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SEC Filings
S-4/A
SUSSER HOLDINGS CORP filed this Form S-4/A on 08/16/2016
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Table of Contents
Index to Financial Statements

Results of Operations

 

     Years Ended December 31,     Six Months Ended
June 30,
 
($ in millions)    2015      2014     2013         2016              2015      

Revenues:

            

Sales and other operating revenue

   $ 1,960       $ 13,832      $ 14,843      $ —         $ 1,960   

Sales to affiliates

     424         2,907        3,079        —           424   

Other

     10         122        31        —           10   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Total revenues

     2,394         16,861        17,953        —           2,394   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Costs and expenses:

            

Cost of products sold

     1,636         12,222        12,073        —           1,636   

Purchases from affiliates

     685         4,229        5,447        —           685   

Operating expenses

     20         164        135        —           20   

Selling, general and administrative

     17         47        35        —           17   

Depreciation and amortization

     13         74        54        —           13   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Total costs and expenses

     2,371         16,736        17,744        —           2,371   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Operating income

     23         125        209        —           23   

Other income (expense):

            

Interest expense

     —           (8     (2     —           —     

Income (loss) from unconsolidated affiliates

     304         85        (33     23         123   

Other, net

     1         1        (1     —           1   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Income before income tax expense

     328         203        173        23         147   

Income tax expense

     3         53        54        —           3   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Net income

   $ 325       $ 150      $ 119      $ 23       $ 144   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

The following is a discussion of the significant items and variances impacting ETP Retail’s net income during the periods presented above:

Revenues. For the year ended December 31, 2015 compared to the years ended December 31, 2014 and 2013, revenues decreased due to the MACS Transaction and the deconsolidation of Sunoco LLC in April 2015. For the six months ended June 30, 2016 compared to the six months ended June 30, 2015, revenues decreased due to the deconsolidation of Sunoco LLC in April 2015.

Costs and expenses. For the year ended December 31, 2015 compared to the years ended December 31, 2014 and 2013, costs and expenses decreased due to the MACS Transaction and the deconsolidation of Sunoco LLC in April 2015. For the six months ended June 30, 2016 compared to the six months ended June 30, 2015, costs and expenses decreased due to the deconsolidation of Sunoco LLC in April 2015.

Income (loss) from unconsolidated affiliates. For the year ended December 31, 2015 compared to the years ended December 31, 2014 and 2013, income from unconsolidated affiliates increased due to the acquisition of Sunoco LP common units related to the MACS Transaction and sale of a 31.58% membership interest in Sunoco LLC. For the six months ended June 30, 2016 compared to the six months ended June 30, 2015, income from unconsolidated affiliates increased due to the acquisition of Sunoco LP common units related to the sale of a 31.58% membership interest in Sunoco LLC effective April 1, 2015, the sale of a 68.42% membership interest in Sunoco LLC effective January 1, 2016, and the sale of 100% of the membership interest in Sunoco Retail effective January 1, 2016.

Income tax expense. Income tax expense decreased for the year ended December 31, 2015 compared to the years ended December 31, 2014 and 2013 and for the six months ended June 30, 2016 compared to the six months ended June 30, 2015 primarily due to the restructuring of ETP Retail’s investments in Sunoco LLC and

 

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