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Equity | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Equity | EQUITY Energy Transfer Common Units Changes in Energy Transfer common units during the three months ended March 31, 2023 were as follows:
| Number of Units
Number of common units at December 31, 2022 | 3,094.4 |
Common units issued under the distribution reinvestment plan | 1.8 |
Common units vested under equity incentive plans and other | 0.5 |
Number of common units at March 31, 2023 | 3,096.7 |
Energy Transfer Repurchase Program During the three months ended March 31, 2023, Energy Transfer did not repurchase any of its common units under its current buyback program. As of March 31, 2023, $880 million remained available to repurchase under the current program. Energy Transfer Distribution Reinvestment Program During the three months ended March 31, 2023, distributions of $23 million were reinvested under the distribution reinvestment program. As of March 31, 2023, a total of 10 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, 2022 were as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2022 |  | February 7, 2023 |  | February 21, 2023 |  | $ | 0.3050 |
March 31, 2023 |  | May 8, 2023 |  | May 22, 2023 |  | 0.3075 |
Energy Transfer Preferred Units As of March 31, 2023 and December 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 A |  | Series B |  | Series C |  | Series D |  | Series E |  | Series F |  | Series G |  | Series H |  | Total
Balance, December 31, 2022 | $ | 958 |  |  | $ | 556 |  |  | $ | 440 |  |  | $ | 434 |  |  | $ | 786 |  |  | $ | 496 |  |  | $ | 1,488 |  |  | $ | 893 |  |  | $ | 6,051 |
Distributions to partners | (30) |  |  | (18) |  |  | (8) |  |  | (9) |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | (80) |
Net income | 18 |  |  | 9 |  |  | 8 |  |  | 9 |  |  | 15 |  |  | 8 |  |  | 27 |  |  | 15 |  |  | 109 |
Balance, March 31, 2023 | $ | 946 |  |  | $ | 547 |  |  | $ | 440 |  |  | $ | 434 |  |  | $ | 786 |  |  | $ | 504 |  |  | $ | 1,515 |  |  | $ | 908 |  |  | $ | 6,080 |
| 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 |
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, 2022 |  | February 1, 2023 |  | February 15, 2023 |  | $ | 31.250 |  |  | $ | 33.125 |  |  | $ | 0.4609 |  |  | $ | 0.4766 |  |  | $ | 0.475 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
March 31, 2023 |  | May 1, 2023 |  | May 15, 2023 |  | 21.982 |  |  | — |  |  | 0.4609 |  |  | 0.4766 |  |  | 0.475 |  |  | 33.750 |  |  | 35.625 |  |  | 32.500 |  |
(1)Series B, Series F, Series G and Series H distributions are paid on a semi-annual basis. See additional information on Series A distributions below. Distributions on the Series A Preferred Units previously accrued at a fixed rate of 6.250% per annum of the liquidation preference of $1,000. Beginning February 15, 2023, the Series A Preferred Units have a floating distribution rate set each quarterly distribution period at a percentage of the $1,000 liquidation preference equal to the then-current three-month LIBOR plus a spread of 4.028% per annum. Distributions on Series A Preferred Units were previously payable semi-annually in arrears until February 15, 2023, and, after February 15, 2023, quarterly in arrears, when, as, and if declared by our General Partner out of legally available funds for such purpose. Noncontrolling Interests The Partnership’s consolidated financial statements also include noncontrolling interests in Sunoco LP and USAC, both of which are 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, 2022 were as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2022 |  | February 7, 2023 |  | February 21, 2023 |  | $ | 0.8255 |
March 31, 2023 |  | May 8, 2023 |  | May 22, 2023 |  | 0.8420 |
USAC Cash Distributions Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2022 were as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2022 |  | January 23, 2023 |  | February 3, 2023 |  | $ | 0.525 |
March 31, 2023 |  | April 24, 2023 |  | May 5, 2023 |  | 0.525 |
USAC’s Warrants As of March 31, 2023 and December 31, 2022, USAC warrants with the right to purchase 10,000,000 USAC common units at a strike price of $19.59 per unit were 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:
| March 31, 2023 |  | December 31, 2022
Available-for-sale securities | $ | 10 |  |  | $ | 9 |
Foreign currency translation adjustment | (4) |  |  | 1 |
Actuarial loss related to pensions and other postretirement benefits | (6) |  |  | (7) |
Investments in unconsolidated affiliates, net | 13 |  |  | 13 |
Total AOCI included in partners’ capital, net of tax | $ | 13 |  |  | $ | 16 |

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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 -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent + Details
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