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Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Equity | EQUITY Energy Transfer Common Units Changes in Energy Transfer common units during the nine months ended September 30, 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 | 5.5 |
Common units issued for Lotus Midstream acquisition | 44.5 |
Common units vested under equity incentive plans and other | 0.7 |
Number of common units at September 30, 2023 | 3,145.1 |
Energy Transfer Repurchase Program During the nine months ended September 30, 2023, Energy Transfer did not repurchase any of its common units under its current buyback program. As of September 30, 2023, $880 million remained available to repurchase under the current program. Energy Transfer Distribution Reinvestment Program During the nine months ended September 30, 2023, distributions of $70 million were reinvested under the distribution reinvestment program. As of September 30, 2023, a total of 6 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 |
June 30, 2023 |  | August 14, 2023 |  | August 21, 2023 |  | 0.3100 |
September 30, 2023 |  | October 30, 2023 |  | November 20, 2023 |  | 0.3125 |
Energy Transfer Preferred Units As of September 30, 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 |
Distributions to partners | (21) |  |  | — |  |  | (8) |  |  | (9) |  |  | (15) |  |  | (16) |  |  | (53) |  |  | (29) |  |  | (151) |
Net income | 22 |  |  | 9 |  |  | 9 |  |  | 9 |  |  | 15 |  |  | 8 |  |  | 26 |  |  | 15 |  |  | 113 |
Balance, June 30, 2023 | 947 |  |  | 556 |  |  | 441 |  |  | 434 |  |  | 786 |  |  | 496 |  |  | 1,488 |  |  | 894 |  |  | 6,042 |
Distributions to partners | (22) |  |  | (20) |  |  | (12) |  |  | (8) |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | (77) |
Net income | 23 |  |  | 10 |  |  | 11 |  |  | 10 |  |  | 15 |  |  | 8 |  |  | 27 |  |  | 14 |  |  | 118 |
Balance, September 30, 2023 | $ | 948 |  |  | $ | 546 |  |  | $ | 440 |  |  | $ | 436 |  |  | $ | 786 |  |  | $ | 504 |  |  | $ | 1,515 |  |  | $ | 908 |  |  | $ | 6,083 |
| 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 |
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(2) |  | Series C(1) |  | Series D(1) |  | Series E |  | Series F(2) |  | Series G(2) |  | Series H(2) |
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 |  |
June 30, 2023 |  | August 1, 2023 |  | August 15, 2023 |  | 23.891 |  |  | 33.125 |  |  | 0.6294 |  |  | 0.4766 |  |  | 0.475 |  |  | — |  |  | — |  |  | — |  |
September 30, 2023 |  | November 1, 2023 |  | November 15, 2023 |  | 24.672 |  |  | — |  |  | 0.6489 |  |  | 0.6622 |  |  | 0.475 |  |  | 33.750 |  |  | 35.625 |  |  | 32.500 |
(1)See additional information on Series A, Series C and Series D distributions below. (2)Series B, Series F, Series G and Series H distributions are paid on a semi-annual basis. Prior to February 15, 2023, distributions on the Series A Preferred Units accrued at a fixed rate of 6.250% per annum of the liquidation preference of $1,000. Beginning February 15, 2023 to, but excluding, August 15, 2023, the Series A Preferred Units accrued 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. On and after August 15, 2023, the floating distribution rate on the Series A Preferred Units is based on the three-month SOFR, plus a tenor spread adjustment of 0.26161%, plus 4.028% per annum. Distributions on Series A Preferred Units were previously payable semiannually 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. Prior to May 15, 2023, distributions on the Series C Preferred Units accrued at a fixed rate of 7.375% per annum of the liquidation preference of $25. Beginning May 15, 2023 to, but excluding, August 15, 2023, the Series C Preferred Units accrued a floating distribution rate set each quarterly distribution period at a percentage of the $25 liquidation preference equal to the then-current three-month LIBOR plus a spread of 4.530% per annum. On and after August 15, 2023, the floating distribution rate on the Series C Preferred Units is based on the three-month SOFR, plus a tenor spread adjustment of 0.26161%, plus 4.530% per annum. Prior to August 15, 2023, distributions on the Series D Preferred Units accrued at a fixed rate of 7.625% per annum of the liquidation preference of $25. On and after August 15, 2023, the Series D Preferred Units accrue a floating distribution rate set each quarterly distribution period at a percentage of the $25 liquidation preference equal to the three-month SOFR, plus a tenor spread adjustment of 0.26161%, plus 4.738% per annum. Distributions on the Series B Preferred Units and Series E Preferred Units are scheduled to begin accruing at a floating rate as follows:
|  | Beginning of floating rate period |  | Applicable Spread |  | Tenor spread adjustment |  | Floating rate
Series B Preferred Units |  | February 15, 2028 |  | 4.155 | % |  | 0.26161 | % |  | Three-month SOFR
Series E Preferred Units |  | May 15, 2024 |  | 5.161 | % |  | 0.26161 | % |  | Three-month SOFR
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 |
June 30, 2023 |  | August 14, 2023 |  | August 21, 2023 |  | 0.8420 |
September 30, 2023 |  | October 30, 2023 |  | November 20, 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 |
June 30, 2023 |  | July 24, 2023 |  | August 4, 2023 |  | 0.525 |
September 30, 2023 |  | October 23, 2023 |  | November 3, 2023 |  | 0.525 |
USAC’s Warrants As of September 30, 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. On October 27, 2023, such warrants were exercised in full by the holders. The exercise of the warrants will be net settled for approximately 2,360,000 USAC common units. Accumulated Other Comprehensive Income The following table presents the components of AOCI, net of tax:
| September 30, 2023 |  | December 31, 2022
Unrealized gains on available-for-sale securities | $ | 11 |  |  | $ | 9 |
Foreign currency translation adjustment | 6 |  |  | 1 |
Actuarial loss related to pensions and other postretirement benefits | (7) |  |  | (7) |
Investments in unconsolidated affiliates, net | 19 |  |  | 13 |
Total AOCI included in partners’ capital, net of tax | $ | 29 |  |  | $ | 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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