribution Target Amount General Partner Unitholders Minimum Quarterly Distribution $0.0750 2 % 98 % First Target Distribution up to $0.0833 2 % 98 % Second Target Distribution above $0.0833 15 % (1) 85 % up to $0.0958 Third Target Distribution above $0.0958 37 % (1) 63 % up to $0.2638 Thereafter above $0.2638 50 % (1) 50 % (1) Includes general partner interest. |
Schedule of Cash Distribution to Limited and General Partners | The distributions paid by the Partnership for the periods presented were as follows: Cash Distribution Payment Date Cash Distribution per Limited Partner Unit Total Cash Distribution to the Limited Partners Total Cash Distribution to the General Partner (in millions) (in millions) February 12, 2016 $ 0.4790 $ 131 $ 85 November 13, 2015 $ 0.4580 $ 119 $ 76 August 14, 2015 $ 0.4380 $ 111 $ 69 May 15, 2015 $ 0.4190 $ 103 $ 62 February 13, 2015 $ 0.4000 $ 92 $ 54 |
Derivatives and Risk Manageme29
Derivatives and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table sets forth the impact of derivatives on the Partnership's results of operations for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Location of Gains (Losses) Recognized in Earnings (in millions) Commodity contracts not designated as cash flow hedging instruments: Sales and other operating revenue $ 3 $ (1 ) Cost of products sold (1 ) — $ 2 $ (1 ) |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Information | The following tables summarize condensed consolidated statements of comprehensive income information for the Partnership's business segments and reconcile total segment Adjusted EBITDA to net income attributable to the Partnership for the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 2015 (in millions) Sales and other operating revenue (1) Crude Oil $ 1,380 $ 2,326 Natural Gas Liquids 233 186 Refined Products 164 60 Total sales and other operating revenue $ 1,777 $ 2,572 Depreciation and amortization Crude Oil $ 59 $ 48 Natural Gas Liquids 21 16 Refined Products 26 18 Total depreciation and amortization $ 106 $ 82 Impairment charge and other matters Crude Oil $ 24 $ 68 Natural Gas Liquids 4 (27 ) Refined Products (2 ) — Total impairment charge and other matters $ 26 $ 41 Adjusted EBITDA Crude Oil $ 224 $ 160 Natural Gas Liquids 74 28 Refined Products 51 33 Total Adjusted EBITDA 349 221 Interest expense, net (39 ) (29 ) Depreciation and amortization expense (106 ) (82 ) Impairment charge and other matters (26 ) (41 ) Provision for income taxes (5 ) (6 ) Non-cash compensation expense (5 ) (4 ) Unrealized losses on commodity risk management activities (13 ) (15 ) Amortization of excess equity method investment (1 ) (1 ) Proportionate share of unconsolidated affiliates' interest, depreciation and provision for income taxes (8 ) (6 ) Net Income 146 37 Less: Net income attributable to noncontrolling interests (1 ) (1 ) Net Income attributable to Sunoco Logistics Partners L.P. $ 145 $ 36 (1) Sales and other operating revenue includes the following amounts from ETP and its affiliates for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (in millions) Crude Oil $ 4 $ 61 Natural Gas Liquids 49 36 Refined Products 56 22 Total sales and other operating revenue $ 109 $ 119 |
Sales and Other Operating Revenue by Segment | Sales and other operating revenue includes the following amounts from ETP and its affiliates for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (in millions) Crude Oil $ 4 $ 61 Natural Gas Liquids 49 36 Refined Products 56 22 Total sales and other operating revenue $ 109 $ 119 |
Identifiable Assets by Segment | The following table summarizes the identifiable assets for each segment as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 (in millions) Crude Oil $ 9,092 $ 8,802 Natural Gas Liquids 4,038 3,764 Refined Products 2,778 2,747 Corporate and other assets (1) 146 176 Total identifiable assets $ 16,054 $ 15,489 (1) Corporate and other assets consist of cash and cash equivalents, properties, plants and equipment and other assets. |
Supplemental Condensed Consol31
Supplemental Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statement of Comprehensive Income (Loss) | Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended March 31, 2016 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Sales and other operating revenue: Unaffiliated customers $ — $ — $ 1,668 $ — $ 1,668 Affiliates — — 109 — 109 Total Revenues — — 1,777 — 1,777 Costs and Expenses Cost of products sold — — 1,413 — 1,413 Operating expenses — — 23 — 23 Selling, general and administrative expenses — — 26 — 26 Depreciation and amortization expense — — 106 — 106 Impairment charge and other matters — — 26 — 26 Total Costs and Expenses — — 1,594 — 1,594 Operating Income — — 183 — 183 Interest cost and debt expense, net — (64 ) (1 ) — (65 ) Capitalized interest — 26 — — 26 Other income — — 7 — 7 Equity in earnings of subsidiaries 145 183 — (328 ) — Income (Loss) Before Provision for Income Taxes 145 145 189 (328 ) 151 Provision for income taxes — — (5 ) — (5 ) Net Income (Loss) 145 145 184 (328 ) 146 Net income attributable to noncontrolling interests — — (1 ) — (1 ) Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. $ 145 $ 145 $ 183 $ (328 ) $ 145 Comprehensive Income (Loss) $ 145 $ 145 — $ 185 $ (328 ) $ 147 Less: Comprehensive income attributable to noncontrolling interests — — (1 ) — (1 ) Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. $ 145 $ 145 $ 184 $ (328 ) $ 146 Condensed Consolidating Statement of Comprehensive Income (Loss) Three Months Ended March 31, 2015 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Sales and other operating revenue: Unaffiliated customers $ — $ — $ 2,453 $ — $ 2,453 Affiliates — — 119 — 119 Total Revenues — — 2,572 — 2,572 Costs and Expenses Cost of products sold — — 2,318 — 2,318 Operating expenses — — 40 — 40 Selling, general and administrative expenses — — 25 — 25 Depreciation and amortization expense — — 82 — 82 Impairment charge and other matters — — 41 — 41 Total Costs and Expenses — — 2,506 — 2,506 Operating Income — — 66 — 66 Interest cost and debt expense, net — (49 ) (1 ) — (50 ) Capitalized interest — 21 — — 21 Other income — — 6 — 6 Equity in earnings of subsidiaries 36 64 — (100 ) — Income (Loss) Before Provision for Income Taxes 36 36 71 (100 ) 43 Provision for income taxes — — (6 ) — (6 ) Net Income (Loss) 36 36 65 (100 ) 37 Less: Net income attributable to noncontrolling interests — — (1 ) — (1 ) Net Income (Loss) Attributable to Sunoco Logistics Partners L.P. $ 36 $ 36 $ 64 $ (100 ) $ 36 Comprehensive Income (Loss) $ 36 $ 36 $ 64 $ (100 ) $ 36 Less: Comprehensive income attributable to noncontrolling interests — — (1 ) — (1 ) Comprehensive Income (Loss) Attributable to Sunoco Logistics Partners L.P. $ 36 $ 36 $ 63 $ (100 ) $ 35 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet March 31, 2016 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Cash and cash equivalents $ — $ 43 $ — $ — $ 43 Accounts receivable, affiliated companies — 8 35 — 43 Accounts receivable, net — — 1,146 — 1,146 Inventories — — 683 — 683 Other current assets — — 15 — 15 Total Current Assets — 51 1,879 — 1,930 Properties, plants and equipment, net — — 11,079 — 11,079 Investment in affiliates 6,637 9,883 911 (16,520 ) 911 Goodwill — — 1,358 — 1,358 Intangible assets, net — — 705 — 705 Other assets — 5 66 — 71 Total Assets $ 6,637 $ 9,939 $ 15,998 $ (16,520 ) $ 16,054 Liabilities and Equity Accounts payable $ — $ 2 $ 1,340 $ — $ 1,342 Accounts payable, affiliated companies — — 20 — 20 Accrued liabilities — 54 162 — 216 Accrued taxes payable — — 33 — 33 Intercompany (1,409 ) (2,722 ) 4,131 — — Total Current Liabilities (1,409 ) (2,666 ) 5,686 — 1,611 Long-term debt — 5,968 — — 5,968 Other deferred credits and liabilities — — 126 — 126 Deferred income taxes — — 254 — 254 Total Liabilities (1,409 ) 3,302 6,066 — 7,959 Redeemable noncontrolling interests — — 15 — 15 Redeemable Limited Partners' interests 290 — — — 290 Total Equity 7,756 6,637 9,917 (16,520 ) 7,790 Total Liabilities and Equity $ 6,637 $ 9,939 $ 15,998 $ (16,520 ) $ 16,054 Condensed Consolidating Balance Sheet December 31, 2015 (in millions, audited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets Cash and cash equivalents $ — $ 37 $ — $ — $ 37 Accounts receivable, affiliated companies — 3 17 — 20 Accounts receivable, net — — 1,165 — 1,165 Inventories — — 607 — 607 Other current assets — — 19 — 19 Total Current Assets — 40 1,808 — 1,848 Properties, plants and equipment, net — — 10,692 — 10,692 Investment in affiliates 6,488 9,692 802 (16,180 ) 802 Goodwill — — 1,358 — 1,358 Intangible assets, net — — 718 — 718 Other assets — 6 65 — 71 Total Assets $ 6,488 $ 9,738 $ 15,443 $ (16,180 ) $ 15,489 Liabilities and Equity Accounts payable $ — $ 1 $ 1,250 $ — $ 1,251 Accounts payable, affiliated companies — — 39 — 39 Accrued liabilities 1 66 262 — 329 Accrued taxes payable — — 44 — 44 Intercompany (1,320 ) (2,408 ) 3,728 — — Total Current Liabilities (1,319 ) (2,341 ) 5,323 — 1,663 Long-term debt — 5,591 — — 5,591 Other deferred credits and liabilities — — 125 — 125 Deferred income taxes — — 254 — 254 Total Liabilities (1,319 ) 3,250 5,702 — 7,633 Redeemable noncontrolling interests — — 15 — 15 Redeemable Limited Partners' interests 286 — — — 286 Total Equity 7,521 6,488 9,726 (16,180 ) 7,555 Total Liabilities and Equity $ 6,488 $ 9,738 $ 15,443 $ (16,180 ) $ 15,489 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Net Cash Flows from Operating Activities $ 145 $ 127 $ 176 $ (328 ) $ 120 Cash Flows from Investing Activities: Capital expenditures — — (580 ) — (580 ) Change in long-term note receivable — — (1 ) — (1 ) Intercompany (229 ) (501 ) 402 328 — Net cash provided by (used in) investing activities (229 ) (501 ) (179 ) 328 (581 ) Cash Flows from Financing Activities: Distributions paid to limited and general partners (216 ) — — — (216 ) Distributions paid to noncontrolling interests (1 ) — — — (1 ) Net proceeds from issuance of limited partner units 301 — — — 301 Repayments under credit facilities — (813 ) — — (813 ) Borrowings under credit facilities — 1,193 — — 1,193 Contributions attributable to acquisition from affiliate — — 3 — 3 Net cash provided by financing activities 84 380 3 — 467 Net change in cash and cash equivalents — 6 — — 6 Cash and cash equivalents at beginning of period — 37 — — 37 Cash and cash equivalents at end of period $ — $ 43 $ — $ — $ 43 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2015 (in millions, unaudited) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Consolidating Adjustments Total Net Cash Flows from Operating Activities $ 36 $ 38 $ (50 ) $ (100 ) $ (76 ) Cash Flows from Investing Activities: Capital expenditures — — (567 ) — (567 ) Acquisitions — — (131 ) — (131 ) Change in long-term note receivable — — (6 ) — (6 ) Intercompany (579 ) (280 ) 759 100 — Net cash provided by (used in) investing activities (579 ) (280 ) 55 100 (704 ) Cash Flows from Financing Activities: Distributions paid to limited and general partners (146 ) — — — (146 ) Net proceeds from issuance of limited partner units 689 — — — 689 Payments of statutory withholding on net issuance of limited partner units under LTIP — — (8 ) — (8 ) Repayments under credit facilities — (750 ) — — (750 ) Borrowings under credit facilities — 950 — — 950 Contributions attributable to acquisition from affiliate — — 3 — 3 Other — (5 ) — — (5 ) Net cash provided by (used in) financing activities 543 195 (5 ) — 733 Net change in cash and cash equivalents — (47 ) — — (47 ) Cash and cash equivalents at beginning of period — 101 — — 101 Cash and cash equivalents at end of period $ — $ 54 $ — $ — $ 54 |
Organization and Basis of Pre32
Organization and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016state | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states with operations | 35 |
Minimum voting interest for controlling financial interest | 50.00% |
Change in Business and Other 33
Change in Business and Other Matters - Additional Information (Detail) bbl in Thousands, shares in Millions, $ in Millions | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 08, 2015USD ($)sharesbbl |
Changes In Business And Other Matters [Line Items] | |||
Contributions to joint venture | $ | $ 911 | $ 802 | |
Bakken Pipeline [Member] | |||
Changes In Business And Other Matters [Line Items] | |||
Pipeline throughput capacity, in barrels | bbl | 450 | ||
Pipeline throughput capacity, target, in barrels | bbl | 570 | ||
Equity method investment, ownership percentage | 30.00% | ||
Parent company's ownership percentage in joint venture | 45.00% | ||
Contributions to joint venture | $ | $ 382 | ||
Bayou Bridge [Member] | |||
Changes In Business And Other Matters [Line Items] | |||
Equity method investment, ownership percentage | 30.00% | ||
Parent company's ownership percentage in joint venture | 30.00% | ||
Common Class B [Member] | |||
Changes In Business And Other Matters [Line Items] | |||
Class B units issued (in units) | shares | 9.4 | ||
Common Class B [Member] | Bakken Pipeline [Member] | |||
Changes In Business And Other Matters [Line Items] | |||
Class B units issued (in units) | shares | 9.4 |
Acquisitions - Additional Detai
Acquisitions - Additional Details (Details) - West Texas Gulf Pipeline [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2015 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | ||
Acquisition of a noncontrolling interest in a consolidated subsidiary | $ 131 | |
Partners Equity [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition of a noncontrolling interest in a consolidated subsidiary | $ 105 | |
Noncontrolling Interests | ||
Business Acquisition [Line Items] | ||
Acquisition of a noncontrolling interest in a consolidated subsidiary | $ 26 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | May. 01, 2016 | Jun. 30, 2013 |
Marcus Hook Facility [Member] | ||
Related Party Transaction [Line Items] | ||
Contributions attributable to acquisition from affiliate (total to be received) | $ 40 | |
Subsequent Event [Member] | ||
Related Party Transaction [Line Items] | ||
Limited partner interest held by parent | 26.00% |
Net Income Attributable to Su36
Net Income Attributable to Sunoco Logistics Partners L.P. Per Limited Partner Unit - Schedule of Weighted Average Number of Basic and Diluted Units (Detail) - shares shares in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Earnings Per Share [Abstract] | |||
Weighted average number of units outstanding, basic (in shares) | 282.5 | 231 | |
Add effect of dilutive incentive awards (in shares) | [1] | 0.6 | 0 |
Weighted average number of units, diluted (in shares) | 283.1 | 231 | |
[1] | Unvested incentive unit awards are not included within the calculation of the dilutive weighted average number of units for the three months ended March 31, 2015 since the effect on the net loss attributable to SXL per limited partner unit would have been antidilutive. |
Net Income Attributable to Su37
Net Income Attributable to Sunoco Logistics Partners L.P. Per Limited Partner Unit - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / PartnershipUnit | Mar. 31, 2015USD ($) | |
Earnings Per Share [Abstract] | ||
Maximum incentive percentage distribution received by general partner | 50.00% | |
Incentive distribution, minimum threshold (in dollars per unit) | $ / PartnershipUnit | 0.0833 | |
Net income (loss) allocated to General Partners | $ 90 | $ 60 |
Percentage of net income attributable to Sunoco Logistics Partners L.P | 62.00% | 167.00% |
Decrease attributable to Class B units | $ 4 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Crude oil | $ 453 | $ 424 |
NGLs | 83 | 83 |
Refined products | 130 | 83 |
Refined products additives | 2 | 3 |
Materials, supplies and other | 15 | 14 |
Total Inventories | $ 683 | $ 607 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Crude Oil Segment [Member] | ||
Inventory [Line Items] | ||
Lower of cost or market reserves | $ 405 | $ 381 |
Natural Gas Liquids Segment [Member] | ||
Inventory [Line Items] | ||
Lower of cost or market reserves | $ 41 | 37 |
Refined Products Segment [Member] | ||
Inventory [Line Items] | ||
Lower of cost or market reserves | $ 2 |
Goodwill and Intangible Asset40
Goodwill and Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total gross | $ 883 | $ 883 |
Total accumulated amortization | (178) | (165) |
Total Net | $ 705 | 718 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 18 years | |
Total gross | $ 836 | 836 |
Total accumulated amortization | $ (161) | (149) |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 10 years | |
Total gross | $ 47 | 47 |
Total accumulated amortization | $ (17) | $ (16) |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense of intangible assets | $ 13 | $ 13 | |
Forecasted annual amortization expense in 2016 | 51 | ||
Forecasted annual amortization expense in 2017 | 51 | ||
Forecasted annual amortization expense in 2018 | 51 | ||
Forecasted annual amortization expense in 2019 | 51 | ||
Forecasted annual amortization expense in 2020 | 51 | ||
Goodwill | $ 1,358 | $ 1,358 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 35.00% | 35.00% |
Debt - Partnership's Debt Balan
Debt - Partnership's Debt Balances (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Senior notes | $ 5,100 | $ 5,100 | |
Unamortized fair value adjustments | [1] | 90 | 93 |
Total debt | 6,007 | 5,630 | |
Less: Unamortized bond discount | [2] | (39) | (39) |
Long-term debt | 5,968 | 5,591 | |
$2.5 billion Credit Facility, due March 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility | 942 | 562 | |
Senior Notes - 6.125%, due May 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | [3] | 175 | 175 |
Senior Notes - 5.50%, due February 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 250 | 250 | |
Senior Notes - 4.40%, due April 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 600 | 600 | |
Senior Notes - 4.65%, due February 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 300 | 300 | |
Senior Notes - 3.45%, due January 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 350 | 350 | |
Senior Notes - 4.25%, due April 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 500 | 500 | |
Senior Notes - 5.95%, due December 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 400 | 400 | |
Senior Notes - 6.85%, due February 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 250 | 250 | |
Senior Notes - 6.10%, due February 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 300 | 300 | |
Senior Notes - 4.95%, due January 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 350 | 350 | |
Senior Notes - 5.30%, due April 2044 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 700 | 700 | |
Senior Notes - 5.35%, due May 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 800 | $ 800 | |
[1] | Represents fair value adjustments on senior notes resulting from the application of push-down accounting in connection with the acquisition of the Partnership's general partner by ETP on October 5, 2012. | ||
[2] | In the fourth quarter 2015, the Partnership adopted accounting guidance which requires certain debt issuance costs to be reflected as a reduction in the total long-term debt liability for all periods presented. The net long-term debt balance now includes $31 and $32 million of debt issuance costs at March 31, 2016 and December 31, 2015, respectively. Refer to Note 1 for additional information. | ||
[3] | The 6.125 percent Senior Notes were classified as long-term debt at March 31, 2016 as the Partnership has the ability and intent to refinance such borrowings on a long-term basis. |
Debt - Partnership's Debt Bal44
Debt - Partnership's Debt Balances (Phantoms) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Debt issuance costs | $ 31,000,000 | $ 32,000,000 | |
$2.5 billion Credit Facility, due March 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 2,500,000,000 | $ 2,500,000,000 | $ 2,500,000,000 |
Debt instrument maturity | March 2,020 | March 2,020 | |
Senior Notes - 6.125%, due May 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.125% | 6.125% | |
Debt instrument maturity | May 2,016 | May 2,016 | |
Senior Notes - 5.50%, due February 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.50% | 5.50% | |
Debt instrument maturity | February 2,020 | February 2,020 | |
Senior Notes - 4.65%, due February 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.65% | 4.65% | |
Debt instrument maturity | February 2,022 | February 2,022 | |
Senior Notes - 3.45%, due January 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.45% | 3.45% | |
Debt instrument maturity | January 2,023 | January 2,023 | |
Senior Notes - 4.25%, due April 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.25% | 4.25% | |
Debt instrument maturity | April 2,024 | April 2,024 | |
Senior Notes - 6.85%, due February 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.85% | 6.85% | |
Debt instrument maturity | February 2,040 | February 2,040 | |
Senior Notes - 6.10%, due February 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.10% | 6.10% | |
Debt instrument maturity | February 2,042 | February 2,042 | |
Senior Notes - 4.95%, due January 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.95% | 4.95% | |
Debt instrument maturity | January 2,043 | January 2,043 | |
Senior Notes - 5.30%, due April 2044 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.30% | 5.30% | |
Debt instrument maturity | April 2,044 | April 2,044 | |
Senior Notes - 5.35%, due May 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.35% | 5.35% | |
Debt instrument maturity | May 2,045 | May 2,045 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Line of credit facility maximum borrowing capacity under certain conditions | $ 3,250,000,000 | ||
$1.5 Billion Credit Facility Due In November 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 1,500,000,000 | ||
$2.5 billion Credit Facility, due March 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 2,500,000,000 | $ 2,500,000,000 | $ 2,500,000,000 |
Debt instrument maturity | March 2,020 | March 2,020 | |
Increased consolidated debt to consolidated EBITDA ratio, high end of range | 5 | ||
Ratio of total debt to EBITDA range high (during acquisition period) | 5.50 | ||
Ratio of total debt to EBITDA | 3.5 |
Commitments and Contingent Li46
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Accrued environmental loss contingencies, noncurrent | $ 5 | $ 6 | |
Charges against income for environmental remediation | 2 | $ 3 | |
Estimated maximum additional reasonable possible losses | $ 8 | ||
Indemnified period for the partnership from environmental and toxic tort liabilities, years | 30 years | ||
Percent indemnification for first 21 years after IPO | 100.00% | ||
Time period of one hundred percent indemnification after IPO, years | 21 years | ||
Annual decrease of partnership liability for claims asserted | 10.00% |
Equity - Changes in Number of U
Equity - Changes in Number of Units Outstanding (Detail) - shares shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Common Units [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning Balance | 268.8 | 226.1 | 226.1 | |
Units issued under incentive plans (in units) | 0 | 0.4 | ||
Ending Balance | 280.9 | 268.8 | ||
At-the-Market Offering [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Limited partner units issued to the public (in units) | 12.1 | 3.4 | ||
At-the-Market Offering [Member] | Common Units [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Limited partner units issued to the public (in units) | 12.1 | 26.8 | ||
Overnight Public Offering [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Limited partner units issued to the public (in units) | 2 | 13.5 | ||
Overnight Public Offering [Member] | Common Units [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Limited partner units issued to the public (in units) | 0 | 15.5 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Oct. 08, 2015 | |
Units Outstanding [Line Items] | ||||
Net proceeds from issuance of limited partner units | $ 301 | $ 689 | ||
Non-cash compensation expense | $ 5 | $ 4 | ||
At-the-Market Offering [Member] | ||||
Units Outstanding [Line Items] | ||||
Limited partner units issued to the public (in units) | 12.1 | 3.4 | ||
Net proceeds from issuance of limited partner units | $ 301 | $ 142 | ||
ATM fees | $ 3 | $ 2 | ||
Overnight Public Offering [Member] | ||||
Units Outstanding [Line Items] | ||||
Limited partner units issued to the public (in units) | 2 | 13.5 | ||
Net proceeds from issuance of limited partner units | $ 82 | $ 547 | ||
Common Class B [Member] | ||||
Units Outstanding [Line Items] | ||||
Class B units issued (in units) | 9.4 | |||
Call option | $ 300 | |||
Put option | $ 313.5 |
Cash Distributions - Schedule o
Cash Distributions - Schedule of Distributions Made to General and Limited Partners (Detail) | 3 Months Ended | |
Mar. 31, 2016$ / shares | ||
Minimum Quarterly Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Distribution Payments Targets (usd per unit) | $ 0.075 | |
First Target Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Distribution Payments Targets (usd per unit) | 0.0833 | |
Thereafter [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Distribution Payments Targets (usd per unit) | $ 0.2638 | |
General Partner | Minimum Quarterly Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Incentive Distribution, Distribution Split Marginal Percentage | 2.00% | |
General Partner | First Target Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Incentive Distribution, Distribution Split Marginal Percentage | 2.00% | |
General Partner | Thereafter [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Incentive Distribution, Distribution Split Marginal Percentage | 50.00% | [1] |
Common Unitholders [Member] | Minimum Quarterly Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Incentive Distribution, Distribution Split Marginal Percentage | 98.00% | |
Common Unitholders [Member] | First Target Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Incentive Distribution, Distribution Split Marginal Percentage | 98.00% | |
Common Unitholders [Member] | Thereafter [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Incentive Distribution, Distribution Split Marginal Percentage | 50.00% | |
Minimum [Member] | Second Target Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Distribution Payments Targets (usd per unit) | $ 0.0833 | |
Minimum [Member] | Third Target Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Distribution Payments Targets (usd per unit) | 0.0958 | |
Maximum [Member] | Second Target Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Distribution Payments Targets (usd per unit) | 0.0958 | |
Maximum [Member] | Third Target Distribution [Member] | ||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||
Distribution Payments Targets (usd per unit) | $ 0.2638 | |
[1] | Includes general partner interest. |
Cash Distributions - Schedule50
Cash Distributions - Schedule of Cash Distribution to Limited and General Partners (Detail) - Cash Distribution [Member] - USD ($) $ / shares in Units, $ in Millions | Feb. 12, 2016 | Nov. 13, 2015 | Aug. 14, 2015 | May. 15, 2015 | Feb. 13, 2015 |
Distribution Made to Limited Partner [Line Items] | |||||
Cash Distribution per Limited Partner Unit (usd per unit) | $ 0.4790 | $ 0.4580 | $ 0.438 | $ 0.419 | $ 0.40000 |
Total Cash Distribution to the Limited Partners | $ 131 | $ 119 | $ 111 | $ 103 | $ 92 |
Total Cash Distribution to the General Partner | $ 85 | $ 76 | $ 69 | $ 62 | $ 54 |
Cash Distributions - Additional
Cash Distributions - Additional Information (Detail) $ / shares in Units, $ in Millions | May. 13, 2016USD ($) | Apr. 28, 2016$ / shares | Mar. 31, 2016USD ($)$ / PartnershipUnit | Mar. 31, 2015USD ($) |
Partners Capital And Distributions [Line Items] | ||||
Incentive distribution, minimum threshold (in dollars per unit) | $ / PartnershipUnit | 0.0833 | |||
Maximum incentive percentage distribution received by general partner | 50.00% | |||
Total distribution | $ 217 | $ 146 | ||
Subsequent Event [Member] | Dividend Declared [Member] | Sunoco Partners LLC [Member] | ||||
Partners Capital And Distributions [Line Items] | ||||
Distribution made to member or limited partner, distributions declared, per unit | $ / shares | $ 0.489 | |||
Distribution made to member or limited partner, distributions declared, per unit, annualized | $ / shares | $ 1.96 | |||
Subsequent Event [Member] | Dividend Paid [Member] | Sunoco Partners LLC [Member] | ||||
Partners Capital And Distributions [Line Items] | ||||
Total distribution | $ 232 | |||
Total distribution to the General Partner | $ 92 |
Management Incentive Plan - Add
Management Incentive Plan - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of additional units authorized under the LTIP | 10 | ||
Number of units available for grant under the LTIP | 9.6 | ||
Non-cash compensation expense | $ 5 | $ 4 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units issued under incentive plans (in units) (less than 0.1 million units issued for the three months ended March 31, 2016) | 0.1 | 0.3 | |
Non-cash compensation expense | $ 5 |
Derivatives and Risk Manageme53
Derivatives and Risk Management - Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative [Line Items] | ||
Gains (Losses) Recognized in Earnings | $ 2 | $ (1) |
Commodity [Member] | Sales And Other Operating Revenue [Member] | ||
Derivative [Line Items] | ||
Gains (Losses) Recognized in Earnings | 3 | (1) |
Commodity [Member] | Cost Of Products Sold [Member] | ||
Derivative [Line Items] | ||
Gains (Losses) Recognized in Earnings | $ (1) | $ 0 |
Derivatives and Risk Manageme54
Derivatives and Risk Management - Additional Information (Detail) bbl in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)bbl | Dec. 31, 2015USD ($)bbl | |
Derivative [Line Items] | ||
Derivative positions of crude oil, refined products and NGLs, barrels | bbl | 6.5 | 9.2 |
Derivative, higher remaining maturity range | 1 year | |
Derivative assets | $ 5 | $ 30 |
Derivative liabilities | 6 | $ 18 |
Revolving Credit Facility [Member] | ||
Derivative [Line Items] | ||
Variable-rate borrowings under revolving credit facilities | $ 942 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Billions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Aggregate fair value of the senior notes | $ 4.5 | $ 4.2 |
Senior notes carrying amount | $ 5.1 | $ 5.1 |
Business Segment Information -
Business Segment Information - Segment Reporting Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Sales and other operating revenue (1) | |||
Total sales and other operating revenue | [1] | $ 1,777 | $ 2,572 |
Depreciation and amortization | |||
Total depreciation and amortization | 106 | 82 | |
Impairment charge and other matters [Abstract] | |||
Total impairment charge and other matters | (26) | (41) | |
Adjusted EBITDA | |||
Total Adjusted EBITDA | 349 | 221 | |
Interest expense, net | (39) | (29) | |
Depreciation and amortization expense | (106) | (82) | |
Total impairment charge and other matters | (26) | (41) | |
Provision for income taxes | (5) | (6) | |
Non-cash compensation expense | (5) | (4) | |
Unrealized losses on commodity risk management activities | (13) | (15) | |
Amortization of excess equity method investment | (1) | (1) | |
Proportionate share of unconsolidated affiliates' interest, depreciation and provision for income taxes | (8) | (6) | |
Net Income | 146 | 37 | |
Less: Net income attributable to noncontrolling interests | (1) | (1) | |
Net Income Attributable to Sunoco Logistics Partners L.P. | 145 | 36 | |
Crude Oil Segment [Member] | |||
Sales and other operating revenue (1) | |||
Total sales and other operating revenue | [1] | 1,380 | 2,326 |
Depreciation and amortization | |||
Total depreciation and amortization | 59 | 48 | |
Impairment charge and other matters [Abstract] | |||
Total impairment charge and other matters | (24) | (68) | |
Adjusted EBITDA | |||
Total Adjusted EBITDA | 224 | 160 | |
Depreciation and amortization expense | (59) | (48) | |
Total impairment charge and other matters | (24) | (68) | |
Natural Gas Liquids Segment [Member] | |||
Sales and other operating revenue (1) | |||
Total sales and other operating revenue | [1] | 233 | 186 |
Depreciation and amortization | |||
Total depreciation and amortization | 21 | 16 | |
Impairment charge and other matters [Abstract] | |||
Total impairment charge and other matters | (4) | 27 | |
Adjusted EBITDA | |||
Total Adjusted EBITDA | 74 | 28 | |
Depreciation and amortization expense | (21) | (16) | |
Total impairment charge and other matters | (4) | 27 | |
Refined Products Segment [Member] | |||
Sales and other operating revenue (1) | |||
Total sales and other operating revenue | [1] | 164 | 60 |
Depreciation and amortization | |||
Total depreciation and amortization | 26 | 18 | |
Impairment charge and other matters [Abstract] | |||
Total impairment charge and other matters | 2 | 0 | |
Adjusted EBITDA | |||
Total Adjusted EBITDA | 51 | 33 | |
Depreciation and amortization expense | (26) | (18) | |
Total impairment charge and other matters | $ 2 | $ 0 | |
[1] | Sales and other operating revenue includes the following amounts from ETP and its affiliates for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (in millions)Crude Oil $4 $61Natural Gas Liquids 49 36Refined Products 56 22Total sales and other operating revenue $109 $119 |
Business Segment Information 57
Business Segment Information - Sales and Other Operating Revenue by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales and other operating revenue | $ 109 | $ 119 |
Crude Oil Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales and other operating revenue | 4 | 61 |
Natural Gas Liquids Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales and other operating revenue | 49 | 36 |
Refined Products Segment [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total sales and other operating revenue | $ 56 | $ 22 |
Business Segment Information 58
Business Segment Information - Identifiable Assets by Segment (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total identifiable assets | $ 16,054 | $ 15,489 | |
Crude Oil Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total identifiable assets | 9,092 | 8,802 | |
Natural Gas Liquids Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total identifiable assets | 4,038 | 3,764 | |
Refined Products Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total identifiable assets | 2,778 | 2,747 | |
Corporate and Other [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total identifiable assets | [1] | $ 146 | $ 176 |
[1] | Corporate and other assets consist of cash and cash equivalents, properties, plants and equipment and other assets. |
Supplemental Condensed Consol59
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Sales and other operating revenue: | |||
Unaffiliated customers | $ 1,668 | $ 2,453 | |
Affiliates | 109 | 119 | |
Total Revenues | [1] | 1,777 | 2,572 |
Costs and Expenses | |||
Cost of products sold | 1,413 | 2,318 | |
Operating expenses | 23 | 40 | |
Selling, general and administrative expenses | 26 | 25 | |
Depreciation and amortization expense | 106 | 82 | |
Impairment charge and other matters | 26 | 41 | |
Total Costs and Expenses | 1,594 | 2,506 | |
Operating Income | 183 | 66 | |
Interest cost and debt expense, net | (65) | (50) | |
Capitalized interest | 26 | 21 | |
Other income | 7 | 6 | |
Income Before Provision for Income Taxes | 151 | 43 | |
Provision for income taxes | (5) | (6) | |
Net Income | 146 | 37 | |
Less: Net income attributable to noncontrolling interests | (1) | (1) | |
Net Income Attributable to Sunoco Logistics Partners L.P. | 145 | 36 | |
Comprehensive Income (Loss) | 147 | 36 | |
Less: Comprehensive income attributable to noncontrolling interests | (1) | (1) | |
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | 146 | 35 | |
Parent Guarantor [Member] | |||
Costs and Expenses | |||
Equity in earnings of subsidiaries | 145 | 36 | |
Income Before Provision for Income Taxes | 145 | 36 | |
Net Income | 145 | 36 | |
Net Income Attributable to Sunoco Logistics Partners L.P. | 145 | 36 | |
Comprehensive Income (Loss) | 145 | 36 | |
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | 145 | 36 | |
Subsidiary Issuer [Member] | |||
Costs and Expenses | |||
Selling, general and administrative expenses | 0 | ||
Total Costs and Expenses | 0 | ||
Operating Income | 0 | ||
Interest cost and debt expense, net | (64) | (49) | |
Capitalized interest | 26 | 21 | |
Other income | 0 | ||
Equity in earnings of subsidiaries | 183 | 64 | |
Income Before Provision for Income Taxes | 145 | 36 | |
Net Income | 145 | 36 | |
Net Income Attributable to Sunoco Logistics Partners L.P. | 145 | 36 | |
Comprehensive Income (Loss) | 145 | 36 | |
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | 145 | 36 | |
Non-Guarantor Subsidiaries [Member] | |||
Sales and other operating revenue: | |||
Unaffiliated customers | 1,668 | 2,453 | |
Affiliates | 109 | 119 | |
Total Revenues | 1,777 | 2,572 | |
Costs and Expenses | |||
Cost of products sold | 1,413 | 2,318 | |
Operating expenses | 23 | 40 | |
Selling, general and administrative expenses | 26 | 25 | |
Depreciation and amortization expense | 106 | 82 | |
Impairment charge and other matters | 26 | 41 | |
Total Costs and Expenses | 1,594 | 2,506 | |
Operating Income | 183 | 66 | |
Interest cost and debt expense, net | (1) | (1) | |
Other income | 7 | 6 | |
Income Before Provision for Income Taxes | 189 | 71 | |
Provision for income taxes | (5) | (6) | |
Net Income | 184 | 65 | |
Less: Net income attributable to noncontrolling interests | (1) | (1) | |
Net Income Attributable to Sunoco Logistics Partners L.P. | 183 | 64 | |
Comprehensive Income (Loss) | 185 | 64 | |
Less: Comprehensive income attributable to noncontrolling interests | (1) | (1) | |
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | 184 | 63 | |
Consolidating Adjustments [Member] | |||
Costs and Expenses | |||
Equity in earnings of subsidiaries | (328) | (100) | |
Income Before Provision for Income Taxes | (328) | (100) | |
Net Income | (328) | (100) | |
Net Income Attributable to Sunoco Logistics Partners L.P. | (328) | (100) | |
Comprehensive Income (Loss) | (328) | (100) | |
Comprehensive Income Attributable to Sunoco Logistics Partners L.P. | $ (328) | $ (100) | |
[1] | Sales and other operating revenue includes the following amounts from ETP and its affiliates for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (in millions)Crude Oil $4 $61Natural Gas Liquids 49 36Refined Products 56 22Total sales and other operating revenue $109 $119 |
Supplemental Condensed Consol60
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 43 | $ 37 | $ 54 | $ 101 |
Accounts receivable, affiliated companies | 43 | 20 | ||
Accounts receivable, net | 1,146 | 1,165 | ||
Inventories | 683 | 607 | ||
Other current assets | 15 | 19 | ||
Total Current Assets | 1,930 | 1,848 | ||
Properties, plants and equipment, net | 11,079 | 10,692 | ||
Investment in affiliates | 911 | 802 | ||
Goodwill | 1,358 | 1,358 | ||
Intangible assets, net | 705 | 718 | ||
Other assets | 71 | 71 | ||
Total Assets | 16,054 | 15,489 | ||
Liabilities and Equity | ||||
Accounts payable | 1,342 | 1,251 | ||
Accounts payable, affiliated companies | 20 | 39 | ||
Accrued liabilities | 216 | 329 | ||
Accrued taxes payable | 33 | 44 | ||
Intercompany | 0 | 0 | ||
Total Current Liabilities | 1,611 | 1,663 | ||
Long-term debt | 5,968 | 5,591 | ||
Other deferred credits and liabilities | 126 | 125 | ||
Deferred income taxes | 254 | 254 | ||
Total Liabilities | 7,959 | 7,633 | ||
Redeemable noncontrolling interests | 15 | 15 | ||
Redeemable Limited Partners' interests | 290 | 286 | ||
Total Equity | 7,790 | 7,555 | 7,185 | 6,738 |
Total Liabilities and Equity | 16,054 | 15,489 | ||
Parent Guarantor [Member] | ||||
Assets | ||||
Total Current Assets | 0 | 0 | ||
Investment in affiliates | 6,637 | 6,488 | ||
Total Assets | 6,637 | 6,488 | ||
Liabilities and Equity | ||||
Accrued liabilities | 0 | 1 | ||
Intercompany | (1,409) | (1,320) | ||
Total Current Liabilities | (1,409) | (1,319) | ||
Total Liabilities | (1,409) | (1,319) | ||
Redeemable Limited Partners' interests | 290 | 286 | ||
Total Equity | 7,756 | 7,521 | ||
Total Liabilities and Equity | 6,637 | 6,488 | ||
Subsidiary Issuer [Member] | ||||
Assets | ||||
Cash and cash equivalents | 43 | 37 | 54 | 101 |
Accounts receivable, affiliated companies | 8 | 3 | ||
Total Current Assets | 51 | 40 | ||
Investment in affiliates | 9,883 | 9,692 | ||
Other assets | 5 | 6 | ||
Total Assets | 9,939 | 9,738 | ||
Liabilities and Equity | ||||
Accounts payable | 2 | 1 | ||
Accounts payable, affiliated companies | 0 | |||
Accrued liabilities | 54 | 66 | ||
Intercompany | (2,722) | (2,408) | ||
Total Current Liabilities | (2,666) | (2,341) | ||
Long-term debt | 5,968 | 5,591 | ||
Total Liabilities | 3,302 | 3,250 | ||
Total Equity | 6,637 | 6,488 | ||
Total Liabilities and Equity | 9,939 | 9,738 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, affiliated companies | 35 | 17 | ||
Accounts receivable, net | 1,146 | 1,165 | ||
Inventories | 683 | 607 | ||
Other current assets | 15 | 19 | ||
Total Current Assets | 1,879 | 1,808 | ||
Properties, plants and equipment, net | 11,079 | 10,692 | ||
Investment in affiliates | 911 | 802 | ||
Goodwill | 1,358 | 1,358 | ||
Intangible assets, net | 705 | 718 | ||
Other assets | 66 | 65 | ||
Total Assets | 15,998 | 15,443 | ||
Liabilities and Equity | ||||
Accounts payable | 1,340 | 1,250 | ||
Accounts payable, affiliated companies | 20 | 39 | ||
Accrued liabilities | 162 | 262 | ||
Accrued taxes payable | 33 | 44 | ||
Intercompany | 4,131 | 3,728 | ||
Total Current Liabilities | 5,686 | 5,323 | ||
Long-term debt | 0 | 0 | ||
Other deferred credits and liabilities | 126 | 125 | ||
Deferred income taxes | 254 | 254 | ||
Total Liabilities | 6,066 | 5,702 | ||
Redeemable noncontrolling interests | 15 | 15 | ||
Total Equity | 9,917 | 9,726 | ||
Total Liabilities and Equity | 15,998 | 15,443 | ||
Consolidating Adjustments [Member] | ||||
Assets | ||||
Investment in affiliates | (16,520) | (16,180) | ||
Total Assets | (16,520) | (16,180) | ||
Liabilities and Equity | ||||
Total Equity | (16,520) | (16,180) | ||
Total Liabilities and Equity | $ (16,520) | $ (16,180) |
Supplemental Condensed Consol61
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | $ 120 | $ (76) |
Cash Flows from Investing Activities: | ||
Capital expenditures | (580) | (567) |
Acquisitions | 0 | (131) |
Change in long-term note receivable | (1) | (6) |
Intercompany | 0 | 0 |
Net cash used in investing activities | (581) | (704) |
Cash Flows from Financing Activities: | ||
Distributions paid to limited and general partners | (216) | (146) |
Distributions paid to noncontrolling interests | (1) | 0 |
Net proceeds from issuance of limited partner units | 301 | 689 |
Payments of statutory withholding on net issuance of limited partner units under LTIP | 0 | (8) |
Repayments under credit facilities | (813) | (750) |
Borrowings under credit facilities | 1,193 | 950 |
Contributions attributable to acquisition from affiliate | 3 | 3 |
Other | 0 | (5) |
Net cash provided by financing activities | 467 | 733 |
Net change in cash and cash equivalents | 6 | (47) |
Cash and cash equivalents at beginning of period | 37 | 101 |
Cash and cash equivalents at end of period | 43 | 54 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | 145 | 36 |
Cash Flows from Investing Activities: | ||
Intercompany | (229) | (579) |
Net cash used in investing activities | (229) | (579) |
Cash Flows from Financing Activities: | ||
Distributions paid to limited and general partners | (216) | (146) |
Distributions paid to noncontrolling interests | (1) | |
Net proceeds from issuance of limited partner units | 301 | 689 |
Net cash provided by financing activities | 84 | 543 |
Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | 127 | 38 |
Cash Flows from Investing Activities: | ||
Intercompany | (501) | (280) |
Net cash used in investing activities | (501) | (280) |
Cash Flows from Financing Activities: | ||
Repayments under credit facilities | (813) | (750) |
Borrowings under credit facilities | 1,193 | 950 |
Other | (5) | |
Net cash provided by financing activities | 380 | 195 |
Net change in cash and cash equivalents | 6 | (47) |
Cash and cash equivalents at beginning of period | 37 | 101 |
Cash and cash equivalents at end of period | 43 | 54 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | 176 | (50) |
Cash Flows from Investing Activities: | ||
Capital expenditures | (580) | (567) |
Acquisitions | (131) | |
Change in long-term note receivable | (1) | (6) |
Intercompany | 402 | 759 |
Net cash used in investing activities | (179) | 55 |
Cash Flows from Financing Activities: | ||
Payments of statutory withholding on net issuance of limited partner units under LTIP | (8) | |
Borrowings under credit facilities | 0 | |
Contributions attributable to acquisition from affiliate | 3 | 3 |
Net cash provided by financing activities | 3 | (5) |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Consolidating Adjustments [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Flows from Operating Activities | (328) | (100) |
Cash Flows from Investing Activities: | ||
Intercompany | 328 | 100 |
Net cash used in investing activities | $ 328 | $ 100 |