SUNOCO LP, 10-Q filed on 8/8/2019
Quarterly Report
v3.19.2
Document And Entity Information - shares
6 Months Ended
Jun. 30, 2019
Aug. 02, 2019
Document Information [Line Items]    
Document Transition Report false  
Document Quarterly Report true  
Entity Registrant Name SUNOCO LP  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Central Index Key 0001552275  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Type 10-Q  
Document Period End Date Jun. 30, 2019  
Entity File Number 001-35653  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Title of 12(b) Security Common Units Representing Limited Partner Interests  
Entity Emerging Growth Company false  
Entity Small Business false  
Trading Symbol SUN  
Security Exchange Name NYSE  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 30-0740483  
Entity Address, Address Line One 8111 Westchester Drive  
Entity Address, Address Line Two Suite 400  
Entity Address, City or Town Dallas  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75225  
City Area Code 214  
Local Phone Number 981-0700  
Common Units [Member]    
Document Information [Line Items]    
Entity Partnership Units Outstanding   82,749,333
Common Class C [Member]    
Document Information [Line Items]    
Entity Partnership Units Outstanding   16,410,780
v3.19.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 36 $ 56
Accounts receivable, net 573 374
Receivables from affiliates 2 37
Inventories, net 410 374
Other current assets 77 64
Total current assets 1,098 905
Total property and equipment 2,074 2,133
Accumulated depreciation (635) (587)
Property and equipment, net 1,439 1,546
Other assets:    
Lease right-of-use assets, net 536 0
Goodwill 1,558 1,559
Intangible assets 914 915
Accumulated amortization (235) (207)
Intangible assets, net 679 708
Other non-current assets 160 161
Total assets 5,470 4,879
Current liabilities:    
Accounts payable 530 412
Accounts payable to affiliates 24 149
Accrued expenses and other current liabilities 306 299
Operating lease current liabilities 21 0
Current maturities of long-term debt 6 5
Total current liabilities 887 865
Operating lease non-current liabilities 520 0
Revolving line of credit 117 700
Long-term debt, net 2,878 2,280
Advances from affiliates 80 24
Deferred tax liability 90 103
Other non-current liabilities 119 123
Total liabilities 4,691 4,095
Commitments and contingencies (Note 12)
Equity:    
Total equity 779 784
Total liabilities and equity 5,470 4,879
Common Units    
Equity:    
Total equity 779 784
Class C Units [Member]    
Equity:    
Total partners' capital $ 0 $ 0
v3.19.2
Consolidated Balance Sheets (Parenthetical) - shares
Jun. 30, 2019
Dec. 31, 2018
Common Units [Member]    
Equity:    
Limited partners' capital account, units issued (in shares) 82,749,333 82,665,057
Limited Partners' Capital Account, Units Outstanding 82,749,333 82,665,057
Class C Units - Held by Subsidiary [Member]    
Equity:    
Limited partners' capital account, units issued (in shares) 16,410,780 16,410,780
Limited Partners' Capital Account, Units Outstanding 16,410,780 16,410,780
v3.19.2
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Revenues $ 4,475 $ 4,607 $ 8,167 $ 8,356
Cost of sales and operating expenses:        
Cost of Revenue 4,206 4,297 7,528 7,750
General and administrative 34 34 61 69
Other operating 73 86 157 184
Lease expense 16 19 30 34
Loss on disposal of assets and impairment charges 2 2 50 5
Depreciation, amortization and accretion 47 41 92 90
Total cost of sales and operating expenses 4,378 4,479 7,918 8,132
Operating income 97 128 249 224
Interest expense, net 43 36 85 70
Loss on extinguishment of debt and other, net (6) 0 (3) 109
Income from continuing operations before income taxes 60 92 167 45
Income tax expense (benefit) 5 (2) 3 29
Income from continuing operations 55 94 164 16
Loss from discontinued operations, net of income taxes 0 (26) 0 (263)
Net income (loss) and comprehensive income (loss) $ 55 $ 68 $ 164 $ (247)
Net income (loss) per common unit - basic:        
Income (Loss) from Continuing Operations, Per Outstanding Limited Partnership Unit, Basic, Net of Tax $ 0.44 $ 0.91 $ 1.51 $ (0.29)
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership Unit, Basic 0.00 (0.32) 0.00 (3.05)
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax 0.44 0.59 1.51 (3.34)
Net income (loss) per common unit - diluted:        
Income (Loss) from Continuing Operations, Net of Tax, Per Outstanding Limited Partnership Unit, Diluted 0.43 0.90 1.50 (0.29)
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership Unit, Diluted 0.00 (0.32) 0.00 (3.05)
Net Income (Loss), Net of Tax, Per Outstanding Limited Partnership Unit, Diluted $ 0.43 $ 0.58 $ 1.50 $ (3.34)
Weighted average limited partner units outstanding:        
Weighted average limited partner units outstanding (basic) (in shares) 82,742,323 82,494,976 82,726,842 86,104,411
Weighted Average Limited Partnership Units Outstanding, Diluted 83,509,987 82,947,669 83,455,021 86,569,372
Cash distribution per common unit (in shares) $ 0.8255 $ 0.8255 $ 1.6510 $ 1.6510
Common Units [Member]        
Net income (loss) per common unit - basic:        
Income (Loss) from Continuing Operations, Per Outstanding Limited Partnership Unit, Basic, Net of Tax 0.44 0.91 1.51 (0.29)
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership Unit, Basic $ 0.00 $ (0.32) $ 0.00 $ (3.05)
Weighted average limited partner units outstanding:        
Weighted average limited partner units outstanding (basic) (in shares) 82,742,323 82,494,976 82,726,842 86,104,411
Weighted Average Limited Partnership Units Outstanding, Diluted 83,509,987 82,947,669 83,455,021 86,569,372
Motor Fuels [Member]        
Revenues:        
Revenues $ 4,366 $ 4,507 $ 7,949 $ 8,058
Leases [Member]        
Revenues:        
Revenues 35 34 70 56
Non Motor Fuel Sales [Member]        
Revenues:        
Revenues 74 66 148 242
Continuing Operations [Member]        
Cost of sales and operating expenses:        
Interest expense, net $ 43 $ 36 $ 85 $ 70
v3.19.2
Consolidated Statement of Equity - USD ($)
$ in Millions
Total
Common Units
Preferred Units-Affiliated
Beginning balance at Dec. 31, 2017 $ 2,247 $ 1,947 $ 300
Repurchase of common units (540) (540) 0
Redemption of preferred units (300) 0 (300)
Cash distribution to unitholders (107) 107 0
Dividend to preferred units (2) 0 (2)
Unit-based compensation 3 3 0
Net income (loss) (315) (317) 2
Ending balance at Mar. 31, 2018 932 932 0
Beginning balance at Dec. 31, 2017 2,247 1,947 300
Dividend to preferred units     (2)
Net income (loss) (247)    
Ending balance at Jun. 30, 2018 916 916 0
Beginning balance at Mar. 31, 2018 932 932 0
Cash distribution to unitholders (87) 87 0
Dividend to preferred units     0
Unit-based compensation 3 3 0
Net income (loss) 68 68 0
Ending balance at Jun. 30, 2018 916 916 0
Beginning balance at Dec. 31, 2018 784 784 0
Cash distribution to unitholders (87) 87 0
Unit-based compensation 3 3 0
Net income (loss) 109 109 0
Ending balance at Mar. 31, 2019 809 809 0
Beginning balance at Dec. 31, 2018 784 784 0
Dividend to preferred units     0
Net income (loss) 164    
Ending balance at Jun. 30, 2019 779 779 0
Beginning balance at Mar. 31, 2019 809 809 0
Cash distribution to unitholders (88) 88 0
Dividend to preferred units     0
Unit-based compensation 3 3 0
Net income (loss) 55 55 0
Ending balance at Jun. 30, 2019 $ 779 $ 779 $ 0
v3.19.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 164 $ (247)
Adjustments to reconcile net income (loss) to net cash provided by continuing operating activities:    
Loss from discontinued operations 0 263
Depreciation, amortization and accretion 92 90
Amortization of deferred financing fees 3 3
Loss on disposal of assets and impairment charges 50 5
Loss on extinguishment of debt and other, net (3) 109
Non-cash unit based compensation expense 6 6
Deferred income tax 13 (21)
Inventory valuation adjustment (97) (57)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (194) 12
Receivable from affiliates 35 (8)
Inventories 53 47
Other assets 31 (12)
Accounts payable 124 (130)
Accounts payable to affiliates (68) (39)
Accrued expenses and other current liabilities 8 189
Other non-current liabilities (7) 3
Net cash provided by continuing operating activities 184 255
Cash flows from investing activities:    
Capital expenditures (57) (32)
Purchase of intangible assets 0 (2)
Payments to Acquire Businesses, Gross   (58)
Other Payments to Acquire Businesses 0 (54)
Proceeds from disposal of property and equipment 22 3
Net cash used in investing activities (35) (143)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 600 2,200
Payments on long-term debt (4) (3,448)
Payments for debt extinguishment costs 0 (93)
Revolver borrowings 1,064 1,410
Revolver repayments (1,647) (1,855)
Loan origination costs (6) (24)
Advances to/from affiliates (1) 0
Common unit repurchase 0 540
Redemption of preferred units from ETE 0 (303)
Distributions to unitholders (175) (208)
Net cash used in financing activities (169) (2,861)
Cash flows from discontinued operations:    
Operating activities 0 (478)
Investing activities 0 3,207
Changes in cash included in current assets held for sale 0 11
Net increase in cash and cash equivalents of discontinued operations 0 2,740
Net decrease in cash (20) (9)
Cash and cash equivalents at beginning of period 56 28
Cash and cash equivalents at end of period 36 $ 19
Superior Plus Corporation [Member]    
Cash flows from investing activities:    
Payments to Acquire Businesses, Gross 0  
Speedway LLC [Member]    
Cash flows from investing activities:    
Payments to Acquire Businesses, Gross $ (5)  
v3.19.2
Organization and Principles of Consolidation
6 Months Ended
Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Principles of Consolidation
Organization and Principles of Consolidation
As used in this document, the terms “Partnership,” “SUN,” “we,” “us,” and “our” should be understood to refer to Sunoco LP and our consolidated subsidiaries, unless the context clearly indicates otherwise.
We are a Delaware master limited partnership. We are managed by our general partner, Sunoco GP LLC (“General Partner”), which is owned by Energy Transfer Operating, L.P. (“ETO”), a consolidated subsidiary of Energy Transfer LP (“ET”). As of June 30, 2019, ETO and its subsidiaries owned 100% of the membership interests in our General Partner, all of our incentive distribution rights (“IDRs”) and approximately 34.4% of our common units, which constitutes a 28.7% limited partner interest in us.
The consolidated financial statements are composed of Sunoco LP, a publicly traded Delaware limited partnership, and our wholly‑owned subsidiaries.
Our primary operations are conducted by the following consolidated subsidiaries:
Sunoco, LLC (“Sunoco LLC”), a Delaware limited liability company, primarily distributes motor fuel in 30 states throughout the East Coast, Midwest, South Central and Southeast regions of the United States. Sunoco LLC also processes transmix and distributes refined product through its terminals in Alabama, Texas, Arkansas and New York.
Sunoco Retail LLC (“Sunoco Retail”), a Pennsylvania limited liability company, owns and operates retail stores that sell motor fuel and merchandise primarily in New Jersey.
Aloha Petroleum LLC, a Delaware limited liability company, distributes motor fuel and operates terminal facilities on the Hawaiian Islands.
Aloha Petroleum, Ltd. (“Aloha”), a Hawaii corporation, owns and operates retail stores on the Hawaiian Islands.

All significant intercompany accounts and transactions have been eliminated in consolidation.
Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on gross profit, income from operations, net income (loss) and comprehensive income (loss), the balance sheets or statements of cash flows.
v3.19.2
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Interim Financial Statements
The accompanying interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pursuant to Regulation S-X, certain information and disclosures normally included in the annual financial statements have been condensed or omitted. The consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 22, 2019.
Significant Accounting Policies
As of June 30, 2019, the only material change in the Partnership’s significant accounting policies, as compared to those described in the Annual Report on Form 10-K for the year ended December 31, 2018, was the adoption of Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), described under Change in Accounting Principle.
Motor Fuel and Sales Taxes
For bulk sales, certain motor fuel and sales taxes are collected from customers and remitted to governmental agencies either directly by the Partnership or through suppliers. The Partnership’s accounting policy for direct sales to dealer and commercial customers is to exclude the collected motor fuel tax from sales and cost of sales.
For other locations where the Partnership holds inventory, including commission agent arrangements and Partnership-operated retail locations, motor fuel sales and motor fuel cost of sales include motor fuel taxes. Such amounts were $100 million and $122 million for the three months ended June 30, 2019 and 2018, respectively, and $194 million and $181 million for the six months ended June 30, 2019 and 2018, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss).

Change in Accounting Principle
In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), which amends the FASB Accounting Standards Codification (“ASC”) and creates Topic 842, Leases. On January 1, 2019, we adopted ASC Topic 842, which is effective for interim and annual reporting periods beginning on or after December 15, 2018. This Topic requires Balance Sheet recognition of lease assets and lease liabilities for leases classified as operating leases under previous GAAP. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.
The Partnership elected the modified retrospective approach to adopt Topic 842. This approach involves recognition of an opening cumulative catch-up adjustment to the the balance sheet in the period of adoption, January 1, 2019. We have completed a detailed review of contracts representative of our business and assessed the terms under the new standard. Adoption of the standard had a material impact on our consolidated balance sheet, but did not have a material impact on our consolidated statement of operations and comprehensive income or consolidated cash flows. The most significant impact was the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged.
As a result of the evaluation performed, we have recorded adjustments resulting in a net increase to assets and liabilities of approximately $547 million as of January 1, 2019. In addition to the evaluation performed, we have made appropriate design and implementation updates to our business processes, systems, and internal controls to support the on-going reporting requirements under the new standard.

Topic 842 provides for certain practical expedients that companies can elect to apply for purposes of adoption and implementation of the new standard. The practical expedients utilized by the Partnership are as follows: 1) no reassessment of whether existing contracts contain a lease, 2) no reassessment of the classification of existing leases, 3) no reassessment of initial direct costs for existing leases, 4) exclusion of leases with terms of 12 months or less from evaluation, 5) use of the portfolio approach to determine discount rates, 6) election to not separate non-lease components from lease components in existing lease agreements, and 7) election to not apply the use of hindsight to the active lease population.
The cumulative effect of the changes made to our consolidated January 1, 2019 balance sheet for the adoption of ASU No. 2016-02 was as follows:
Classification
 
Balance at
December 31, 2018
 
Adjustments Due to
Topic 842
 
Balance at
January 1, 2019
 
 
(in millions) 
Assets
 
 
 
 
 
 
Property and equipment, net
 
$
1,546

 
$
(1
)
 
$
1,545

Lease right-of-use assets
 

 
548

 
548

Liabilities
 
 
 
 
 
 
Accrued expenses and other current liabilities
 
299

 
(1
)
 
298

Current maturities of long term debt
 
5

 
1

 
6

Operating lease current liabilities
 

 
25

 
25

Long term debt, net
 
2,280

 
6

 
2,286

Operating lease non-current liabilities
 

 
528

 
528

Other non-current liabilities
 
123

 
(12
)
 
111


v3.19.2
Acquisitions
6 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]  
Acquisitions
Acquisitions
On January 18, 2019, we acquired certain convenience store locations from Speedway LLC for approximately $5 million plus working capital adjustments. We subsequently converted the acquired convenience store locations to commission agent locations.
v3.19.2
Discontinued Operations (Notes)
6 Months Ended
Jun. 30, 2019
Discontinued Operations [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Discontinued Operations
On April 6, 2017, certain subsidiaries of the Partnership (collectively, the “Sellers”) entered into an Asset Purchase Agreement (the “7-Eleven Purchase Agreement”) with 7-Eleven, Inc. (“7-Eleven”) and SEI Fuel Services, Inc., a wholly-owned subsidiary of 7-Eleven (“SEI Fuel,” and, together with 7-Eleven, referred to herein collectively as “Buyers”). On January 23, 2018, we completed the disposition of assets pursuant to the Amended and Restated Asset Purchase Agreement entered by and among Sellers, Buyers and certain other named parties for the limited purposes set forth therein, pursuant to which the parties agreed to amend and restate the 7-Eleven Purchase Agreement to reflect commercial agreements and updates made by the parties in connection with consummation of the transactions contemplated by the 7-Eleven Purchase Agreement. Under the 7-Eleven Purchase Agreement, as amended and restated, we
sold a portfolio of 1,030 company-operated retail fuel outlets, together with ancillary businesses and related assets to Buyers for approximately $3.2 billion (the “7-Eleven Transaction”). Subsequent to the closing of the 7-Eleven Transaction, previously eliminated wholesale motor fuel sales to the Partnership's retail locations are reported as wholesale motor fuel sales to third parties. Also, the related accounts receivable from such sales are no longer eliminated from the consolidated balance sheets and are reported as accounts receivable.
In connection with the closing of the transactions contemplated by the 7-Eleven Purchase Agreement, we entered into a Distributor Motor Fuel Agreement dated as of January 23, 2018, as amended (the “Supply Agreement”), with 7-Eleven and SEI Fuel. The Supply Agreement consists of a 15-year take-or-pay fuel supply arrangement. For the period from January 1, 2018 through January 22, 2018, we recorded sales to the sites that were subsequently sold to 7-Eleven of $199 million that were eliminated in consolidation. We received payments on trade receivables from 7-Eleven of $1.1 billion and $1.9 billion during the three and six months ended June 30, 2019, respectively, and $979 million and $1.6 billion during the three and six months ended June 30, 2018, respectively, subsequent to the closing of the sale.
On January 18, 2017, with the assistance of a third-party brokerage firm, we launched a portfolio optimization plan to market and
sell 97 real estate assets. Real estate assets included in this process are company-owned locations, undeveloped greenfield sites and other excess real estate. Properties are located in Florida, Louisiana, Massachusetts, Michigan, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas and Virginia. The properties will be sold through a sealed-bid sale. Of the 97 properties, 51 have been sold and five continue to be marketed by the third-party brokerage firm. Additionally, 32 were sold to 7-Eleven and nine are part of the approximately 207 retail sites located in certain West Texas, Oklahoma and New Mexico markets which are operated by a commission agent. The results of these operations (the real estate optimization assets, together with the 7-Eleven Transaction, the “Retail Divestment”) have been reported as discontinued operations for all periods presented in the consolidated financial statements. All other footnotes present results of the continuing operations.
The Partnership has concluded that it meets the accounting requirements for reporting the financial position, results of operations and cash flows of the Retail Divestment as discontinued operations.
The Partnership had no assets or liabilities associated with discontinued operations as of June 30, 2019 or December 31, 2018.
The results of operations associated with discontinued operations are presented in the following table:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions)
Revenues:
 
 
 
 
 
 
 
Motor fuel sales
$

 
$

 
$

 
$
256

Non motor fuel sales (1)

 

 

 
93

Total revenues

 

 

 
349

Cost of sales and operating expenses:
 
 
 
 
 
 
 
Cost of sales

 

 

 
305

General and administrative

 
5

 

 
7

Other operating

 

 

 
57

Lease expense

 

 

 
4

Loss on disposal of assets

 
38

 

 
61

Total cost of sales and operating expenses

 
43

 

 
434

Operating loss

 
(43
)
 

 
(85
)
Interest expense, net

 

 

 
2

Loss on extinguishment of debt

 

 

 
20

Loss from discontinued operations before income taxes

 
(43
)
 

 
(107
)
Income tax expense (benefit)

 
(17
)
 

 
156

Loss from discontinued operations, net of income taxes
$

 
$
(26
)
 
$

 
$
(263
)

________________________________
(1)
Non motor fuel sales includes merchandise sales totaling $89 million for the six months ended June 30, 2018.
v3.19.2
Accounts Receivable, net
6 Months Ended
Jun. 30, 2019
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, net
Accounts Receivable, net
Accounts receivable, net, consisted of the following:
 
June 30,
2019
 
December 31,
2018
 
(in millions)
Accounts receivable, trade
$
400

 
$
299

Credit card receivables
133

 
49

Other receivables
42

 
28

Allowance for doubtful accounts
(2
)
 
(2
)
Accounts receivable, net
$
573

 
$
374


v3.19.2
Inventories, net
6 Months Ended
Jun. 30, 2019
Inventory Disclosure [Abstract]  
Inventories, net
Inventories, net 
Inventories, net, consisted of the following:
 
June 30,
2019
 
December 31,
2018
 
(in millions)
Fuel
$
402

 
$
363

Other
8

 
11

Inventories, net
$
410

 
$
374


v3.19.2
Accrued Expenses and Other Current Liabilities
6 Months Ended
Jun. 30, 2019
Accrued Expenses And Other Current Liabilities [Abstract]  
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities
Current accrued expenses and other current liabilities consisted of the following:
 
June 30,
2019
 
December 31,
2018
 
(in millions)
Wage and other employee-related accrued expenses
$
29

 
$
41

Accrued tax expense
81

 
91

Accrued insurance
33

 
31

Accrued interest expense
61

 
47

Dealer deposits
18

 
18

Accrued environmental expense
6

 
6

Other
78

 
65

Total
$
306

 
$
299


v3.19.2
Long-Term Debt
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt 
Long-term debt consisted of the following:
 
June 30,
2019
 
December 31,
2018
 
(in millions)
Sale leaseback financing obligation
$
105

 
$
107

2018 Revolver
117

 
700

4.875% Senior Notes Due 2023
1,000

 
1,000

5.500% Senior Notes Due 2026
800

 
800

6.000% Senior Notes Due 2027
600

 

5.875% Senior Notes Due 2028
400

 
400

Other
7

 
1

Total debt
3,029

 
3,008

Less: current maturities
6

 
5

Less: debt issuance costs
28

 
23

Long-term debt, net of current maturities
$
2,995

 
$
2,980


2019 Private Offering of Senior Notes
On March 14, 2019, we, our General Partner and Sunoco Finance Corp. (together with the Partnership, the “2027 Notes Issuers”) completed a private offering of $600 million in aggregate principal amount of 6.000% senior notes due 2027 (the “2027 Notes”).
The terms of the 2027 Notes are governed by an indenture dated March 14, 2019, among the 2027 Notes Issuers, certain subsidiaries of the Partnership (the “2027 Notes Guarantors”) and U.S. Bank National Association, as trustee. The 2027 Notes will mature on April 15, 2027, and interest on the 2027 Notes is payable semi-annually on April 15 and October 15 of each year, commencing October 15, 2019. The 2027 Notes are senior obligations of the 2027 Notes Issuers and are guaranteed on a senior basis by all of the Partnership’s current subsidiaries (other than Sunoco Finance Corp.) that guarantee its obligations under the 2018 Revolver (as defined below) and certain of its future subsidiaries. The 2027 Notes and guarantees are unsecured and rank equally with all of the 2027 Notes Issuers’ and each 2027 Notes Guarantor’s existing and future senior obligations. The 2027 Notes and guarantees are effectively subordinated to the 2027 Notes Issuers’ and each 2027 Notes Guarantor’s secured obligations, including obligations under the 2018 Revolver (as defined below), to the extent of the value of the collateral securing such obligations, and structurally subordinated to all indebtedness and obligations, including trade payables, of the Partnership’s subsidiaries that do not guarantee the 2027 Notes.
In connection with our issuance of the 2027 Notes, we entered into a registration rights agreement with the initial purchasers pursuant to which we agreed to complete an offer to exchange the 2027 Notes for an issue of registered notes with terms substantively identical to the 2027 Notes and evidencing the same indebtedness as the 2027 Notes on or before March 14, 2020. The exchange offer was completed on July 17, 2019.
The Partnership used the proceeds from the private offering to repay a portion of the outstanding borrowings under our 2018 Revolver (as defined below).
Revolving Credit Agreement
On July 27, 2018, we entered into a new Amended and Restated Credit Agreement among the Partnership, as borrower, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent, collateral agent, swingline lender and a line of credit issuer (the “2018 Revolver”). Borrowings under the 2018 Revolver were used to pay off the Partnership’s previous revolving credit facility.
As of June 30, 2019, the balance on the 2018 Revolver was $117 million, and $8 million in standby letters of credit were outstanding. The unused availability on the 2018 Revolver at June 30, 2019 was $1.4 billion. The weighted average interest rate on the total amount outstanding at June 30, 2019 was 4.41%. The Partnership was in compliance with all financial covenants at June 30, 2019.
Fair Value of Debt
 The estimated fair value of debt is calculated using Level 2 inputs. The fair value of debt as of June 30, 2019 is estimated to be approximately $3.1 billion, based on outstanding balances as of the end of the period using current interest rates for similar securities.
v3.19.2
Other noncurrent liabilities Other noncurrent liabilities
6 Months Ended
Jun. 30, 2019
Other Noncurrent Liabilities [Abstract]  
Other Liabilities Disclosure [Text Block]
Other Non-current Liabilities
Other non-current liabilities consisted of the following:
 
June 30,
2019
 
December 31, 2018
 
(in millions)
Reserve for underground storage tank removal
$
67

 
$
54

Reserve for environmental remediation
25

 
29

Unfavorable lease liability
15

 
16

Accrued straight-line rent

 
12

Other
12

 
12

Total
$
119

 
$
123


v3.19.2
Related-Party Transactions
6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related-Party Transactions
Related-Party Transactions
We are party to fee-based commercial agreements with various affiliates of ETO for pipeline, terminalling and storage services. We also have agreements with subsidiaries of ETO for the purchase and sale of fuel. In addition, we are party to two related products purchase agreements, one with Philadelphia Energy Solutions Refining & Marketing (“PES”) and one with PES’s product financier, Merrill Lynch Commodities; both purchase agreements contain 12-month terms that automatically renew for consecutive 12-month terms until either party cancels with notice. ETP Retail Holdings, LLC, a subsidiary of ETO, owns a noncontrolling interest in the parent of PES. Beginning in the third quarter of 2018, PES was no longer considered an affiliate of ETO as ETO was no longer considered to have any significant influence over PES’s management or operations. In June 2019, an explosion occurred at the PES refinery complex. On July 21, 2019, PES Holdings, LLC and seven of its subsidiaries, including PES (collectively, the "Debtors") filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code, as a result of the explosion and fire at the Philadelphia refinery complex. The Debtors have announced an intent to temporarily cease refinery operations. The Debtors have expressed an intent to rebuild the refinery with the proceeds of insurance claims while concurrently running a sale process for its assets and operations. We have been successful at acquiring alternative supplies to replace fuel volume lost from PES and do not anticipate any material impact to our business going forward.
Summary of Transactions
Significant affiliate balances and activity related to the Consolidated Balance Sheets and Statements of Operations and Comprehensive Income (Loss) are as follows:
Net advances from affiliates were $80 million and $24 million as of June 30, 2019 and December 31, 2018, respectively. Advances from affiliates are primarily related to the treasury services agreements between Sunoco LLC and Sunoco (R&M), LLC and Sunoco Retail and Sunoco (R&M), LLC, which are in place for purposes of cash management.
Net accounts receivable from affiliates were $2 million and $37 million as of June 30, 2019 and December 31, 2018, respectively, which are primarily related to motor fuel sales to affiliates.
Net accounts payable to affiliates were $24 million and $149 million as of June 30, 2019 and December 31, 2018, respectively, which are related to operational expenses.
Motor fuel sales to affiliates were $0.3 million and $10 million for the three months ended June 30, 2019 and 2018, respectively.
Motor fuel sales to affiliates were $1 million and $22 million for the six months ended June 30, 2019 and 2018, respectively.
Bulk fuel purchases from affiliates were $103 million and $887 million for the three months ended June 30, 2019 and 2018, respectively, which is included in the cost of sales in our Consolidated Statements of Operations and Comprehensive Income (Loss).
Bulk fuel purchases from affiliates were $282 million and $1.7 billion for the six months ended June 30, 2019 and 2018, respectively, which is included in the cost of sales in our Consolidated Statements of Operations and Comprehensive Income (Loss).
v3.19.2
Revenue (Notes)
6 Months Ended
Jun. 30, 2019
Revenue [Abstract]  
Revenue from Contract with Customer [Text Block]
Revenue
Disaggregation of Revenue
We operate our business in two primary segments, fuel distribution and marketing and all other. We disaggregate revenue within the segments by channels.
The following table depicts the disaggregation of revenue by channel within each segment:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions)
Fuel Distribution and Marketing Segment
 
 
 
 
 
 
 
Dealer
$
989

 
$
983

 
$
1,767

 
$
1,783

Distributor
2,142

 
2,207

 
3,781

 
3,830

Unbranded wholesale
623

 
687

 
1,273

 
1,249

Commission agent
439

 
427

 
814

 
548

Non motor fuel sales
16

 
15

 
35

 
29

Lease income
31

 
31

 
63

 
50

Total
4,240

 
4,350

 
7,733

 
7,489

All Other Segment
 
 
 
 
 
 
 
Motor fuel
173

 
203

 
314

 
648

Non motor fuel sales
58

 
51

 
113

 
213

Lease income
4

 
3

 
7

 
6

Total
235

 
257

 
434

 
867

Total revenue
$
4,475

 
$
4,607

 
$
8,167

 
$
8,356


Contract Balances with Customers
The balances of receivables from contracts with customers listed in the table below include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience and on a specific identification basis.
The balances of the Partnership’s contract assets and contract liabilities as of June 30, 2019 and December 31, 2018 are as follows:
 
June 30, 2019
 
December 31, 2018
 
(in millions)
Contract balances
 
 
 
Contract asset
$
95

 
$
75

Accounts receivable from contracts with customers
$
533

 
$
348

Contract liability
$
1

 
$
1

The amount of revenue recognized in the three and six months ended June 30, 2019 that was included in the contract liability balance at the beginning of each period was $0.1 million and $0.2 million, respectively, and $0.2 million and $0.3 million in the three and six months ended June 30, 2018, respectively. This amount of revenue is a result of changes in the transaction price of the Partnership’s contracts with customers. The difference in the opening and closing balances of the contract asset and contract liability primarily results from the timing difference between the Partnership’s performance and the customer’s payment.
Performance Obligations
As of June 30, 2019, the aggregate amount of revenue expected to be recognized related to unsatisfied or partially satisfied franchise fee performance obligations (contract liabilities) is approximately $0.1 million for the remainder of 2019, $0.2 million in 2020, $0.1 million in 2021, and $0.1 million thereafter.
Costs to Obtain or Fulfill a Contract
The Partnership recognizes an asset from the costs incurred to obtain a contract (e.g. sales commissions) only if it expects to recover those costs. On the other hand, the costs to fulfill a contract are capitalized if the costs are specifically identifiable to a contract, would result in enhancing resources that will be used in satisfying performance obligations in future, and are expected to be recovered. These capitalized costs are recorded as a part of other current assets and other non-current assets and are amortized as a reduction of revenue on a systematic basis consistent with the pattern of transfer of the goods or services to which such costs relate. The amount of amortization on these capitalized costs that the Partnership recognized was $4 million and $8 million for the three and six months ended June 30, 2019, respectively, and $3 million and $6 million for the three and six months ended June 30, 2018, respectively. The Partnership has also made
a policy election of expensing the costs to obtain a contract, as and when they are incurred, in cases where the expected amortization period is one year or less.
v3.19.2
Commitments And Contingencies
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Commitments and Contingencies
Litigation
We have at various points and may in the future become involved in various legal proceedings arising out of our operations in the normal course of business. These proceedings would be subject to the uncertainties inherent in any litigation, and we regularly assess the need for accounting recognition or disclosure of these contingencies. We would expect to defend ourselves vigorously in all such matters. Based on currently available information, we believe it is unlikely that the outcome of known matters would have a material adverse impact on our financial condition, results of operations or cash flows.
Lessee Accounting
The Partnership leases retail stores, other property, and equipment under non-cancellable operating leases whose initial terms are typically 5 to 15 years, with some having a term of 40 years or more, along with options that permit renewals for additional periods. At the inception of each, we determine if the arrangement is a lease or contains an embedded lease and review the facts and circumstances of the arrangement to classify leased assets as operating or finance under Topic 842. The Partnership has elected not to record any leases with terms of 12 months or less on the balance sheet.
At this time, the majority of active leases within our portfolio are classified as operating leases under the new standard. Operating leases are included in lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheet. Finance leases represent a small portion of the active lease agreements and are included in ROU assets, other current liabilities, and other long-term liabilities in our consolidated balance sheet. The ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make minimum lease payments arising from the lease for the duration of the lease term.
Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or greater. The exercise of lease renewal options is typically at our discretion. Additionally many leases contain early termination clauses, however early termination typically requires the agreement of both parties to the lease. At lease inception, all renewal options reasonably certain to be exercised are considered when determining the lease term. At this time, the Partnership does not have leases that include options to purchase or automatic transfer of ownership of the leased property to the Partnership. The depreciable life of leased assets and leasehold improvements are limited by the expected lease term.
To determine the present value of future minimum lease payments, we use the implicit rate when readily determinable. At this time, many of our leases do not provide an implicit rate, therefore to determine the present value of minimum lease payments we use our incremental borrowing rate based on the information available at lease commencement date. The ROU assets also include any lease payments made and exclude lease incentives.
Minimum rent payments are expensed on a straight-line basis over the term of the lease. In addition, some leases may require additional contingent or variable lease payments based on factors specific to the individual agreement. Variable lease payments we are typically responsible for include payment of real estate taxes, maintenance expenses and insurance.
The components of lease expense consisted of the following:
Lease cost
Classification
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
 
 
(in millions)
Operating lease cost
Lease expense
$
14

 
$
26

Finance lease cost
 
 
 
 
Amortization of leased assets
Depreciation, amortization, and accretion

 

Interest on lease liabilities
Interest expense

 

Short term lease cost
Lease expense
1

 
2

Variable lease cost
Lease expense
1

 
2

Sublease income
Lease income
(11
)
 
(21
)
Net lease cost
 
$
5

 
$
9


Lease Term and Discount Rate
 
June 30, 2019
Weighted-average remaining lease term (years)
 
 
Operating leases
 
24
Finance leases
 
10
Weighted-average discount rate (%)
 
 
Operating leases
 
6%
Finance leases
 
8%

Other information
 
Six Months Ended June 30, 2019
 
 
(in millions)
(Gain) Loss on sale and leaseback transactions, net
 
$

Cash paid for amount included in the measurement of lease liabilities
 
 
Operating cash flows from operating leases
 
$
(28
)
Operating cash flows from finance leases
 
$

Financing cash flows from finance leases
 
$

Leased assets obtained in exchange for new finance lease liabilities
 
$

Leased assets obtained in exchange for new operating lease liabilities
 
$
14


Maturities of lease liabilities as of June 30, 2019 are as follows:
Maturity of lease liabilities
 
Operating leases
 
Finance leases
 
Total
 
 
(in millions)
2019 (remainder)
 
$
26

 
$

 
$
26

2020
 
49

 
1

 
50

2021
 
46

 
1

 
47

2022
 
44

 
1

 
45

2023
 
43

 
1

 
44

Thereafter
 
838

 
6

 
844

Total lease payment
 
1,046

 
10

 
1,056

Less: interest
 
505

 
3

 
508

Present value of lease liabilities
 
$
541

 
$
7

 
$
548


Lessor Accounting
The Partnership leases or subleases a portion of its real estate portfolio to third party companies as a stable source of long-term revenue. Our lessor and sublease portfolio consists mainly of operating leases with convenience store operators. At this time, most lessor
agreements contain 5-year terms with renewal options to extend and early termination options based on established terms specific to the individual agreement.
 
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
 
(in millions)
Fuel Distribution & Marketing lease income
$
31

 
$
63

All Other lease income
4

 
7

Total lease income
$
35

 
$
70


Minimum future lease payments receivable are as follows:
 
 
June 30, 2019
 
 
(in millions)
2019 (remainder)
 
$
46

2020
 
72

2021
 
59

2022
 
53

2023
 
4

Thereafter
 
5

Total undiscounted cash flow
 
$
239


v3.19.2
Interest Expense, net
6 Months Ended
Jun. 30, 2019
Interest Income (Expense), Net [Abstract]  
Interest Expense, net
Interest Expense, net
Components of net interest expense were as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions)
Interest expense
$
41

 
$
36

 
$
83

 
$
70

Amortization of deferred financing fees
2

 
1

 
3

 
3

Interest income

 
(1
)
 
(1
)
 
(3
)
Interest expense, net
$
43

 
$
36

 
$
85

 
$
70


v3.19.2
Income Tax Expense
6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Income Tax Expense
Income Tax Expense
As a partnership, we are generally not subject to federal income tax and most state income taxes. However, the Partnership conducts certain activities through corporate subsidiaries which are subject to federal and state income taxes.
Our effective tax rate differs from the statutory rate primarily due to Partnership earnings that are not subject to U.S. federal and most state income taxes at the Partnership level. A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense (benefit) is as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions)
Income tax expense (benefit) at statutory federal rate
$
13

 
$
18

 
$
35

 
$
8

Partnership earnings not subject to tax
(10
)
 
(10
)
 
(36
)
 
(1
)
Statutory tax rate changes

 
(10
)
 

 
19

Other
2

 

 
4

 
3

Net income tax expense (benefit)
$
5

 
$
(2
)
 
$
3

 
$
29


v3.19.2
Partners' Capital
6 Months Ended
Jun. 30, 2019
Partners' Capital [Abstract]  
Partners' Capital
Partners' Capital
As of June 30, 2019, ETO and its subsidiaries owned 28,463,967 common units, which constitutes 34.4% of our outstanding common units, and the public owned 54,285,366 common units. As of June 30, 2019, our consolidated subsidiaries owned all of the 16,410,780 Class C units representing limited partner interests in the Partnership (the “Class C Units”).
Common Units
The change in our outstanding common units for the six months ended June 30, 2019 is as follows: 
 
Number of Units
Number of common units at December 31, 2018
82,665,057

Phantom unit vesting
84,276

Number of common units at June 30, 2019
82,749,333


Allocation of Net Income
Our Partnership Agreement contains provisions for the allocation of net income and loss to the unitholders. For purposes of maintaining partner capital accounts, the Partnership Agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect to incentive cash distributions, which are allocated 100% to ETO.
 
The calculation of net income allocated to the partners is as follows (in millions):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Attributable to Common Units
 
 
 
 
 
 
 
Distributions
$
68

 
$
68

 
$
136

 
$
136

Distributions in excess of net income
(32
)
 
(19
)
 
(12
)
 
(423
)
Limited partners' interest in net income (loss)
$
36

 
$
49

 
$
124

 
$
(287
)

Cash Distributions
Our Partnership Agreement sets forth the calculation used to determine the amount and priority of cash distributions that the common unitholders receive.
Cash distributions paid or payable during 2019 were as follows:
 
 
Limited Partners
 
 
Payment Date
 
Per Unit Distribution
 
Total Cash Distribution
 
Distribution to IDR Holders
 
 
(in millions, except per unit amounts)
August 14, 2019
 
$
0.8255

 
$
68

 
$
18

May 15, 2019
 
$
0.8255

 
$
68

 
$
18

February 14, 2019
 
$
0.8255

 
$
68

 
$
18

v3.19.2
Unit-Based Compensation
6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Unit-Based Compensation
Unit-Based Compensation
A summary of our phantom unit award activity is as follows:
 
Number of Phantom Units
 
Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2017
1,777,301

 
$
31.89

Granted
1,072,600

 
27.67

Vested
(414,472
)
 
32.92

Forfeited
(311,417
)
 
31.26

Outstanding at December 31, 2018
2,124,012

 
29.15

Granted
41,311

 
29.01

Vested
(125,741
)
 
29.21

Forfeited
(167,339
)
 
28.19

Outstanding at June 30, 2019
1,872,243

 
$
28.88


v3.19.2
Segment Reporting
6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting
Our financial statements reflect two reportable segments, fuel distribution and marketing and all other. After the Retail Divestment and the conversion of 207 retail sites to commission agent sites, the Partnership renamed the former Wholesale segment to Fuel Distribution and Marketing and the former Retail segment was renamed to All Other.
We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as net income before net interest expense, income tax expense and depreciation, amortization and accretion expense, non-cash compensation expense, gains and losses on disposal of assets and impairment charges, unrealized gains and losses on commodity derivatives, inventory adjustments, and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations.
The following tables present financial information by segment for the three and six months ended June 30, 2019 and 2018:
 
Six Months Ended June 30,
 
2019
 
2018
 
Fuel Distribution and Marketing
 
All Other
 
Intercompany Eliminations
 
Totals
 
Fuel Distribution and Marketing
 
All Other
 
Intercompany Eliminations
 
Totals
 
(in millions)
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Motor fuel sales
$
7,635

 
$
314

 
 
 
$
7,949

 
$
7,410

 
$
648

 
 
 
$
8,058

Non motor fuel sales
35

 
113

 
 
 
148

 
29

 
213

 
 
 
242

Lease income
63

 
7

 
 
 
70

 
50

 
6

 
 
 
56

Intersegment sales
827

 
48

 
(875
)
 

 
811

 
64

 
(875
)
 

Total revenue
8,560

 
482

 
(875
)
 
8,167

 
8,300

 
931

 
(875
)
 
8,356

Gross profit (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Motor fuel
429

 
46

 
 
 
475

 
365

 
67

 
 
 
432

Non motor fuel
30

 
64

 
 
 
94

 
28

 
90

 
 
 
118

Lease
63

 
7

 
 
 
70

 
50

 
6

 
 
 
56

Total gross profit
522

 
117

 
 
 
639

 
443

 
163

 
 
 
606

Total operating expenses
274

 
116

 
 
 
390

 
247

 
135

 
 
 
382

Operating income
248

 
1

 
 
 
249

 
196

 
28

 
 
 
224

Interest expense, net
71

 
14

 
 
 
85

 
46

 
24

 
 
 
70

Loss on extinguishment of debt and other, net
(3
)
 

 
 
 
(3
)
 
109

 

 
 
 
109

Income (loss) from continuing operations before income taxes
180

 
(13
)
 
 
 
167

 
41

 
4

 
 
 
45

Income tax expense (benefit)
4

 
(1
)
 
 
 
3

 
(2
)
 
31

 
 
 
29

Income (loss) from continuing operations
176

 
(12
)
 
 
 
164

 
43

 
(27
)
 
 
 
16

Loss from discontinued operations,
net of income taxes (See Note 4)

 

 
 
 

 

 
(263
)
 
 
 
(263
)
Net income (loss) and
comprehensive income (loss)
$
176

 
$
(12
)
 
 
 
$
164

 
$
43

 
$
(290
)
 
 
 
$
(247
)
Depreciation, amortization and accretion (2)
71

 
21

 
 
 
92

 
63

 
27

 
 
 
90

Interest expense, net (2)
71

 
14

 
 
 
85

 
46

 
26

 
 
 
72

Income tax expense (benefit) (2)
4

 
(1
)
 
 
 
3

 
(2
)
 
187

 
 
 
185

EBITDA
322

 
22

 
 
 
344

 
150

 
(50
)
 
 
 
100

Non-cash compensation expense (2)
6

 

 
 
 
6

 
1

 
5

 
 
 
6

Loss on disposal of assets and impairment charges (2)
4

 
46

 
 
 
50

 
3

 
63

 
 
 
66

Loss on extinguishment of debt and other, net (2)
(3
)
 

 
 
 
(3
)
 
109

 
20

 
 
 
129

Unrealized gain on commodity derivatives (2)
(3
)
 

 
 
 
(3
)
 

 

 
 
 

Inventory adjustments (2)
(97
)
 

 
 
 
(97
)
 
(57
)
 
(1
)
 
 
 
(58
)
Other non-cash adjustments
8

 

 
 
 
8

 
6

 

 
 
 
6

Adjusted EBITDA
$
237

 
$
68

 
 
 
$
305

 
$
212

 
$
37

 
 
 
$
249

Capital expenditures (2)
$
48

 
$
9