Sunoco LP
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
Contents
11. Commitments and Contingencies
- Commitments and Contingencies
Litigation
From time to time, the Partnership is involved in various legal proceedings and claims arising out of our operations in the normal course of business. Such proceedings are subject to the uncertainties inherent in any litigation, and we regularly assess the need for accounting recognition or disclosure of any related contingencies. We maintain liability insurance with insurers with coverage and deductibles management believes are reasonable and prudent. However, there can be no assurance that the levels of insurance protection currently in effect will continue to be available at reasonable prices or that such levels will be adequate to protect us from material expenses related to product liability, personal injury or property damage in the future. Based on currently available information, we believe it is unlikely that the outcome of known matters would have a material adverse impact on our financial condition, results of operations or cash flows.
Lessee Accounting
The details of the Partnership's operating and finance lease liabilities were as follows:
| March 31, | ||
|---|---|---|
| Lease term and discount rate | 2024 | 2023 |
| Weighted average remaining lease term (years) | ||
| Operating leases | 22 | 22 |
| Finance leases | 27 | 28 |
| Weighted average discount rate (%) | ||
| Operating leases | 6% | 5% |
| Finance leases | 4% | 4% |
| Three Months Ended March 31, | ||
|---|---|---|
| Other information | 2024 | 2023 |
| Cash paid for amounts included in the measurement of lease liabilities | ||
| Operating cash flows from operating leases | $(12) | $(12) |
| Operating cash flows from finance leases | — | — |
| Financing cash flows from finance leases | — | — |
| Lease assets obtained in exchange for new finance lease liabilities | — | — |
| Lease assets obtained in exchange for new operating lease liabilities | 1 | 1 |
| Maturity of lease liabilities (as of March 31, 2024) | Operating leases | Finance leases | Total |
|---|---|---|---|
| 2024 (remainder) | $39 | $— | $39 |
| 2025 | 38 | — | 38 |
| 2026 | 37 | — | 37 |
| 2027 | 36 | — | 36 |
| 2028 | 35 | — | 35 |
| Thereafter | 576 | 15 | 591 |
| Total lease payments | 761 | 15 | 776 |
| Less: interest | 307 | 6 | 313 |
| Present value of lease liabilities | $454 | $9 | $463 |
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