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SEC Filings
8-K
SOUTHERN UNION CO filed this Form 8-K on 08/08/2013
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SUPPLEMENTAL INFORMATION
(Tabular dollar amounts in millions)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012 (b) (c)
 
2013
 
2012 (b) (c)
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a):
 
 
 
 
 
 
 
Net income
$
413

 
$
135

 
$
837

 
$
1,223

Interest expense, net of interest capitalized
211

 
191

 
422

 
332

Gain on deconsolidation of Propane Business

 
(1
)
 

 
(1,057
)
Income tax expense from continuing operations
89

 
7

 
92

 
9

Depreciation and amortization
251

 
158

 
511

 
257

Non-cash compensation expense
10

 
10

 
24

 
21

(Gains) losses on interest rate derivatives
(39
)
 
37

 
(46
)
 
9

Unrealized (gains) losses on commodity risk management activities
(18
)
 
(15
)
 
(37
)
 
71

LIFO valuation adjustment
22

 

 
(16
)
 

Loss on extinguishment of debt

 

 

 
115

Adjusted EBITDA related to unconsolidated affiliates
158

 
97

 
323

 
196

Equity in earnings of unconsolidated affiliates
(37
)
 
(1
)
 
(109
)
 
(56
)
Other, net
9

 
24

 
24

 
16

Adjusted EBITDA (consolidated)
1,069

 
642

 
2,025

 
1,136

Adjusted EBITDA related to unconsolidated affiliates
(158
)
 
(97
)
 
(323
)
 
(196
)
Distributions from unconsolidated affiliates
102

 
67

 
197

 
109

Interest expense, net of interest capitalized
(211
)
 
(191
)
 
(422
)
 
(332
)
Income tax expense from continuing operations
(89
)
 
(7
)
 
(92
)
 
(9
)
Maintenance capital expenditures
(121
)
 
(77
)
 
(172
)
 
(101
)
Other, net
1

 

 
2

 
1

Distributable Cash Flow (consolidated)
593

 
337

 
1,215

 
608

Distributable Cash Flow attributable to Sunoco Logistics (100%)
(184
)
 

 
(379
)
 

Distributions from Sunoco Logistics to ETP (d)
49

 

 
94

 

Distributions to ETE in respect of Holdco

 

 
(50
)
 

Distributions to Regency in respect of Lone Star (e)
(16
)
 
(21
)
 
(39
)
 
(32
)
Distributable Cash Flow attributable to the partners of ETP
$
442

 
$
316

 
$
841

 
$
576

 
 
 
 
 
 
 
 
Distributions to the partners of ETP (f):
 
 
 
 
 
 
 
Limited Partners:
 
 
 
 
 
 
 
Common units held by public
$
246

 
$
175

 
$
487

 
$
335

Common units held by ETE
89

 
45

 
178

 
90

General Partner interests held by ETE
5

 
5

 
10

 
10

Incentive Distribution Rights (“IDR”) held by ETE
183

 
120

 
363

 
234

IDR relinquishment related to previous acquisitions
(55
)
 
(14
)
 
(86
)
 
(28
)
Total distributions to be paid to the partners of ETP
468

 
331

 
952

 
641

Distributions credited to Holdco consideration (g)

 

 
(68
)
 

Net distributions to the partners of ETP
$
468

 
$
331

 
$
884

 
$
641

Distribution coverage ratio (h)
0.94x

 
0.95x

 
0.95x

 
0.90x


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