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SEC Filings
8-K
PANHANDLE EASTERN PIPE LINE CO LP filed this Form 8-K on 02/21/2018
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SUPPLEMENTAL INFORMATION
(Dollars and units in millions, except per unit amounts)
(unaudited)
 
Three Months Ended December 31,
 
Years Ended December 31,
 
2017
 
2016 (a)(b)
 
2017 (a)
 
2016 (a)(b)
Reconciliation of net income (loss) to Adjusted EBITDA and Distributable Cash Flow (c):
 
 
 
 
 
 
 
Net income (loss)
$
1,097

 
$
(336
)
 
$
2,501

 
$
583

Interest expense, net
345

 
336

 
1,365

 
1,317

Gains on acquisitions

 
(83
)
 

 
(83
)
Impairment losses (d)
920

 
813

 
920

 
813

Income tax benefit
(1,518
)
 
(55
)
 
(1,496
)
 
(186
)
Depreciation, depletion and amortization
619

 
517

 
2,332

 
1,986

Non-cash compensation expense
17

 
20

 
74

 
80

(Gains) losses on interest rate derivatives
9

 
(167
)
 
37

 
12

Unrealized (gains) losses on commodity risk management activities
(39
)
 
35

 
(56
)
 
131

Losses on extinguishments of debt
42

 

 
42

 

Impairment of investments in unconsolidated affiliates (e)
313

 

 
313

 
308

Equity in (earnings) losses of unconsolidated affiliates (e)
(17
)
 
201

 
(156
)
 
(59
)
Adjusted EBITDA related to unconsolidated affiliates
219

 
235

 
984

 
946

Other, net
(69
)
 
(31
)
 
(148
)
 
(115
)
Adjusted EBITDA (consolidated)
1,938

 
1,485

 
6,712

 
5,733

Adjusted EBITDA related to unconsolidated affiliates
(219
)
 
(235
)
 
(984
)
 
(946
)
Distributable cash flow from unconsolidated affiliates
138

 
134

 
574

 
518

Interest expense, net
(345
)
 
(336
)
 
(1,365
)
 
(1,317
)
Preferred Unitholders’ distributions
(12
)
 

 
(12
)
 

Current income tax (expense) benefit
(13
)
 
40

 
(35
)
 
17

Maintenance capital expenditures
(143
)
 
(134
)
 
(429
)
 
(368
)
Other, net
(1
)
 
4

 
42

 
1

Distributable Cash Flow (consolidated)
1,343

 
958

 
4,503

 
3,638

Distributable Cash Flow attributable to PennTex (100%) (f)

 
(11
)
 
(19
)
 
(11
)
Distributions from PennTex to ETP (f)

 
8

 
8

 
16

Distributable cash flow attributable to noncontrolling interest in other consolidated subsidiaries
(151
)
 
(12
)
 
(350
)
 
(40
)
Distributable Cash Flow attributable to the partners of ETP
1,192

 
943

 
4,142

 
3,603

Transaction-related expenses
3

 
12

 
48

 
16

Distributable Cash Flow attributable to the partners of ETP, as adjusted
$
1,195

 
$
955

 
$
4,190

 
$
3,619

 
 
 
 
 
 
 
 
Distributions to the partners of ETP (g):
 
 
 
 
 
 
 
Limited Partners:
 
 
 
 
 
 
 
Common Units held by public
$
641

 
$
547

 
$
2,435

 
$
2,042

Common Units held by parent
16

 
14

 
61

 
20

General Partner interests
4

 
4

 
16

 
14

Incentive Distribution Rights (“IDRs”) held by parent
434

 
359

 
1,638

 
1,327

IDR relinquishments
(174
)
 
(145
)
 
(656
)
 
(423
)
Total distributions to be paid to partners
$
921

 
$
779

 
$
3,494

 
$
2,980

Common Units outstanding – end of period (g)(h)
1,164.1

 
1,050.1

 
1,164.1

 
1,050.1

Distribution coverage ratio (i)
1.30x

 
1.23x

 
1.20x

 
1.21x




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