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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-31219
Energy Transfer Operating, L.P.
(Exact name of registrant as specified in its charter)
Delaware
 
73-1493906
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
8111 Westchester Drive, Suite 600, Dallas, Texas 75225
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (214) 981-0700
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
¨
 
Accelerated filer
 
Non-accelerated filer
 
ý
 
Smaller reporting company
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
ETPprC
 
New York Stock Exchange
7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
ETPprD
 
New York Stock Exchange
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
ETPprE
 
New York Stock Exchange
4.250% Senior Notes due 2023
 
ETP 23
 
New York Stock Exchange
5.875% Senior Notes due 2024
 
ETP 24
 
New York Stock Exchange
5.500% Senior Notes due 2027
 
ETP 27
 
New York Stock Exchange
 



FORM 10-Q
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
TABLE OF CONTENTS


i


Definitions
References to the “Partnership” or “ETO” refer to Energy Transfer Operating, L.P. In addition, the following is a list of certain acronyms and terms used throughout this document:
 
/d
 
per day
 
 
 
 
 
AOCI
 
accumulated other comprehensive income (loss)
 
 
 
 
 
BBtu
 
billion British thermal units
 
 
 
 
 
Btu
 
British thermal unit, an energy measurement used by gas companies to convert the volume of gas used to its heat equivalent, and thus calculate the actual energy used
 
 
 
 
 
CDM
 
CDM Resource Management LLC and CDM Environmental & Technical Services LLC, collectively
 
 
 
 
 
Citrus
 
Citrus, LLC
 
 
 
 
 
DOJ
 
United States Department of Justice
 
 
 
 
 
EPA
 
United States Environmental Protection Agency
 
 
 
 
 
ET
 
Energy Transfer LP, the parent company of ETO
 
 
 
 
 
ETC Sunoco
 
ETC Sunoco Holdings LLC (formerly, Sunoco, Inc.), a wholly-owned subsidiary of ETO
 
 
 
 
 
ETP GP
 
Energy Transfer Partners GP, L.P., the general partner of ETO
 
 
 
 
 
ETP LLC
 
Energy Transfer Partners, L.L.C., the general partner of ETP GP
 
 
 
 
Exchange Act
 
Securities Exchange Act of 1934
 
 
 
 
 
FEP
 
Fayetteville Express Pipeline LLC
 
 
 
 
 
FERC
 
Federal Energy Regulatory Commission
 
 
 
 
 
FGT
 
Florida Gas Transmission Company, LLC, a wholly-owned subsidiary of Citrus
 
 
 
 
 
GAAP
 
accounting principles generally accepted in the United States of America
 
 
 
 
 
HFOTCO
 
Houston Fuel Oil Terminal Company, a wholly-owned subsidiary of ETO, which owns the Houston Terminal
 
 
 
 
 
IDRs
 
incentive distribution rights
 
 
 
 
 
Lake Charles LNG
 
Lake Charles LNG Company, LLC (previously named Trunkline LNG Company, LLC), a wholly-owned subsidiary of ETO
 
 
 
 
 
LIBOR
 
London Interbank Offered Rate
 
 
 
 
 
MBbls
 
thousand barrels
 
 
 
 
 
MEP
 
Midcontinent Express Pipeline LLC
 
 
 
 
 
MTBE
 
methyl tertiary butyl ether
 
 
 
 
 
NGL
 
natural gas liquid, such as propane, butane and natural gasoline
 
 
 
 
 
NYMEX
 
New York Mercantile Exchange
 
 
 
 
 
OSHA
 
federal Occupational Safety and Health Act
 
 
 
 
 
OTC
 
over-the-counter
 
 
 
 
 
Panhandle
 
Panhandle Eastern Pipe Line Company, LP and its subsidiaries, wholly-owned by ETO
 
 
 
 
 
PES
 
Philadelphia Energy Solutions Refining and Marketing LLC, non-controlling interest owned by ETO
 
 
 
 
 
Preferred Unitholders
 
Unitholders of the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units and Series G Preferred Units, collectively
 
 
 
 
 
Regency
 
Regency Energy Partners LP, a wholly-owned subsidiary of ETO


ii


 
 
 
 
 
RIGS
 
Regency Intrastate Gas System, a wholly-owned subsidiary of ETO
 
 
 
 
 
Rover
 
Rover Pipeline LLC, a less than wholly-owned subsidiary of ETO
 
 
 
 
 
SEC
 
Securities and Exchange Commission
 
 
 
 
 
SemGroup
 
SemGroup Corporation
 
 
 
 
 
Series A Preferred Units
 
6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series B Preferred Units
 
6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series C Preferred Units
 
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series D Preferred Units
 
7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series E Preferred Units
 
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series F Preferred Units
 
6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
Series G Preferred Units
 
7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
SPLP
 
Sunoco Pipeline L.P., a wholly-owned subsidiary of ETO
 
 
 
 
 
Sunoco Logistics Operations
 
Sunoco Logistics Partners Operations L.P., a wholly-owned subsidiary of ETO
 
 
 
 
 
Sunoco R&M
 
Sunoco (R&M), LLC
 
 
 
 
 
Southwest Gas
 
Pan Gas Storage LLC (d.b.a. Southwest Gas Storage Company)
 
 
 
 
 
Transwestern
 
Transwestern Pipeline Company, LLC, a wholly-owned subsidiary of ETO
 
 
 
 
 
Trunkline
 
Trunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
 
 
 
 
 
USAC
 
USA Compression Partners, LP, a wholly-owned subsidiary of ETO
 
 
 
 
 
USAC Preferred Units
 
USAC Series A Preferred Units
 
White Cliffs
 
White Cliffs Pipeline
 
 
 
 



iii


PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
 
March 31, 2020
 
December 31, 2019*
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
189

 
$
265

Accounts receivable, net
3,268

 
4,921

Accounts receivable from related companies
138

 
175

Inventories
1,024

 
1,532

Income taxes receivable
115

 
141

Derivative assets
25

 
23

Other current assets
297

 
287

Total current assets
5,056

 
7,344

 
 
 
 
Property, plant and equipment
89,132

 
87,886

Accumulated depreciation and depletion
(16,161
)
 
(15,395
)
 
72,971

 
72,491

 
 
 
 
Advances to and investments in unconsolidated affiliates
3,313

 
3,435

Lease right-of-use assets, net
1,026

 
956

Other non-current assets, net
1,493

 
1,547

Notes receivable from related company
5,299

 
5,926

Intangible assets, net
5,948

 
5,974

Goodwill
3,807

 
5,132

Total assets
$
98,913

 
$
102,805

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
1


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
 
March 31, 2020
 
December 31, 2019*
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
2,378

 
$
4,099

Accounts payable to related companies
1,037

 
1,112

Derivative liabilities
9

 
147

Operating lease current liabilities
54

 
57

Accrued and other current liabilities
3,888

 
3,245

Current maturities of long-term debt
16

 
12

Total current liabilities
7,382

 
8,672

 
 
 
 
Long-term debt, less current maturities
49,909

 
50,560

Non-current derivative liabilities
573

 
273

Non-current operating lease liabilities
821

 
895

Deferred income taxes
3,180

 
3,113

Other non-current liabilities
1,161

 
1,134

 
 
 
 
Commitments and contingencies

 

Redeemable noncontrolling interests
492

 
492

 
 
 
 
Equity:
 
 
 
Limited Partners:
 
 
 
Preferred Unitholders
4,748

 
3,174

Common Unitholders
22,804

 
24,226

Accumulated other comprehensive loss
(37
)
 
(18
)
Total partners’ capital
27,515

 
27,382

Noncontrolling interests
7,880

 
8,018

Predecessor equity

 
2,266

Total equity
35,395

 
37,666

Total liabilities and equity
$
98,913

 
$
102,805

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
2


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions)
(unaudited)
 
Three Months Ended
March 31,
 
2020
 
2019*
REVENUES:
 
 
 
Refined product sales
$
3,232

 
$
3,726

Crude sales
3,543

 
3,525

NGL sales
1,689

 
2,402

Gathering, transportation and other fees
2,326

 
2,267

Natural gas sales
588

 
964

Other
190

 
237

Total revenues
11,568

 
13,121

COSTS AND EXPENSES:
 
 
 
Cost of products sold
8,291

 
9,477

Operating expenses
848

 
808

Depreciation, depletion and amortization
851

 
771

Selling, general and administrative
192

 
149

Impairment losses
1,325

 
50

Total costs and expenses
11,507

 
11,255

OPERATING INCOME
61

 
1,866

OTHER INCOME (EXPENSE):
 
 
 
Interest expense, net of interest capitalized
(595
)
 
(527
)
Equity in earnings (losses) of unconsolidated affiliates
(7
)
 
65

Losses on extinguishments of debt
(59
)
 
(2
)
Losses on interest rate derivatives
(329
)
 
(74
)
Other, net
75

 
17

INCOME (LOSS) BEFORE INCOME TAX EXPENSE
(854
)
 
1,345

Income tax expense
53

 
126

NET INCOME (LOSS)
(907
)
 
1,219

Less: Net income (loss) attributable to noncontrolling interests
(200
)
 
256

Less: Net income attributable to redeemable noncontrolling interests
12

 
13

NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
$
(719
)
 
$
950

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
3


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
(unaudited)
 
Three Months Ended
March 31,
 
2020
 
2019*
Net income (loss)
$
(907
)
 
$
1,219

Other comprehensive income (loss), net of tax:
 
 
 
Change in value of available-for-sale securities
(9
)
 
5

Actuarial gain related to pension and other postretirement benefit plans
6

 
7

Change in other comprehensive income from unconsolidated affiliates
(16
)
 
(4
)
 
(19
)
 
8

Comprehensive income (loss)
(926
)
 
1,227

Less: Comprehensive income (loss) attributable to noncontrolling interests
(200
)
 
256

Less: Comprehensive income attributable to redeemable noncontrolling interests
12

 
13

Comprehensive income (loss) attributable to partners
$
(738
)
 
$
958

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
4


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)
 
Limited Partners
 
 
 
 
 
 
 
 
 
Preferred Unitholders
 
Common Unitholders
 
AOCI
 
Non-controlling Interests
 
Predecessor Equity
 
Total
Balance, December 31, 2019*
$
3,174

 
$
24,226

 
$
(18
)
 
$
8,018

 
$
2,266

 
$
37,666

Distributions to partners
(80
)
 
(2,550
)
 

 

 

 
(2,630
)
Distributions to noncontrolling interests

 

 

 
(340
)
 

 
(340
)
Units issued for cash
1,580

 

 

 

 

 
1,580

Capital contributions from noncontrolling interests

 

 

 
66

 

 
66

SemGroup contribution (See Note 2)

 
1,933

 

 
333

 
(2,266
)
 

Other comprehensive loss, net of tax

 

 
(19
)
 

 

 
(19
)
Other, net
(3
)
 
(9
)
 

 
3

 

 
(9
)
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests
77

 
(796
)
 

 
(200
)
 

 
(919
)
Balance, March 31, 2020
$
4,748

 
$
22,804

 
$
(37
)
 
$
7,880

 
$

 
$
35,395

 
Limited Partners
 
 
 
 
 
 
 
Preferred Unitholders
 
Common Unitholders
 
AOCI
 
Non-controlling Interests
 
Total
Balance, December 31, 2018*
$
2,388

 
$
26,539

 
$
(42
)
 
$
7,903

 
$
36,788

Distributions to partners
(64
)
 
(1,450
)
 

 

 
(1,514
)
Distributions to noncontrolling interests

 

 

 
(361
)
 
(361
)
Capital contributions from noncontrolling interests

 

 

 
140

 
140

Sale of noncontrolling interest in subsidiary

 

 

 
93

 
93

Other comprehensive income, net of tax

 

 
8

 

 
8

Other, net

 
15

 

 
13

 
28

Net income, excluding amounts attributable to redeemable noncontrolling interest
40

 
910

 

 
256

 
1,206

Balance, March 31, 2019*
$
2,364

 
$
26,014

 
$
(34
)
 
$
8,044

 
$
36,388

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
5


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
 
Three Months Ended
March 31,
 
2020
 
2019*
OPERATING ACTIVITIES
 
 
 
Net income (loss)
$
(907
)
 
$
1,219

Reconciliation of net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
851

 
771

Deferred income taxes
66

 
98

Inventory valuation adjustments
227

 
(93
)
Non-cash compensation expense
18

 
29

Impairment losses
1,325

 
50

Losses on extinguishments of debt
59

 
2

Distributions on unvested awards
(2
)
 
(1
)
Equity in (earnings) losses of unconsolidated affiliates
7

 
(65
)
Distributions from unconsolidated affiliates
58

 
66

Other non-cash
11

 
107

Net change in operating assets and liabilities, net of effects of acquisitions
113

 
(337
)
Net cash provided by operating activities
1,826

 
1,846

INVESTING ACTIVITIES
 
 
 
Cash proceeds from sale of noncontrolling interest in subsidiary

 
93

Cash paid for all other acquisitions, net of cash received

 
(5
)
Capital expenditures, excluding allowance for equity funds used during construction
(1,621
)
 
(1,150
)
Contributions in aid of construction costs
25

 
15

Contributions to unconsolidated affiliates
(9
)
 
(28
)
Distributions from unconsolidated affiliates in excess of cumulative earnings
52

 
13

Proceeds from the sale of other assets
2

 
4

Other
(6
)
 
(40
)
Net cash used in investing activities
(1,557
)
 
(1,098
)
FINANCING ACTIVITIES
 
 
 
Proceeds from borrowings
12,088

 
11,295

Repayments of debt
(12,769
)
 
(9,513
)
Cash received from (paid to) related company
611

 
(613
)
Preferred units issued for cash
1,580

 

Capital contributions from noncontrolling interests
66

 
140

Distributions to partners
(1,530
)
 
(1,514
)
Distributions to noncontrolling interests
(340
)
 
(361
)
Debt issuance costs
(51
)
 
(84
)
Net cash used in financing activities
(345
)
 
(650
)
Increase (decrease) in cash and cash equivalents
(76
)
 
98

Cash and cash equivalents, beginning of period
265

 
418

Cash and cash equivalents, end of period
$
189

 
$
516

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
6


ENERGY TRANSFER OPERATING, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollar and unit amounts are in millions)
(unaudited)
1.
ORGANIZATION AND BASIS OF PRESENTATION
Organization
The consolidated financial statements presented herein include Energy Transfer Operating, L.P. and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “ETO”).
Energy Transfer Operating, L.P. is a consolidated subsidiary of Energy Transfer LP. In December 2019, ET completed the acquisition of SemGroup. During the first quarter of 2020, ET contributed certain former SemGroup subsidiaries to ETO through sale and contribution transactions. The contribution transactions were accounted for as reorganizations of entities under common control; therefore, the contributed entities’ assets and liabilities were not adjusted as of the contribution date. The Partnership’s consolidated financial statements have been retrospectively adjusted to reflect consolidation beginning December 5, 2019 for SemGroup assets contributed (the date ET acquired SemGroup). Predecessor equity included in the consolidated financial statements represents the equity of contributed entities prior to the contribution transactions.
Our consolidated financial statements reflect the following reportable segments:
intrastate transportation and storage;
interstate transportation and storage;
midstream;
NGL and refined products transportation and services;
crude oil transportation and services;
investment in Sunoco LP;
investment in USAC; and
all other.
Basis of Presentation
The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements of Energy Transfer Operating, L.P. for the year ended December 31, 2019, included in the Partnership’s Annual Report on Form 10-K filed with the SEC on February 21, 2020. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC.
The consolidated financial statements of the Partnership presented herein include the results of operations of our controlled subsidiaries, including Sunoco LP and USAC.
Certain prior period amounts have also been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity.
Change in Accounting Policy
Effective January 1, 2020, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. Under the revised accounting policy, certain amounts of crude oil that are not available for sale have been reclassified from inventory to non-current assets. These crude oil barrels, which are owned by the Partnership’s crude oil acquisition and marketing business, include pipeline linefill and tank bottoms and are not considered to be available for sale because the volumes must be maintained in order to continue normal operation of the related pipelines or tanks and because there is no expectation of liquidation or sale of these volumes in the near term.
Under the previous accounting policy, all crude oil barrels were recorded as inventory under the weighted-average cost method. Under the revised accounting policy, barrels related to pipeline linefill and tank bottoms are accounted for as long-lived assets and reflected as non-current assets on the consolidated balance sheet. These crude oil barrels will be tested for impairment


7


consistent with the Partnership’s existing accounting policy for impairments of long-lived assets. The Partnership’s management believes that the change in accounting policy is preferable as it more closely aligns the accounting policies across the consolidated entity, given that similar assets in the Partnership’s natural gas, NGLs and refined products businesses are accounted for as non-current assets. In addition, management believes that reflecting these crude oil barrels as non-current assets better represents the economic results of the Partnership’s crude oil acquisition and marketing business by reducing volatility resulting from market price adjustments to crude oil barrels that are not expected to be sold or liquidated in the near term.
The impact of this accounting policy change on the Partnership’s net income for three months ended March 31, 2020, was approximately $265 million. As a result of this change in accounting policy, the Partnership’s consolidated balance sheets for prior periods have been retrospectively adjusted as follows:
 
December 31, 2019
 
December 31, 2018
 
As Originally Reported*
 
Effect of Change
 
As Adjusted
 
As Originally Reported
 
Effect of Change
 
As Adjusted
Inventories
$
1,935

 
$
(403
)
 
$
1,532

 
$
1,677

 
$
(305
)
 
$
1,372

Total current assets
7,747

 
(403
)
 
7,344

 
6,820

 
(305
)
 
6,515

Other non-current assets, net
1,051

 
496

 
1,547

 
1,006

 
472

 
1,478

Total assets
102,712

 
93

 
102,805

 
88,442

 
167

 
88,609

Total partners' capital
27,289

 
93

 
27,382

 
28,718

 
167

 
28,885

* Amounts reflect the retrospective consolidation of the SemGroup entities discussed above.


8


In addition, the Partnership’s consolidated statements of operations, comprehensive income and cash flows for prior periods have been retrospectively adjusted as follows:
 
Year Ended December 31,
 
Three Months Ended March 31,
 
2019
 
2018
 
2019
As originally reported:
 
 
 
 
 
Consolidated Statements of Operations and Comprehensive Income
 
 
 
 
 
Cost of products sold
$
39,603

 
$
41,658

 
$
9,415

Operating income
7,285

 
5,402

 
1,928

Income from continuing operations before income tax expense (benefit)
5,386

 
4,044

 
1,407

Net income
5,186

 
3,774

 
1,281

Comprehensive income
5,210

 
3,731

 
1,289

Comprehensive income attributable to partners
4,108

 
2,982

 
1,020

 
 
 
 
 
 
Consolidated Statements of Cash Flows
 
 
 
 
 
Net income
5,186

 
3,774

 
1,281

Net change in operating assets and liabilities
(479
)
 
117

 
(399
)
 
 
 
 
 
 
Effect of change:
 
 
 
 
 
Consolidated Statements of Operations and Comprehensive Income
 
 
 
 
 
Cost of products sold
74

 
(55
)
 
62

Operating income
(74
)
 
55

 
(62
)
Income from continuing operations before income tax expense (benefit)
(74
)
 
55

 
(62
)
Net income
(74
)
 
55

 
(62
)
Comprehensive income
(74
)
 
55

 
(62
)
Comprehensive income attributable to partners
(74
)
 
55

 
(62
)
 
 
 
 
 
 
Consolidated Statements of Cash Flows
 
 
 
 
 
Net income
(74
)
 
55

 
(62
)
Net change in operating assets and liabilities
74

 
(55
)
 
62

 
 
 
 
 
 
As adjusted:
 
 
 
 
 
Consolidated Statements of Operations and Comprehensive Income
 
 
 
 
 
Cost of products sold
39,677

 
41,603

 
9,477

Operating income
7,211

 
5,457

 
1,866

Income from continuing operations before income tax expense (benefit)
5,312

 
4,099

 
1,345

Net income
5,112

 
3,829

 
1,219

Comprehensive income
5,136

 
3,786

 
1,227

Comprehensive income attributable to partners
4,034

 
3,037

 
958

 
 
 
 
 
 
Consolidated Statements of Cash Flows
 
 
 
 
 
Net income
5,112

 
3,829

 
1,219

Net change in operating assets and liabilities
(405
)
 
62

 
(337
)

Use of Estimates
The unaudited consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.


9


Recent Accounting Pronouncements
Effective January 1, 2020, the Partnership adopted Accounting Standards Update (“ASU”) 2016-13 "Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. The impact of adoption was immaterial to the Partnership. However, due in large part to the global economic impacts of COVID-19, the Partnership and its subsidiaries recorded an aggregate $16 million of current expected credit losses for the three months ended March 31, 2020.
Goodwill
During the first quarter of 2020, due to the impacts of the COVID-19 pandemic, the decline in commodity prices and the decreases in the Partnership’s market capitalization, we determined that interim impairment testing should be performed on certain reporting units. We performed the interim impairment tests consistent with our approach for annual impairment testing, including using similar models, inputs and assumptions. As a result of the interim impairment test, the Partnership recognized a goodwill impairment of $483 million related to our Arklatex and South Texas operations within the midstream segment, a goodwill impairment of $183 million related to our Lake Charles LNG regasification operations within the interstate transportation and storage segment due to a contractual reduction in payments for the remainder of the contract term, and a goodwill impairment of $40 million related to our all other operations primarily due to decreases in projected future revenues and cash flows as a result of the overall market demand decline. In addition, USAC recognized a goodwill impairment of $619 million during the three months ended March 31, 2020, which is included in the Partnership's consolidated results of operations. No other impairments of the Partnership’s goodwill were identified.
In connection with aforementioned impairments, the Partnership determined the fair value of our reporting units using the income approach. The income approach is based on the present value of future cash flows, which are derived from our long-term financial forecasts, and requires significant assumptions including, among others, revenue growth rates, operating margins, weighted average costs of capital and future market conditions, among others. The Partnership believes the estimates and assumptions used in our impairment assessments are reasonable and based on available market information, but variations in any of the assumptions could result in materially different calculations of fair value and determinations of whether or not an impairment is indicated. Cash flow projections are derived from one-year budgeted amounts and three-year operating forecasts plus an estimate of later period cash flows, all of which are evaluated by management. Subsequent period cash flows are developed for each reporting unit using growth rates that management believes are reasonably likely to occur.
Of the $3.81 billion of goodwill on the Partnership’s consolidated balance sheet as of March 31, 2020, approximately $1.2 billion is recorded in reporting units for which the estimated fair value exceeded the carrying value by less than 20% in the most recent quantitative test. Management believes that all of the $1.2 billion is at significant risk of impairment, if commodity prices and/or overall market demand remains low. In addition, as of March 31, 2020, the Partnership's goodwill balance includes approximately $230 million of goodwill related to the SemGroup assets that were contributed from ET, as discussed above; these goodwill balances are subject to change as the purchase price allocation has not been finalized. Future goodwill impairment could be impacted by the finalization of the SemGroup purchase accounting.
Changes in the carrying amounts of goodwill were as follows:
 
Intrastate
Transportation
and Storage
 
Interstate
Transportation and Storage
 
Midstream
 
NGL and Refined Products Transportation and Services
 
Crude Oil Transportation and Services
 
Investment in Sunoco LP
 
Investment in USAC
 
All Other
 
Total
Balance, December 31, 2019
$
10

 
$
226

 
$
483

 
$
693

 
$
1,397

 
$
1,555

 
$
619

 
$
149

 
$
5,132

Impaired

 
(183
)
 
(483
)
 

 

 

 
(