Estimates, Significant Accounting Policies and Balance Sheet Detail (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
Accounting Policies [Abstract] |
|
Schedule Of Net Changes In Operating Assets And Liabilities Included Cash Flows From Operating Activities |
The net change in operating assets and liabilities (net of effects of acquisitions) included in cash flows from operating activities is comprised as follows: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2020 | | 2019 | | 2018 | Accounts receivable | $ | 1,163 | | | $ | (473) | | | $ | 541 | | Accounts receivable from related companies | (290) | | | (69) | | | 162 | | Inventories | (271) | | | (19) | | | 237 | | Other current assets | 172 | | | 117 | | | 7 | | Other non-current assets, net | (7) | | | (102) | | | (102) | | Accounts payable | (1,327) | | | 146 | | | (766) | | Accounts payable to related companies | 367 | | | (32) | | | (202) | | Accrued and other current liabilities | 163 | | | (44) | | | 382 | | Other non-current liabilities | 8 | | | (133) | | | 28 | | Derivative assets and liabilities, net | 69 | | | 218 | | | (53) | | Net change in operating assets and liabilities, net of effects of acquisitions | $ | 47 | | | $ | (391) | | | $ | 234 | |
|
Schedule Of Non-Cash Investing And Financing Activities |
Non-cash investing and financing activities and supplemental cash flow information are as follows: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2020 | | 2019 | | 2018 | NON-CASH INVESTING ACTIVITIES: | | | | | | Accrued capital expenditures | $ | 604 | | | $ | 1,334 | | | $ | 1,030 | | Lease assets obtained in exchange for new lease liabilities | 42 | | | 68 | | | — | | Net losses from subsidiary common unit transactions | — | | | — | | | (126) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SUPPLEMENTAL CASH FLOW INFORMATION: | | | | | | Cash paid for interest, net of interest capitalized | $ | 2,092 | | | $ | 1,932 | | | $ | 1,870 | | Cash paid for income taxes (net of refunds) | (64) | | | 31 | | | 508 | |
|
Schedule of Inventory |
Inventories consisted of the following: | | | | | | | | | | | | | December 31, | | 2020 | | 2019 | Natural gas, NGLs and refined products (1) | $ | 1,013 | | | $ | 833 | | Crude oil | 287 | | | 251 | | Spare parts and other | 439 | | | 448 | | Total inventories | $ | 1,739 | | | $ | 1,532 | |
(1)Due to changes in fuel prices, Sunoco LP recorded a write-down on the value of its fuel inventory of $82 million for the year ended December 31, 2020.
|
Other Current Assets |
Other current assets consisted of the following: | | | | | | | | | | | | | December 31, | | 2020 | | 2019 | Deposits paid to vendors | $ | 75 | | | $ | 95 | | Prepaid expenses and other | 138 | | | 180 | | Total other current assets | $ | 213 | | | $ | 275 | |
|
Property, Plant and Equipment |
Components and useful lives of property, plant and equipment were as follows: | | | | | | | | | | | | | December 31, | | 2020 | | 2019 | Land and improvements | $ | 1,233 | | | $ | 1,232 | | Buildings and improvements (1 to 45 years) | 4,236 | | | 2,664 | | Pipelines and equipment (5 to 83 years) | 69,120 | | | 64,678 | | Product storage and related facilities (2 to 83 years) | 6,393 | | | 5,898 | | | | | | | | | | | | | | | | | | Right of way (20 to 83 years) | 5,099 | | | 4,859 | | | | | | | | | | | | | | | | | | Other (1 to 48 years) | 2,263 | | | 1,964 | | Construction work-in-process | 5,771 | | | 8,495 | | | 94,115 | | | 89,790 | | Less – Accumulated depreciation and depletion | (19,008) | | | (15,597) | | Property, plant and equipment, net | $ | 75,107 | | | $ | 74,193 | |
|
Schedule Of Property, Plant And Equipment Depreciation And Capitalized Interest Expense |
We recognized the following amounts for the periods presented: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2020 | | 2019 | | 2018 | Depreciation, depletion and amortization expense | $ | 3,275 | | | $ | 2,839 | | | $ | 2,538 | | Capitalized interest | 189 | | | 166 | | | 294 | |
|
Schedule of Other Non-Current Assets, net |
Other non-current assets, net are stated at cost less accumulated amortization. Other non-current assets, net consisted of the following: | | | | | | | | | | | | | December 31, | | 2020 | | 2019 | Crude pipeline linefill and tank bottoms | $ | 517 | | | $ | 496 | | Regulatory assets | 41 | | | $ | 42 | | Pension assets | 103 | | | 84 | | Deferred charges | 188 | | | 178 | | Restricted funds | 179 | | | 178 | | Other | 629 | | | 593 | | Total other non-current assets, net | $ | 1,657 | | | $ | 1,571 | |
|
Components And Useful Lives Of Intangibles And Other Assets |
Components and useful lives of intangible assets were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | December 31, 2019 | | Gross Carrying Amount | | Accumulated Amortization | | Gross Carrying Amount | | Accumulated Amortization | Amortizable intangible assets: | | | | | | | | Customer relationships, contracts and agreements (3 to 46 years) | $ | 7,513 | | | $ | (2,117) | | | $ | 7,535 | | | $ | (1,743) | | Patents (10 years) | 48 | | | (40) | | | 48 | | | (35) | | | | | | | | | | Trade names (20 years) | 66 | | | (35) | | | 66 | | | (31) | | Other (5 to 20 years) | 19 | | | (15) | | | 19 | | | (12) | | Total amortizable intangible assets | 7,646 | | | (2,207) | | | 7,668 | | | (1,821) | | Non-amortizable intangible assets: | | | | | | | | Trademarks | 295 | | | — | | | 295 | | | — | | Other | 12 | | | — | | | 12 | | | — | | Total non-amortizable intangible assets | 307 | | | — | | | 307 | | | — | | Total intangible assets | $ | 7,953 | | | $ | (2,207) | | | $ | 7,975 | | | $ | (1,821) | |
|
Aggregate Amortization Expense Of Intangibles And Other Assets |
Aggregate amortization expense of intangible assets was as follows: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2020 | | 2019 | | 2018 | Reported in depreciation, depletion and amortization expense | $ | 403 | | | $ | 308 | | | $ | 321 | |
|
Estimated Aggregate Amortization Expense |
Estimated aggregate amortization of intangible assets for the next five years is as follows: | | | | | | Years Ending December 31: | | 2021 | $ | 393 | | 2022 | 379 | | 2023 | 363 | | 2024 | 349 | | 2025 | 335 | |
|
Schedule of Goodwill |
Changes in the carrying amount 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, 2018 | $ | 10 | | | $ | 196 | | | $ | 492 | | | $ | 693 | | | $ | 1,167 | | | $ | 1,559 | | | $ | 619 | | | $ | 149 | | | $ | 4,885 | | Acquired | — | | | 42 | | | — | | | — | | | 230 | | | — | | | — | | | 35 | | | 307 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Impaired | — | | | (12) | | | (9) | | | — | | | — | | | — | | | — | | | — | | | (21) | | Other | — | | | — | | | — | | | — | | | — | | | (4) | | | — | | | — | | | (4) | | Balance, December 31, 2019 | 10 | | | 226 | | | 483 | | | 693 | | | 1,397 | | | 1,555 | | | 619 | | | 184 | | | 5,167 | | Acquired | — | | | — | | | — | | | — | | | — | | | 9 | | | — | | | — | | | 9 | | | | | | | | | | | | | | | | | | | | Impaired | (10) | | | (226) | | | (483) | | | — | | | (1,279) | | | — | | | (619) | | | (198) | | | (2,815) | | Other | — | | | — | | | — | | | — | | | (66) | | | — | | | — | | | 96 | | | 30 | | Balance, December 31, 2020 | $ | — | | | $ | — | | | $ | — | | | $ | 693 | | | $ | 52 | | | $ | 1,564 | | | $ | — | | | $ | 82 | | | $ | 2,391 | |
|
Accrued and Other Current Liabilities |
Accrued and other current liabilities consisted of the following: | | | | | | | | | | | | | December 31, | | 2020 | | 2019 | Interest payable | $ | 600 | | | $ | 579 | | Customer advances and deposits | 161 | | | 123 | | Accrued capital expenditures | 604 | | | 1,334 | | Accrued wages and benefits | 109 | | | 217 | | Taxes payable other than income taxes | 446 | | | 263 | | | | | | | | | | Exchanges payable | 127 | | | 67 | | Other | 728 | | | 759 | | Total accrued and other current liabilities | $ | 2,775 | | | $ | 3,342 | |
|
Fair Value Of Financial Assets And Liabilities Measured On Recurring Basis |
The following tables summarize the fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2020 and 2019 based on inputs used to derive their fair values: | | | | | | | | | | | | | | | | | | | | | Fair Value Total | | Fair Value Measurements at December 31, 2020 | | Level 1 | | Level 2 | | | Assets: | | | | | | | | | | | | | | | | Commodity derivatives: | | | | | | | | | | | | | | | | Natural Gas: | | | | | | | | Basis Swaps IFERC/NYMEX | $ | 12 | | | $ | 12 | | | $ | — | | | | Swing Swaps IFERC | 1 | | | — | | | 1 | | | | Fixed Swaps/Futures | 13 | | | 13 | | | — | | | | | | | | | | | | | | | | | | | | Forward Physical Contracts | 5 | | | — | | | 5 | | | | Power: | | | | | | | | Forwards | 4 | | | — | | | 4 | | | | Futures | 2 | | | 2 | | | — | | | | | | | | | | | | Options – Calls | 1 | | | 1 | | | — | | | | NGLs – Forwards/Swaps | 127 | | | 127 | | | — | | | | Refined Products – Futures | 3 | | | 3 | | | — | | | | | | | | | | | | Crude – Forwards/Swaps | — | | | — | | | — | | | | | | | | | | | | Total commodity derivatives | 168 | | | 158 | | | 10 | | | | Other non-current assets | 34 | | | 22 | | | 12 | | | | Total assets | $ | 202 | | | $ | 180 | | | $ | 22 | | | | Liabilities: | | | | | | | | Interest rate derivatives | $ | (448) | | | $ | — | | | $ | (448) | | | | | | | | | | | | Commodity derivatives: | | | | | | | | Natural Gas: | | | | | | | | Basis Swaps IFERC/NYMEX | (11) | | | (11) | | | — | | | | Swing Swaps IFERC | (3) | | | — | | | (3) | | | | Fixed Swaps/Futures | (13) | | | (13) | | | — | | | | | | | | | | | | | | | | | | | | Forward Physical Contracts | (1) | | | — | | | (1) | | | | Power: | | | | | | | | | | | | | | | | Futures | (3) | | | (3) | | | — | | | | | | | | | | | | | | | | | | | | NGLs – Forwards/Swaps | (227) | | | (227) | | | — | | | | Refined Products – Futures | (11) | | | (11) | | | — | | | | | | | | | | | | Total commodity derivatives | (269) | | | (265) | | | (4) | | | | Total liabilities | $ | (717) | | | $ | (265) | | | $ | (452) | | | |
| | | | | | | | | | | | | | | | | | | | | | Fair Value Total | | Fair Value Measurements at December 31, 2019 | | Level 1 | | Level 2 | | | | Assets: | | | | | | | | | | | | | | | | | | Commodity derivatives: | | | | | | | | | | | | | | | | | | Natural Gas: | | | | | | | | | Basis Swaps IFERC/NYMEX | $ | 17 | | | $ | 17 | | | $ | — | | | | | Swing Swaps IFERC | 1 | | | — | | | 1 | | | | | Fixed Swaps/Futures | 65 | | | 65 | | | — | | | | | | | | | | | | | | | | | | | | | | | Forward Physical Contracts | 3 | | | — | | | 3 | | | | | Power: | | | | | | | | | Power – Forwards | 11 | | | — | | | 11 | | | | | Futures | 4 | | | 4 | | | — | | | | | Options – Puts | 1 | | | 1 | | | — | | | | | Options – Calls | 1 | | | 1 | | | — | | | | | NGLs – Forwards/Swaps | 260 | | | 260 | | | — | | | | | Refined Products – Futures | 8 | | | 8 | | | — | | | | | | | | | | | | | | Crude - Forwards/Swaps | 13 | | | 13 | | | — | | | | | | | | | | | | | | Total commodity derivatives | 384 | | | 369 | | | 15 | | | | | Other non-current assets | 31 | | | 20 | | | 11 | | | | | Total assets | $ | 415 | | | $ | 389 | | | $ | 26 | | | | | Liabilities: | | | | | | | | | Interest rate derivatives | $ | (399) | | | $ | — | | | $ | (399) | | | | | Commodity derivatives: | | | | | | | | | Natural Gas: | | | | | | | | | Basis Swaps IFERC/NYMEX | (49) | | | (49) | | | — | | | | | Swing Swaps IFERC | (1) | | | — | | | (1) | | | | | Fixed Swaps/Futures | (43) | | | (43) | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Power: | | | | | | | | | Forwards | (5) | | | — | | | (5) | | | | | Futures | (3) | | | (3) | | | — | | | | | | | | | | | | | | | | | | | | | | | NGLs – Forwards/Swaps | (278) | | | (278) | | | — | | | | | Refined Products – Futures | (10) | | | (10) | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total commodity derivatives | (389) | | | (383) | | | (6) | | | | | Total liabilities | $ | (788) | | | $ | (383) | | | $ | (405) | | | | |
|
Accounting Standards Update and Change in Accounting Principle |
As a result of this change in accounting policy, the Partnership’s consolidated balance sheet for the prior period has been retrospectively adjusted as follows: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | | As Originally Reported | | Effect of Change | | As Adjusted | | | | | | | Inventories | $ | 1,935 | | | $ | (403) | | | $ | 1,532 | | | | | | | | Total current assets | 7,867 | | | (403) | | | 7,464 | | | | | | | | Other non-current assets, net | 1,075 | | | 496 | | | 1,571 | | | | | | | | Total assets | 98,880 | | | 93 | | | 98,973 | | | | | | | | Total partners’ capital | 21,827 | | | 93 | | | 21,920 | | | | | | | |
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, | | | | | | 2019 | | 2018 | | | | | As originally reported: | | | | | | | | Consolidated Statements of Operations and Comprehensive Income | | | | | | | | Cost of products sold | $ | 39,727 | | | $ | 41,658 | | | | | | Operating income | 7,277 | | | 5,348 | | | | | | Income from continuing operations before income tax expense | 5,094 | | | 3,634 | | | | | | Net income | 4,899 | | | 3,365 | | | | | | Net income per limited partner unit | 1.37 | | | 1.16 | | | | | | Comprehensive income | 4,930 | | | 3,322 | | | | | | Comprehensive income attributable to partners | 3,623 | | | 1,651 | | | | | | | | | | | | | | Consolidated Statements of Cash Flows | | | | | | | | Net income | 4,899 | | | 3,365 | | | | | | Net change in operating assets and liabilities | (465) | | | 289 | | | | | | | | | | | | | | Effect of change: | | | | | | | | Consolidated Statements of Operations and Comprehensive Income | | | | | | | | Cost of products sold | 74 | | | (55) | | | | | | Operating income | (74) | | | 55 | | | | | | Income from continuing operations before income tax expense | (74) | | | 55 | | | | | | Net income | (74) | | | 55 | | | | | | Net income per limited partner unit | (0.03) | | | 0.04 | | | | | | Comprehensive income | (74) | | | 55 | | | | | | Comprehensive income attributable to partners | (74) | | | 55 | | | | | | | | | | | | | | Consolidated Statements of Cash Flows | | | | | | | | Net income | (74) | | | 55 | | | | | | Net change in operating assets and liabilities | 74 | | | (55) | | | | | | | | | | | | | | As adjusted: | | | | | | | | Consolidated Statements of Operations and Comprehensive Income | | | | | | | | Cost of products sold | 39,801 | | | 41,603 | | | | | | Operating income | 7,203 | | | 5,403 | | | | | | Income from continuing operations before income tax expense | 5,020 | | | 3,689 | | | | | | Net income | 4,825 | | | 3,420 | | | | | | Net income per limited partner unit | 1.34 | | | 1.20 | | | | | | Comprehensive income | 4,856 | | | 3,377 | | | | | | Comprehensive income attributable to partners | 3,549 | | | 1,706 | | | | | | | | | | | | | | Consolidated Statements of Cash Flows | | | | | | | | Net income | 4,825 | | | 3,420 | | | | | | Net change in operating assets and liabilities | (391) | | | 234 | | | | | |
|