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Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Equity EQUITY
Energy Transfer Common Units
Changes in Energy Transfer common units during the three months ended March 31, 2022 were as follows:
Number of Units
Number of common units at December 31, 20213,082.5 
Common units issued under the distribution reinvestment plan1.2 
Common units vested under equity incentive plans and other1.0 
Number of common units at March 31, 20223,084.7 
Energy Transfer Repurchase Program
During the three months ended March 31, 2022, Energy Transfer did not repurchase any of its common units under its current buyback program. As of March 31, 2022, $880 million remained available to repurchase under the current program.
Energy Transfer Distribution Reinvestment Program
During the three months ended March 31, 2022, distributions of $12 million were reinvested under the distribution reinvestment program. As of March 31, 2022, a total of 16 million Energy Transfer common units remained available to be issued under the existing registration statement in connection with the distribution reinvestment program.
Cash Distributions on Energy Transfer Common Units
Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2021 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2021February 8, 2022February 18, 2022$0.1750 
March 31, 2022May 9, 2022May 19, 20220.2000 
Energy Transfer Preferred Units
In connection with the merger of Energy Transfer, ETO, and certain of ETO’s subsidiaries (the “Rollup Mergers”) on April 1, 2021, as described in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021, all of ETO’s previously outstanding preferred units were converted to Energy Transfer Preferred Units with identical distribution and redemption rights.
As of March 31, 2022, Energy Transfer’s outstanding preferred units included 950,000 Series A Preferred Units, 550,000 Series B Preferred Units, 18,000,000 Series C Preferred Units, 17,800,000 Series D Preferred Units, 32,000,000 Series E Preferred Units, 500,000 Series F Preferred Units, 1,484,780 Series G Preferred Units and 900,000 Series H Preferred Units.
The following table summarizes changes in the Energy Transfer Preferred Units:
Preferred Unitholders
Series ASeries BSeries CSeries DSeries E Series FSeries GSeries HTotal
Balance, December 31, 2021$958 $556 $440 $434 $786 $496 $1,488 $893 $6,051 
Distributions to partners(30)(18)(8)(9)(15)— — — (80)
Net income15 9 8 9 15 8 27 15 106 
Balance, March 31, 2022$943 $547 $440 $434 $786 $504 $1,515 $908 $6,077 
Cash Distributions on Energy Transfer Preferred Units
Distributions declared on the Energy Transfer Preferred Units were as follows:
Period EndedRecord DatePayment Date
Series A (1)
Series B (1)
Series CSeries DSeries E
Series F (1)
Series G (1)
Series H (1)
December 31, 2021February 1, 2022February 15, 2022$31.250 $33.125 $0.4609 $0.4766 $0.475 $— $— $— 
March 31, 2022May 2, 2022May 16, 2022— — 0.4609 0.4766 0.475 33.750 35.625 32.500 
(1)Series A, Series B, Series F, Series G and Series H distributions are paid on a semi-annual basis.
Noncontrolling Interests
For the three months ended March 31, 2022, noncontrolling interests included the ETO preferred units, which were converted into Energy Transfer Preferred Units on April 1, 2021 in connection with the Rollup Mergers, as described in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021.
The Partnership’s consolidated financial statements also include noncontrolling interests in Sunoco LP and USAC, both of which are publicly traded master limited partnerships, as well as other less-than-wholly-owned, consolidated joint ventures. The following sections describe cash distributions made by our publicly traded subsidiaries, Sunoco LP and USAC, both of which are required by their respective partnership agreements to distribute all cash on hand (less appropriate reserves determined by the boards of directors of their respective general partners) subsequent to the end of each quarter.
Sunoco LP Cash Distributions
Distributions on Sunoco LP’s common units declared and/or paid by Sunoco LP subsequent to December 31, 2021 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2021February 8, 2022February 18, 2022$0.8255 
March 31, 2022May 9, 2022May 19, 20220.8255 
USAC Cash Distributions
Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2021 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2021January 24, 2022February 4, 2022$0.525 
March 31, 2022April 25, 2022May 6, 20220.525 
USAC’s Warrant Exercise
As of March 31, 2022 and December 31, 2021, USAC had outstanding two tranches of warrants to purchase USAC common units (the “USAC Warrants”), which included USAC Warrants to purchase 5,000,000 common units with a strike price of $17.03 per unit and USAC Warrants to purchase 10,000,000 common units with a strike price of $19.59 per unit. On April 27, 2022, the tranche of warrants with the right to purchase 5,000,000 common units with a strike price of $17.03 per common unit was exercised in full by the holders. The exercise of the warrants was net settled by USAC for 534,308 of its common units.
Accumulated Other Comprehensive Income
The following table presents the components of AOCI, net of tax:
March 31,
2022		December 31,
2021
Available-for-sale securities
$14 $19 
Foreign currency translation adjustment
22 13 
Actuarial loss related to pensions and other postretirement benefits
12 5 
Investments in unconsolidated affiliates, net1 (11)
Total AOCI, net of tax
49 26 
Amounts attributable to noncontrolling interest
(6)(3)
Total AOCI included in partners’ capital, net of tax
$43 $23