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Equity
 9 Months Ended
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, 20213,082.5 
Common units issued under the distribution reinvestment plan3.8 
Common units vested under equity incentive plans and other2.1 
Number of common units at September 30, 20223,088.4 
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 EndedRecord DatePayment DateRate
December 31, 2021February 8, 2022February 18, 2022$0.1750 
March 31, 2022May 9, 2022May 19, 20220.2000 
June 30, 2022August 8, 2022August 19, 20220.2300 
September 30, 2022November 4, 2022November 21, 20220.2650 
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 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, 2022943 547 440 434 786 504 1,515 908 6,077 
Distributions to partners— — (8)(9)(15)(16)(53)(30)(131)
Net income15 9 8 9 15 8 26 15 105 
Balance, June 30, 2022958 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, September 30, 2022$943 $547 $440 $434 $786 $504 $1,515 $908 $6,077 
Preferred Unitholders
Series ASeries BSeries CSeries DSeries E Series FSeries GSeries HTotal
Balance, March 31, 2021$— $— $— $— $— $— $— $— $— 
Preferred units conversion943 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 income15 9 8 9 15 8 20 2 86 
Balance, June 30, 2021958 556 440 434 786 495 1,095 890 5,654 
Distributions to partners(30)(18)(8)(9)(15)— — — (80)
Other, net— — — — — — — (2)(2)
Net income15 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 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 
June 30, 2022August 1, 2022August 15, 202231.250 33.125 0.4609 0.4766 0.475 — — — 
September 30, 2022November 1, 2022November 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 EndedRecord DatePayment DateRate
December 31, 2021February 8, 2022February 18, 2022$0.8255 
March 31, 2022May 9, 2022May 19, 20220.8255 
June 30, 2022August 8, 2022August 19, 20220.8255 
September 30, 2022November 4, 2022November 18, 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 
June 30, 2022July 25, 2022August 5, 20220.525 
September 30, 2022October 24, 2022November 4, 20220.525 
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 benefits12 5 
Investments in unconsolidated affiliates, net13 (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