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Equity | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Equity | EQUITY Energy Transfer Common Units Changes in Energy Transfer common units during the nine months ended September 30, 2022 were as follows:
| Number of Units
Number of common units at December 31, 2021 | 3,082.5 |
Common units issued under the distribution reinvestment plan | 3.8 |
Common units vested under equity incentive plans and other | 2.1 |
Number of common units at September 30, 2022 | 3,088.4 |
Energy Transfer Repurchase Program During the nine months ended September 30, 2022, Energy Transfer did not repurchase any of its common units under its current buyback program. As of September 30, 2022, $880 million remained available to repurchase under the current program. Energy Transfer Distribution Reinvestment Program During the nine months ended September 30, 2022, distributions of $42 million were reinvested under the distribution reinvestment program. As of September 30, 2022, a total of 13 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 Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2021 |  | February 8, 2022 |  | February 18, 2022 |  | $ | 0.1750 |
March 31, 2022 |  | May 9, 2022 |  | May 19, 2022 |  | 0.2000 |
June 30, 2022 |  | August 8, 2022 |  | August 19, 2022 |  | 0.2300 |
September 30, 2022 |  | November 4, 2022 |  | November 21, 2022 |  | 0.2650 |
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 September 30, 2022 and December 31, 2021, 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 A |  | Series B |  | Series C |  | Series D |  | Series E |  | Series F |  | Series G |  | Series H |  | Total
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 income | 15 |  |  | 9 |  |  | 8 |  |  | 9 |  |  | 15 |  |  | 8 |  |  | 27 |  |  | 15 |  |  | 106 |
Balance, March 31, 2022 | 943 |  |  | 547 |  |  | 440 |  |  | 434 |  |  | 786 |  |  | 504 |  |  | 1,515 |  |  | 908 |  |  | 6,077 |
Distributions to partners | — |  |  | — |  |  | (8) |  |  | (9) |  |  | (15) |  |  | (16) |  |  | (53) |  |  | (30) |  |  | (131) |
Net income | 15 |  |  | 9 |  |  | 8 |  |  | 9 |  |  | 15 |  |  | 8 |  |  | 26 |  |  | 15 |  |  | 105 |
Balance, June 30, 2022 | 958 |  |  | 556 |  |  | 440 |  |  | 434 |  |  | 786 |  |  | 496 |  |  | 1,488 |  |  | 893 |  |  | 6,051 |
Distributions to partners | (30) |  |  | (18) |  |  | (8) |  |  | (9) |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | (80) |
Net income | 15 |  |  | 9 |  |  | 8 |  |  | 9 |  |  | 15 |  |  | 8 |  |  | 27 |  |  | 15 |  |  | 106 |
Balance, September 30, 2022 | $ | 943 |  |  | $ | 547 |  |  | $ | 440 |  |  | $ | 434 |  |  | $ | 786 |  |  | $ | 504 |  |  | $ | 1,515 |  |  | $ | 908 |  |  | $ | 6,077 |
| Preferred Unitholders |  |
| Series A |  | Series B |  | Series C |  | Series D |  | Series E |  | Series F |  | Series G |  | Series H |  | Total
Balance, March 31, 2021 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Preferred units conversion | 943 |  |  | 547 |  |  | 440 |  |  | 434 |  |  | 786 |  |  | 504 |  |  | 1,114 |  |  | — |  |  | 4,768 |
Units issued for cash | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 889 |  |  | 889 |
Distributions to partners | — |  |  | — |  |  | (8) |  |  | (9) |  |  | (15) |  |  | (17) |  |  | (39) |  |  | — |  |  | (88) |
Other, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Net income | 15 |  |  | 9 |  |  | 8 |  |  | 9 |  |  | 15 |  |  | 8 |  |  | 20 |  |  | 2 |  |  | 86 |
Balance, June 30, 2021 | 958 |  |  | 556 |  |  | 440 |  |  | 434 |  |  | 786 |  |  | 495 |  |  | 1,095 |  |  | 890 |  |  | 5,654 |
Distributions to partners | (30) |  |  | (18) |  |  | (8) |  |  | (9) |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | (80) |
Other, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Net income | 15 |  |  | 9 |  |  | 8 |  |  | 9 |  |  | 15 |  |  | 8 |  |  | 20 |  |  | 15 |  |  | 99 |
Balance, September 30, 2021 | $ | 943 |  |  | $ | 547 |  |  | $ | 440 |  |  | $ | 434 |  |  | $ | 786 |  |  | $ | 503 |  |  | $ | 1,115 |  |  | $ | 903 |  |  | $ | 5,671 |
Cash Distributions on Energy Transfer Preferred Units Distributions declared on the Energy Transfer Preferred Units were as follows:
Period Ended |  | Record Date |  | Payment Date |  | Series A (1) |  | Series B (1) |  | Series C |  | Series D |  | Series E |  | Series F (1) |  | Series G (1) |  | Series H (1) |
December 31, 2021 |  | February 1, 2022 |  | February 15, 2022 |  | $ | 31.250 |  |  | $ | 33.125 |  |  | $ | 0.4609 |  |  | $ | 0.4766 |  |  | $ | 0.475 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
March 31, 2022 |  | May 2, 2022 |  | May 16, 2022 |  | — |  |  | — |  |  | 0.4609 |  |  | 0.4766 |  |  | 0.475 |  |  | 33.750 |  |  | 35.625 |  |  | 32.500 |  |
June 30, 2022 |  | August 1, 2022 |  | August 15, 2022 |  | 31.250 |  |  | 33.125 |  |  | 0.4609 |  |  | 0.4766 |  |  | 0.475 |  |  | — |  |  | — |  |  | — |  |
September 30, 2022 |  | November 1, 2022 |  | November 15, 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, 2021, 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 non-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 Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2021 |  | February 8, 2022 |  | February 18, 2022 |  | $ | 0.8255 |
March 31, 2022 |  | May 9, 2022 |  | May 19, 2022 |  | 0.8255 |
June 30, 2022 |  | August 8, 2022 |  | August 19, 2022 |  | 0.8255 |
September 30, 2022 |  | November 4, 2022 |  | November 18, 2022 |  | 0.8255 |
USAC Cash Distributions Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2021 were as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2021 |  | January 24, 2022 |  | February 4, 2022 |  | $ | 0.525 |
March 31, 2022 |  | April 25, 2022 |  | May 6, 2022 |  | 0.525 |
June 30, 2022 |  | July 25, 2022 |  | August 5, 2022 |  | 0.525 |
September 30, 2022 |  | October 24, 2022 |  | November 4, 2022 |  | 0.525 |
USAC’s Warrant Exercise As of 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. As of September 30, 2022, the tranche of Warrants with the right to purchase 10,000,000 common units with a strike price of $19.59 per common unit was outstanding and may be exercised by the holders at any time before April 2, 2028. Accumulated Other Comprehensive Income The following table presents the components of AOCI, net of tax:
| September 30, 2022 |  | December 31, 2021
Available-for-sale securities | $ | 6 |  |  | $ | 19 |
Foreign currency translation adjustment | 1 |  |  | 13 |
Actuarial gains related to pensions and other postretirement benefits | 12 |  |  | 5 |
Investments in unconsolidated affiliates, net | 13 |  |  | (11) |
Total AOCI, net of tax | 32 |  |  | 26 |
Amounts attributable to noncontrolling interest | — |  |  | (3) |
Total AOCI included in partners’ capital, net of tax | $ | 32 |  |  | $ | 23 |

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 + Details
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