QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
ý | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging Growth company |
Page | ||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Receivables from affiliates | |||||||||||
Inventories, net | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Property and equipment, net | |||||||||||
Other assets: | |||||||||||
Finance lease right-of-use assets, net | |||||||||||
Operating lease right-of-use assets, net | |||||||||||
Goodwill | |||||||||||
Intangible assets | |||||||||||
Accumulated amortization | ( | ( | |||||||||
Intangible assets, net | |||||||||||
Other noncurrent assets | |||||||||||
Investment in unconsolidated affiliate | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accounts payable to affiliates | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Operating lease current liabilities | |||||||||||
Current maturities of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Operating lease noncurrent liabilities | |||||||||||
Revolving line of credit | |||||||||||
Long-term debt, net | |||||||||||
Advances from affiliates | |||||||||||
Deferred tax liability | |||||||||||
Other noncurrent liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 10) | |||||||||||
Equity: | |||||||||||
Limited partners: | |||||||||||
Common unitholders ( | |||||||||||
Class C unitholders - held by subsidiaries ( December 31, 2020) | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Motor fuel sales | $ | $ | $ | $ | |||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||
Lease income | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Cost of sales and operating expenses: | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Other operating | |||||||||||||||||||||||
Lease expense | |||||||||||||||||||||||
(Gain) loss on disposal of assets | ( | ( | ( | ||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||
Total cost of sales and operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Equity in earnings of unconsolidated affiliate | |||||||||||||||||||||||
Loss on extinguishment of debt | ( | ||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income and comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Net income per common unit: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common units outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Cash distributions per unit | $ | $ | $ | $ |
Balance at December 31, 2020 | $ | |||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Other | ( | |||||||
Net income | ||||||||
Balance at March 31, 2021 | ||||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Net income | ||||||||
Balance at June 30, 2021 | ||||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Net income | ||||||||
Balance at September 30, 2021 | $ | |||||||
Balance at December 31, 2019 | $ | |||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Net loss | ( | |||||||
Balance at March 31, 2020 | ||||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Net income | ||||||||
Balance at June 30, 2020 | ||||||||
Cash distribution to unitholders | ( | |||||||
Unit-based compensation | ||||||||
Other | ||||||||
Net income | ||||||||
Balance at September 30, 2020 | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | |||||||||||
Amortization of deferred financing fees | |||||||||||
(Gain) loss on disposal of assets | ( | ||||||||||
Loss on extinguishment of debt | |||||||||||
Non-cash unit-based compensation expense | |||||||||||
Deferred income tax | ( | ||||||||||
Inventory valuation adjustment | ( | ||||||||||
Equity in earnings of unconsolidated affiliate | ( | ( | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Receivables from affiliates | |||||||||||
Inventories, net | ( | ||||||||||
Other assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Accounts payable to affiliates | ( | ||||||||||
Accrued expenses and other current liabilities | |||||||||||
Other noncurrent liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Contributions to unconsolidated affiliate | ( | ||||||||||
Distributions from unconsolidated affiliate in excess of cumulative earnings | |||||||||||
Cash paid for acquisition | ( | ||||||||||
Proceeds from disposal of property and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Payments on long-term debt | ( | ( | |||||||||
Revolver borrowings | |||||||||||
Revolver repayments | ( | ( | |||||||||
Distributions to unitholders | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosure of non-cash investing activities: | |||||||||||
Change in note payable to affiliate | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
Accounts receivable, trade | $ | $ | |||||||||
Credit card receivables | |||||||||||
Vendor receivables for rebates and branding | |||||||||||
Other receivables | |||||||||||
Allowance for expected credit losses | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
Fuel | $ | $ | |||||||||
Other | |||||||||||
Inventories, net | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
Wage and other employee-related accrued expenses | $ | $ | |||||||||
Accrued tax expense | |||||||||||
Accrued insurance | |||||||||||
Accrued interest expense | |||||||||||
Dealer deposits | |||||||||||
Accrued environmental expense | |||||||||||
Other | |||||||||||
Total | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
Sale leaseback financing obligation | $ | $ | |||||||||
2018 Revolver | |||||||||||
Finance leases | |||||||||||
Total debt | |||||||||||
Less: current maturities | |||||||||||
Less: debt issuance costs | |||||||||||
Long-term debt, net | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
Reserve for underground storage tank removal | $ | $ | |||||||||
Accrued environmental expense, long-term | |||||||||||
Other | |||||||||||
Total | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Motor fuel sales to affiliates | $ | $ | $ | $ | |||||||||||||||||||
Bulk fuel purchases from affiliates | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fuel Distribution and Marketing Segment | |||||||||||||||||||||||
Distributor | $ | $ | $ | $ | |||||||||||||||||||
Dealer | |||||||||||||||||||||||
Unbranded wholesale | |||||||||||||||||||||||
Commission agent | |||||||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||
Lease income | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
All Other Segment | |||||||||||||||||||||||
Motor fuel | |||||||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||
Lease income | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
Contract balances | |||||||||||
Contract asset | $ | $ | |||||||||
Accounts receivable from contracts with customers | $ | $ | |||||||||
Contract liability | $ | $ |
September 30, | |||||||||||
Lease Term and Discount Rate | 2021 | 2020 | |||||||||
Weighted-average remaining lease term (years) | |||||||||||
Operating leases | |||||||||||
Finance leases | |||||||||||
Weighted-average discount rate (%) | |||||||||||
Operating leases | % | % | |||||||||
Finance leases | % | % |
Nine Months Ended September 30, | |||||||||||
Other information | 2021 | 2020 | |||||||||
(in millions) | |||||||||||
Cash paid for amount included in the measurement of lease liabilities | |||||||||||
Operating cash flows from operating leases | $ | ( | $ | ( | |||||||
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 | $ | $ |
Maturity of lease liabilities (as of September 30, 2021) | Operating leases | Finance leases | Total | |||||||||||||||||
(in millions) | ||||||||||||||||||||
2021 (remainder) | $ | $ | $ | |||||||||||||||||
2022 | ||||||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total lease payment | ||||||||||||||||||||
Less: interest | ||||||||||||||||||||
Present value of lease liabilities | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Interest expense | $ | $ | $ | $ | |||||||||||||||||||
Amortization of deferred financing fees | |||||||||||||||||||||||
Interest income | ( | ||||||||||||||||||||||
Interest expense, net | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Income tax expense at statutory federal rate | $ | $ | $ | $ | |||||||||||||||||||
Partnership earnings not subject to tax | ( | ( | ( | ( | |||||||||||||||||||
State and local tax, net of federal benefit | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Net income tax expense | $ | $ | $ | $ |
Number of Units | |||||
Number of common units at December 31, 2020 | |||||
Phantom vested units exercised | |||||
Number of common units at September 30, 2021 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Attributable to Common Units | |||||||||||||||||||||||
Distributions | $ | $ | $ | $ | |||||||||||||||||||
Distributions (in excess of) less than net income | ( | ||||||||||||||||||||||
Limited partners' interest in net income | $ | $ | $ | $ |
Limited Partners | ||||||||||||||||||||
Payment Date | Per Unit Distribution | Total Cash Distribution | Distribution to IDR Holders | |||||||||||||||||
(in millions, except per unit amounts) | ||||||||||||||||||||
November 19, 2021 | $ | $ | $ | |||||||||||||||||
August 19, 2021 | $ | $ | $ | |||||||||||||||||
May 19, 2021 | $ | $ | $ | |||||||||||||||||
February 19, 2021 | $ | $ | $ |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||||||||||||||||||||||||||
Lease income | |||||||||||||||||||||||||||||||||||||||||||||||
Intersegment sales | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total revenue | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Gross profit (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Motor fuel | |||||||||||||||||||||||||||||||||||||||||||||||
Non motor fuel | |||||||||||||||||||||||||||||||||||||||||||||||
Lease | |||||||||||||||||||||||||||||||||||||||||||||||
Total gross profit | |||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations before income taxes | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) and comprehensive income (loss) | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||||||||||||||||||||
Non-cash unit-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of assets | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Unrealized loss (gain) on commodity derivatives | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Inventory adjustments | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA related to unconsolidated affiliate | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-cash adjustments | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Total assets as of September 30, 2021 and December 31, 2020, respectively | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | Fuel Distribution and Marketing | All Other | Intercompany Eliminations | Totals | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Non motor fuel sales | |||||||||||||||||||||||||||||||||||||||||||||||
Lease income | |||||||||||||||||||||||||||||||||||||||||||||||
Intersegment sales | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total revenue | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Gross profit (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Motor fuel | |||||||||||||||||||||||||||||||||||||||||||||||
Non motor fuel | |||||||||||||||||||||||||||||||||||||||||||||||
Lease | |||||||||||||||||||||||||||||||||||||||||||||||
Total gross profit | |||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations before income taxes | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) and comprehensive income | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||||||||||||||||||||||||||
Non-cash unit-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on disposal of assets | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on commodity derivatives | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Inventory adjustments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliate | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA related to unconsolidated affiliate | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-cash adjustments | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Total assets as of September 30, 2021 and December 31, 2020, respectively | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions, except units and per unit amounts) | |||||||||||||||||||||||
Net income and comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Incentive distribution rights | |||||||||||||||||||||||
Distributions on nonvested phantom unit awards | |||||||||||||||||||||||
Limited partners’ interest in net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common units outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Dilutive effect of nonvested phantom unit awards | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income per common unit: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Total | Fuel Distribution and Marketing | All Other | Total | |||||||||||||||||||||||||||||||||
(dollars and gallons in millions, except gross profit per gallon) | ||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | 4,499 | $ | 167 | $ | 4,666 | $ | 2,600 | $ | 111 | $ | 2,711 | ||||||||||||||||||||||||||
Non motor fuel sales | 21 | 58 | 79 | 14 | 46 | 60 | ||||||||||||||||||||||||||||||||
Lease income | 33 | 1 | 34 | 30 | 4 | 34 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 4,553 | $ | 226 | $ | 4,779 | $ | 2,644 | $ | 161 | $ | 2,805 | ||||||||||||||||||||||||||
Gross profit (1): | ||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | 216 | $ | 15 | $ | 231 | $ | 224 | $ | 13 | $ | 237 | ||||||||||||||||||||||||||
Non motor fuel sales | 12 | 30 | 42 | 11 | 26 | 37 | ||||||||||||||||||||||||||||||||
Lease | 33 | 1 | 34 | 30 | 4 | 34 | ||||||||||||||||||||||||||||||||
Total gross profit | $ | 261 | $ | 46 | $ | 307 | $ | 265 | $ | 43 | $ | 308 | ||||||||||||||||||||||||||
Net income (loss) and comprehensive income (loss) | $ | 104 | $ | — | $ | 104 | $ | 107 | $ | (7) | $ | 100 | ||||||||||||||||||||||||||
Adjusted EBITDA (2) | $ | 186 | $ | 12 | $ | 198 | $ | 177 | $ | 12 | $ | 189 | ||||||||||||||||||||||||||
Operating Data: | ||||||||||||||||||||||||||||||||||||||
Total motor fuel gallons sold | 1,971 | 1,853 | ||||||||||||||||||||||||||||||||||||
Motor fuel gross profit cents per gallon (3) | 11.3 | ¢ | 12.1 | ¢ |
Three Months Ended September 30, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
(in millions) | |||||||||||||||||
Adjusted EBITDA | |||||||||||||||||
Fuel distribution and marketing | $ | 186 | $ | 177 | $ | 9 | |||||||||||
All other | 12 | 12 | — | ||||||||||||||
Total Adjusted EBITDA | 198 | 189 | 9 | ||||||||||||||
Depreciation, amortization and accretion | (45) | (50) | 5 | ||||||||||||||
Interest expense, net | (40) | (43) | 3 | ||||||||||||||
Non-cash unit-based compensation expense | (5) | (4) | (1) | ||||||||||||||
Gain on disposal of assets | 4 | 1 | 3 | ||||||||||||||
Unrealized gain (loss) on commodity derivatives | (2) | 6 | (8) | ||||||||||||||
Inventory adjustments | 9 | 11 | (2) | ||||||||||||||
Equity in earnings of unconsolidated affiliate | 1 | 1 | — | ||||||||||||||
Adjusted EBITDA related to unconsolidated affiliate | (3) | (2) | (1) | ||||||||||||||
Other non-cash adjustments | (3) | (4) | 1 | ||||||||||||||
Income tax expense | (10) | (5) | (5) | ||||||||||||||
Net income and comprehensive income | $ | 104 | $ | 100 | $ | 4 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Fuel Distribution and Marketing | All Other | Total | Fuel Distribution and Marketing | All Other | Total | |||||||||||||||||||||||||||||||||
(dollars and gallons in millions, except gross profit per gallon) | ||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | 11,890 | $ | 431 | $ | 12,321 | $ | 7,569 | $ | 300 | $ | 7,869 | ||||||||||||||||||||||||||
Non motor fuel sales | 51 | 167 | 218 | 45 | 140 | 185 | ||||||||||||||||||||||||||||||||
Lease income | 98 | 5 | 103 | 89 | 14 | 103 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 12,039 | $ | 603 | $ | 12,642 | $ | 7,703 | $ | 454 | $ | 8,157 | ||||||||||||||||||||||||||
Gross profit (1): | ||||||||||||||||||||||||||||||||||||||
Motor fuel sales | $ | 754 | $ | 35 | $ | 789 | $ | 493 | $ | 59 | $ | 552 | ||||||||||||||||||||||||||
Non motor fuel sales | 38 | 81 | 119 | 35 | 84 | 119 | ||||||||||||||||||||||||||||||||
Lease | 98 | 5 | 103 | 89 | 14 | 103 | ||||||||||||||||||||||||||||||||
Total gross profit | $ | 890 | $ | 121 | $ | 1,011 | $ | 617 | $ | 157 | $ | 774 | ||||||||||||||||||||||||||
Net income and comprehensive income (loss) | $ | 433 | $ | (9) | $ | 424 | $ | 111 | $ | 18 | $ | 129 | ||||||||||||||||||||||||||
Adjusted EBITDA (2) | $ | 530 | $ | 26 | $ | 556 | $ | 497 | $ | 83 | $ | 580 | ||||||||||||||||||||||||||
Operating Data: | ||||||||||||||||||||||||||||||||||||||
Total motor fuel gallons sold | 5,660 | 5,265 | ||||||||||||||||||||||||||||||||||||
Motor fuel gross profit cents per gallon (3) | 11.0 | ¢ | 12.9 | ¢ |
Nine Months Ended September 30, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
(in millions) | |||||||||||||||||
Adjusted EBITDA: | |||||||||||||||||
Fuel distribution and marketing | $ | 530 | $ | 497 | $ | 33 | |||||||||||
All other | 26 | 83 | (57) | ||||||||||||||
Total Adjusted EBITDA | 556 | 580 | (24) | ||||||||||||||
Depreciation, amortization and accretion | (135) | (142) | 7 | ||||||||||||||
Interest expense, net | (124) | (131) | 7 | ||||||||||||||
Non-cash unit-based compensation expense | (12) | (11) | (1) | ||||||||||||||
Gain (loss) on disposal of assets | 12 | (7) | 19 | ||||||||||||||
Loss on extinguishment of debt | (7) | — | (7) | ||||||||||||||
Unrealized gain on commodity derivatives | 5 | — | 5 | ||||||||||||||
Inventory adjustments | 168 | (126) | 294 | ||||||||||||||
Equity in earnings of unconsolidated affiliate | 3 | 3 | — | ||||||||||||||
Adjusted EBITDA related to unconsolidated affiliate | (7) | (7) | — | ||||||||||||||
Other non-cash adjustments | (14) | (14) | — | ||||||||||||||
Income tax expense | (21) | (16) | (5) | ||||||||||||||
Net income and comprehensive income | $ | 424 | $ | 129 | $ | 295 | |||||||||||
For the Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Net cash provided by (used in) | |||||||||||
Operating activities | $ | 512 | $ | 462 | |||||||
Investing activities | (65) | (73) | |||||||||
Financing activities | (456) | (347) | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | (9) | $ | 42 |
September 30, 2021 | December 31, 2020 | ||||||||||
(in millions) | |||||||||||
Sale leaseback financing obligation | $ | 92 | $ | 97 | |||||||
2018 Revolver | 250 | — | |||||||||
4.875% Senior Notes Due 2023 (1) | — | 436 | |||||||||
5.500% Senior Notes Due 2026 (2) | 800 | 800 | |||||||||
6.000% Senior Notes Due 2027 | 600 | 600 | |||||||||
5.875% Senior Notes Due 2028 (2) | 400 | 400 | |||||||||
4.500% Senior Notes Due 2029 (3) | 800 | 800 | |||||||||
Finance leases | 9 | 6 | |||||||||
Total debt | 2,951 | 3,139 | |||||||||
Less: current maturities | 6 | 6 | |||||||||
Less: debt issuance costs | 23 | 27 | |||||||||
Long-term debt, net | $ | 2,922 | $ | 3,106 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
3.6 | ||||||||
3.7 | ||||||||
3.8 | ||||||||
3.9 | ||||||||
3.10 | ||||||||
3.11 | ||||||||
3.12 | ||||||||
3.13 | ||||||||
3.14 | ||||||||
3.15 | ||||||||
22.1 | ||||||||
31.1 * | ||||||||
31.2 * | ||||||||
32.1 ** | ||||||||
32.2 ** | ||||||||
101* | The following financial information from the Partnership’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income, (iii) Consolidated Statements of Equity, (iv) Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||
* - | Filed herewith | |||||||
** - | Furnished herewith | |||||||
SUNOCO LP | ||||||||
By | Sunoco GP LLC, its general partner | |||||||
Date: November 4, 2021 | By | /s/ Rick Raymer | ||||||
Rick Raymer | ||||||||
Vice President, Controller and Principal Accounting Officer (In his capacity as principal accounting officer) |
Date: November 4, 2021 | /s/ Joseph Kim | ||||
Joseph Kim | |||||
President and Chief Executive Officer of Sunoco GP LLC, the general partner of Sunoco LP |
Date: November 4, 2021 | /s/ Dylan Bramhall | ||||
Dylan Bramhall | |||||
Chief Financial Officer of Sunoco GP LLC, the general partner of Sunoco LP |
Date: November 4, 2021 | /s/ Joseph Kim | ||||
Joseph Kim | |||||
President and Chief Executive Officer of Sunoco GP LLC, the general partner of Sunoco LP |
Date: November 4, 2021 | /s/ Dylan Bramhall | ||||
Dylan Bramhall | |||||
Chief Financial Officer of Sunoco GP LLC, the general partner of Sunoco LP |
Consolidated Balance Sheets (Parenthetical) - shares |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Common Units [Member] | ||
Equity: | ||
Limited Partners' Capital Account, Units Issued | 83,352,123 | 83,333,631 |
Limited Partners' Capital Account, Units Outstanding | 83,352,123 | 83,333,631 |
Class C Units [Member] | ||
Equity: | ||
Limited Partners' Capital Account, Units Issued | 16,410,780 | 16,410,780 |
Limited Partners' Capital Account, Units Outstanding | 16,410,780 | 16,410,780 |
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Revenues: | ||||
Revenues | $ 4,779 | $ 2,805 | $ 12,642 | $ 8,157 |
Cost of sales and operating expenses: | ||||
Cost of sales | 4,472 | 2,497 | 11,631 | 7,383 |
General and administrative | 28 | 28 | 79 | 87 |
Other operating | 70 | 68 | 192 | 219 |
Lease expense | 15 | 16 | 44 | 46 |
(Gain) loss on disposal of assets | (4) | (1) | (12) | 7 |
Depreciation, amortization and accretion | 45 | 50 | 135 | 142 |
Total cost of sales and operating expenses | 4,626 | 2,658 | 12,069 | 7,884 |
Operating income | 153 | 147 | 573 | 273 |
Interest expense, net | (40) | (43) | (124) | (131) |
Equity in earnings of unconsolidated affiliate | 1 | 1 | 3 | 3 |
Other income (expense), net | 0 | 0 | (7) | 0 |
Income before income taxes | 114 | 105 | 445 | 145 |
Income tax expense | 10 | 5 | 21 | 16 |
Net income and comprehensive income | $ 104 | $ 100 | $ 424 | $ 129 |
Net income (loss) per common unit: | ||||
Basic | $ 1.01 | $ 0.97 | $ 4.38 | $ 0.85 |
Diluted | $ 1.00 | $ 0.96 | $ 4.33 | $ 0.84 |
Weighted average common units outstanding: | ||||
Basic | 83,352,123 | 83,056,365 | 83,348,540 | 83,033,556 |
Diluted | 84,549,277 | 83,770,034 | 84,364,321 | 83,668,835 |
Cash distributions per unit | $ 0.8255 | $ 0.8255 | $ 2.4765 | $ 2.4765 |
Common Units [Member] | ||||
Weighted average common units outstanding: | ||||
Basic | 83,352,123 | 83,056,365 | 83,348,540 | 83,033,556 |
Diluted | 84,549,277 | 83,770,034 | 84,364,321 | 83,668,835 |
Motor Fuel Sales [Member] | ||||
Revenues: | ||||
Revenues | $ 4,666 | $ 2,711 | $ 12,321 | $ 7,869 |
Non Motor Fuel Sales [Member] | ||||
Revenues: | ||||
Revenues | 79 | 60 | 218 | 185 |
Lease Income [Member] | ||||
Revenues: | ||||
Revenues | $ 34 | $ 34 | $ 103 | $ 103 |
Organization and Principles of Consolidation |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
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 LP (“ET”). Prior to April 1, 2021, Energy Transfer Operating, L.P. (“ETO”) owned our General Partner. On April 1, 2021, ETO merged into ET with ET surviving the merger. As of September 30, 2021, ET and its subsidiaries owned 100% of the membership interests in our General Partner, all of our incentive distribution rights (“IDRs”) and approximately 34.1% of our common units, which constitutes a 28.5% 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, Maryland 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. Sunoco Retail also leases owned sites to commission agents who sell motor fuels to the motoring public on Sunoco Retail's behalf for a commission. •Aloha Petroleum LLC (“Aloha 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 operating income, net income and comprehensive income, the balance sheets or statements of cash flows.
|
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 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 interim 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, 2020 filed with the Securities and Exchange Commission ("SEC") on February 19, 2021. Significant Accounting Policies As of September 30, 2021, there have been no changes in the Partnership's significant accounting policies from those described in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 19, 2021. 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 $88 million and $82 million for the three months ended September 30, 2021 and 2020, respectively, and $252 million and $226 million for the nine months ended September 30, 2021 and 2020, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in the accompanying consolidated statements of operations and comprehensive income.
|
Accounts Receivable, net |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, net | Accounts Receivable, net Accounts receivable, net, consisted of the following:
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Inventories, net |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | Inventories, net Due to changes in fuel prices, we recorded an inventory adjustment on the value of fuel inventory of $168 million for the nine months ended September 30, 2021. Fuel inventories are stated at the lower of cost or market using the last-in-first-out (“LIFO”) method. As of September 30, 2021 and December 31, 2020, the carrying value of the Partnership’s fuel inventory included lower of cost or market reserves of $143 million and $311 million, respectively, and the inventory carrying value equaled or exceeded its replacement cost. For the three and nine months ended September 30, 2021 and 2020, the Partnership’s consolidated statements of operations and comprehensive income did not include any material amounts of income from the liquidation of LIFO fuel inventory. Inventories, net, consisted of the following:
|
Accrued Expenses and Other Current Liabilities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Long-Term Debt |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following:
(1) On January 15, 2021, we used proceeds from borrowings on our 2018 Revolver (described below) to repurchase the remaining $436 million outstanding principal amount of our 4.875% senior notes due 2023. (2) In connection with the merger of ETO into ET on April 1, 2021, as discussed in Note 1, the guarantees of the Partnership's senior notes due 2026 and 2028 have been assumed by ET. On October 20, 2021, the Partnership completed a private offering of $800 million in aggregate principal amount of 4.500% senior notes due 2030. The Partnership used the proceeds from the private offering to fund a tender offer and repurchase all of the 2026 senior notes. In connection with our issuance of the 2030 Notes, we entered into a registration rights agreement with the initial purchasers pursuant to which we agreed to complete an offer to exchange the 2030 Notes for an issue of registered notes with terms substantively identical to the 2030 Notes and evidencing the same indebtedness as the 2030 Notes on or before October 20, 2022. (3) In connection with our issuance of the 2029 Notes, we entered into a registration rights agreement with the initial purchasers pursuant to which we agreed to complete an offer to exchange the 2029 Notes for an issue of registered notes with terms substantively identical to the 2029 Notes and evidencing the same indebtedness as the 2029 Notes on or before November 9, 2021. The exchange offer was completed on July 6, 2021. Revolving Credit Agreement The Partnership is party to an 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”). As of September 30, 2021, the balance on the 2018 Revolver was $250 million, and $6 million in standby letters of credit were outstanding. The unused availability on the 2018 Revolver at September 30, 2021 was $1.2 billion. The weighted average interest rate on the total amount outstanding at September 30, 2021 was 2.09%. The Partnership was in compliance with all financial covenants at September 30, 2021. Fair Value of Debt The estimated fair value of debt is calculated using Level 2 inputs. The estimated fair value of debt as of September 30, 2021 was approximately $3.0 billion, based on outstanding balances as of the end of the period using current interest rates for similar securities.
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Other Noncurrent Liabilities (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Text Block] | Other Noncurrent Liabilities Other noncurrent liabilities consisted of the following:
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Related-Party Transactions |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions | Related-Party Transactions We are party to fee-based commercial agreements with various affiliates of ET for pipeline, terminalling and storage services. We also have agreements with subsidiaries of ET for the purchase and sale of fuel. On July 1, 2019, we entered into a 50% owned joint venture on the J.C. Nolan diesel fuel pipeline to West Texas. ET operates the J.C. Nolan pipeline for the joint venture, which transports diesel fuel from Hebert, Texas to a terminal in the Midland, Texas area. The carrying value of our investment in this unconsolidated joint venture was $133 million and $136 million as of September 30, 2021 and December 31, 2020, respectively. In addition, we recorded income on the unconsolidated joint venture of $1 million and $1 million for the three months ended September 30, 2021 and 2020, respectively, and $3 million and $3 million for the nine months ended September 30, 2021 and 2020, respectively. Summary of Transactions Related party transactions with affiliates for the three and nine months ended September 30, 2021 and 2020 were as follows (in millions):
Significant affiliate balances and activity related to the consolidated balance sheets are as follows: •Net advances from affiliates were $127 million and $125 million as of September 30, 2021 and December 31, 2020, respectively. Advances from affiliates are primarily related to the treasury services agreements between Sunoco LLC and Energy Transfer (R&M), LLC and between Sunoco Retail and Energy Transfer (R&M), LLC, which are in place for purposes of cash management and transactions related to the diesel fuel pipeline joint venture with ET. •Net accounts receivable from affiliates were $9 million and $11 million as of September 30, 2021 and December 31, 2020, respectively, which are primarily related to motor fuel sales to affiliates. •Net accounts payable to affiliates were $63 million and $79 million as of September 30, 2021 and December 31, 2020, respectively, which are related to operational expenses and bulk fuel purchases.
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Revenue (Notes) |
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Revenue from Contract with Customer [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:
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 expected credit losses. The allowance for expected credit losses represents our best estimate of the probable losses associated with potential customer defaults. We estimate the expected credit losses based on historical write-off experience by industry and current expectations of future credit losses. The balances of the Partnership’s contract assets and contract liabilities as of September 30, 2021 and December 31, 2020 were as follows:
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 the 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 $6 million and $15 million for the three and nine months ended September 30, 2021, respectively, and $4 million and $14 million for the three and nine months ended September 30, 2020, 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.
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Commitments And Contingencies |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | 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. 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. Operating leases are included in lease right-of-use (“ROU”) assets, operating lease current liabilities, and operating lease noncurrent liabilities in our consolidated balance sheets. Finance leases represent a small portion of the active lease agreements and are included in ROU assets and long-term debt in our consolidated balance sheets. 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 1 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 on or before the commencement date 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 details of the Partnership's operating and finance lease liabilities are as follows:
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.
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Interest Expense, net |
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Interest Income (Expense), Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense, net | Interest Expense, net Components of net interest expense were as follows:
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Income Tax Expense |
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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 is as follows:
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Partners' Capital |
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Partners' Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital | Partners' Capital As of September 30, 2021, ET and its subsidiaries owned 28,463,967 common units, which constitutes 34.1% of our outstanding common units, and the public owned 54,888,156 common units. As of September 30, 2021, 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 nine months ended September 30, 2021 is as follows:
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 ET. The calculation of net income allocated to the partners is as follows (in millions):
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 declared during 2021 were as follows:
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Segment Reporting |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Reporting Our consolidated financial statements reflect two reportable segments, Fuel Distribution and Marketing and All Other. We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as earnings before net interest expense, income tax expense and depreciation, amortization and accretion expense, non-cash unit-based compensation expense, gains and losses on disposal of assets and non-cash 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. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period. The following table presents financial information by segment for the three and nine months ended September 30, 2021 and 2020:
________________________________ (1) Excludes depreciation, amortization and accretion.
________________________________ (1) Excludes depreciation, amortization and accretion.
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Net Income per Unit |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Unit | Net Income per Common Unit A reconciliation of the numerators and denominators of the basic and diluted net income per common unit computations is as follows:
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventOn October 8, 2021, SUN acquired eight refined product terminals from NuStar Energy L.P. for $250 million. The terminals have a combined storage capacity of approximately 14.8 million barrels and are located along the East Coast and in the greater Chicago market. |
Organization and Principles of Consolidation Organization and Principles of Consolidation (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 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 operating income, net income and comprehensive income, the balance sheets or statements of cash flows.
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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 interim 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, 2020 filed with the Securities and Exchange Commission ("SEC") on February 19, 2021.
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Recently Issued Accounting Pronouncements | Significant Accounting PoliciesAs of September 30, 2021, there have been no changes in the Partnership's significant accounting policies from those described in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 19, 2021. |
Motor Fuel and Sales Taxes | 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 $88 million and $82 million for the three months ended September 30, 2021 and 2020, respectively, and $252 million and $226 million for the nine months ended September 30, 2021 and 2020, respectively. Merchandise sales and cost of merchandise sales are reported net of sales tax in the accompanying consolidated statements of operations and comprehensive income.
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Inventory (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory, Policy | Fuel inventories are stated at the lower of cost or market using the last-in-first-out (“LIFO”) method. As of September 30, 2021 and December 31, 2020, the carrying value of the Partnership’s fuel inventory included lower of cost or market reserves of $143 million and $311 million, respectively, and the inventory carrying value equaled or exceeded its replacement cost. For the three and nine months ended September 30, 2021 and 2020, the Partnership’s consolidated statements of operations and comprehensive income did not include any material amounts of income from the liquidation of LIFO fuel inventory. |
Revenue from Contract with Customer (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 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 expected credit losses. The allowance for expected credit losses represents our best estimate of the probable losses associated with potential customer defaults. We estimate the expected credit losses based on historical write-off experience by industry and current expectations of future credit losses. Costs to Obtain or Fulfill a ContractThe 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 the 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 $6 million and $15 million for the three and nine months ended September 30, 2021, respectively, and $4 million and $14 million for the three and nine months ended September 30, 2020, 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.
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Partners' Capital Partners' Capital (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Partners' Capital [Abstract] | |
Allocation of net income [Policy Text Block] | 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 ET.
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Accounts Receivable, net (Tables) |
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Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable, net, consisted of the following:
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Inventories, net (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories, net, consisted of the following:
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Accrued Expenses and Other Current Liabilities (Tables) |
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Accrued Expenses And Other Current Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Current accrued expenses and other current liabilities consisted of the following:
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consisted of the following:
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Other Noncurrent Liabilities (Tables) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Liabilities [Table Text Block] |
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Related-Party Transactions (Tables) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | Related party transactions with affiliates for the three and nine months ended September 30, 2021 and 2020 were as follows (in millions):
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Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following table depicts the disaggregation of revenue by channel within each segment:
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Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | The balances of the Partnership’s contract assets and contract liabilities as of September 30, 2021 and December 31, 2020 were as follows:
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Commitments And Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | The details of the Partnership's operating and finance lease liabilities are as follows:
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
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Interest Expense, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income (Expense), Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense Net | Components of net interest expense were as follows:
|
Income Tax Expense (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense is as follows:
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Partners' Capital (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Units | The change in our outstanding common units for the nine months ended September 30, 2021 is as follows:
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Schedule of Net Income Allocation By Partners | The calculation of net income allocated to the partners is as follows (in millions):
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Distributions Made to Limited Partner, by Distribution | Cash distributions paid or declared during 2021 were as follows:
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
________________________________ (1) Excludes depreciation, amortization and accretion.
________________________________ (1) Excludes depreciation, amortization and accretion.
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Net Income per Unit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Income per Unit, Basic and Diluted | A reconciliation of the numerators and denominators of the basic and diluted net income per common unit computations is as follows:
|
Organization and Principles of Consolidation - Additional Information (Details) |
3 Months Ended |
---|---|
Sep. 30, 2021
state
| |
Sunoco LLC [Member] | Minimum [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of states in which entity operates (more than) | 30 |
Energy Transfer Operating, L.P. [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Percentage of Common Units Owned | 28.50% |
Energy Transfer Operating, L.P. [Member] | Common Units [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Percentage of Common Units Owned | 34.10% |
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Accounting Policies [Abstract] | ||||
Motor fuel and sales taxes | $ 88 | $ 82 | $ 252 | $ 226 |
Inventories, net - Additional Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Inventory Disclosure [Abstract] | ||
Inventory Write-down | $ 168 | |
Inventory Adjustments | $ 143 | $ 311 |
Inventories, net (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Fuel | $ 485 | $ 374 |
Other | 8 | 8 |
Inventories, net | $ 493 | $ 382 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Wage and other employee-related accrued expenses | $ 23 | $ 23 |
Accrued tax expense | 146 | 135 |
Accrued insurance | 22 | 24 |
Accrued interest expense | 41 | 49 |
Dealer deposits | 21 | 22 |
Accrued environmental expense | 6 | 4 |
Other | 47 | 25 |
Total | $ 306 | $ 282 |
Long-Term Debt (Details) - USD ($) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|||||
Debt Instrument [Line Items] | ||||||
2018 Revolver | $ 250 | $ 0 | ||||
Finance leases | 9 | 6 | ||||
Total debt | 2,951 | 3,139 | ||||
Less: current maturities | 6 | 6 | ||||
Less: debt issuance costs | 23 | 27 | ||||
Long-term debt, net | 2,922 | 3,106 | ||||
Sale leaseback financing obligation | 92 | 97 | ||||
Two Thousand Eighteen Revolver [Member] | Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
2018 Revolver | $ 250 | 0 | ||||
Four Point Eight Seven Five Percentage Senior Notes Due Two Thousand Twenty Three [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |||||
Senior Notes | [1] | $ 0 | 436 | |||
Early Repayment of Senior Debt | $ 436 | |||||
Five Point Five Zero Zero Percentage Senior Notes Due Two Thousand Twenty Six [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||
Senior Notes | [2] | $ 800 | 800 | |||
Six Percentage Senior Notes Due Two Thousand Twenty Seven [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Senior Notes | $ 600 | 600 | ||||
Five Point Eight Seven Five Percentage Senior Notes Due Two Thousand Twenty Eight [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||||
Senior Notes | [2] | $ 400 | 400 | |||
Four Point Five Zero Zero Percentage Senior Notes | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||
Senior Notes | $ 800 | $ 800 | ||||
Private Placement | 4.50% Senior Notes due 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 800 | |||||
|
Long-Term Debt (Revolving Credit Agreement) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Revolving line of credit | $ 250 | $ 0 |
Revolving Credit Agreement [Member] | Two Thousand Eighteen Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Revolving line of credit | 250 | $ 0 |
Letters of Credit Outstanding, Amount | 6 | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 1,200 | |
Debt, Weighted Average Interest Rate | 2.09% |
Long-Term Debt Fair Value Measurements (Details) $ in Billions |
Sep. 30, 2021
USD ($)
|
---|---|
Fair Value Measurements [Abstract] | |
Long-term Debt, Fair Value | $ 3.0 |
Other Noncurrent Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Reserve for underground storage tank removal | $ 77 | $ 75 |
Accrued environmental expense, long-term | 12 | 16 |
Other | 15 | 18 |
Other noncurrent liabilities | $ 104 | $ 109 |
Related-Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | |||||
Investment in unconsolidated affiliate | $ 133 | $ 133 | $ 136 | ||
Equity in earnings of unconsolidated affiliate | 1 | $ 1 | 3 | $ 3 | |
Advances from affiliates | 127 | 127 | 125 | ||
Receivables from affiliates | 9 | 9 | 11 | ||
Accounts payable to affiliates | $ 63 | $ 63 | $ 79 | ||
JCNolan [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Wholesale motor fuel sales to affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | $ 7 | 4 | $ 16 | 53 | |
Wholesale Motor Fuel [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | $ 461 | $ 222 | $ 1,213 | $ 661 |
Revenue (Contract Balances with Customer) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Contract asset | $ 148 | $ 121 |
Receivables from Customers | 473 | 256 |
Contract with Customer, Liability | $ 0 | $ 0 |
Revenue (Costs to Obtain or Fulfill a Contract) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||||
Capitalized Contract Cost, Amortization | $ 6 | $ 4 | $ 15 | $ 14 |
Commitments And Contingencies (Lessor Disclosures) (Details) |
Sep. 30, 2021 |
---|---|
Lessor Disclosure [Abstract] | |
Lessor, Operating Lease, Term of Contract | 5 years |
Interest Expense, net (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Interest Income (Expense), Net [Abstract] | ||||
Interest expense | $ 38 | $ 41 | $ 118 | $ 128 |
Amortization of deferred financing fees | 2 | 2 | 6 | 5 |
Interest income | 0 | 0 | 0 | 2 |
Interest expense, net | $ 40 | $ 43 | $ 124 | $ 131 |
Income Tax Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense at statutory federal rate | $ 24 | $ 22 | $ 94 | $ 31 |
Partnership earnings not subject to tax | (18) | (18) | (79) | (20) |
State and local tax, net of federal benefit | 2 | 1 | 5 | 4 |
Other | 2 | 0 | 1 | 1 |
Net income tax expense | $ 10 | $ 5 | $ 21 | $ 16 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Partners' Capital (Schedule of Common Units) (Details) - Common Units [Member] |
9 Months Ended |
---|---|
Sep. 30, 2021
shares
| |
Class of Stock [Line Items] | |
Number of common units at December 31, 2020 | 83,333,631 |
Phantom vested units exercised | 18,492 |
Number of common units at September 30, 2021 | 83,352,123 |
Partners' Capital (Allocations of Net Income) (Details) - Common Units [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Schedule of Partners' Capital [Line Items] | ||||
Distributions | $ 68 | $ 69 | $ 206 | $ 206 |
Distributions in excess of income | (16) | (12) | (159) | 135 |
Limited partners’ interest in net income | $ 84 | $ 81 | $ 365 | $ 71 |
Segment Reporting - Additional Information (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Net Income per Unit (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 19, 2021 |
May 19, 2021 |
Feb. 19, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share Basic [Line Items] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 104 | $ 166 | $ 154 | $ 100 | $ 157 | $ (128) | $ 424 | $ 129 | |||
Incentive distribution rights | $ 18 | $ 18 | $ 18 | 18 | 18 | 54 | 53 | ||||
Distributions on nonvested phantom unit awards | $ 2 | $ 1 | $ 5 | $ 5 | |||||||
Weighted average common units outstanding: | |||||||||||
Common - basic (in shares) | 83,352,123 | 83,056,365 | 83,348,540 | 83,033,556 | |||||||
Common - diluted (in shares) | 84,549,277 | 83,770,034 | 84,364,321 | 83,668,835 | |||||||
Basic | $ 1.01 | $ 0.97 | $ 4.38 | $ 0.85 | |||||||
Diluted | $ 1.00 | $ 0.96 | $ 4.33 | $ 0.84 | |||||||
Common Units [Member] | |||||||||||
Earnings Per Share Basic [Line Items] | |||||||||||
Limited partners’ interest in net income | $ 84 | $ 81 | $ 365 | $ 71 | |||||||
Weighted average common units outstanding: | |||||||||||
Common - basic (in shares) | 83,352,123 | 83,056,365 | 83,348,540 | 83,033,556 | |||||||
Common - equivalents (in shares) | 1,197,154 | 713,669 | 1,015,781 | 635,279 | |||||||
Common - diluted (in shares) | 84,549,277 | 83,770,034 | 84,364,321 | 83,668,835 |
Subsequent Events (Details) $ in Millions |
Oct. 08, 2021
USD ($)
|
---|---|
Subsequent Event [Member] | NuStar Acquisition | |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred | $ 250 |
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