XML 28 R15.htm IDEA: XBRL DOCUMENT v3.23.1
Equity
 3 Months Ended
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, 20223,094.4 
Common units issued under the distribution reinvestment plan1.8 
Common units vested under equity incentive plans and other0.5 
Number of common units at March 31, 20233,096.7 
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 EndedRecord DatePayment DateRate
December 31, 2022February 7, 2023February 21, 2023$0.3050 
March 31, 2023May 8, 2023May 22, 20230.3075 
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 ASeries BSeries CSeries DSeries E Series FSeries GSeries HTotal
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 income18 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 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, 2022February 1, 2023February 15, 2023$31.250 $33.125 $0.4609 $0.4766 $0.475 $— $— $— 
March 31, 2023May 1, 2023May 15, 202321.982 — 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 EndedRecord DatePayment DateRate
December 31, 2022February 7, 2023February 21, 2023$0.8255 
March 31, 2023May 8, 2023May 22, 20230.8420 
USAC Cash Distributions
Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2022 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2022January 23, 2023February 3, 2023$0.525 
March 31, 2023April 24, 2023May 5, 20230.525 
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, net13 13 
Total AOCI included in partners’ capital, net of tax
$13 $16