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
14. Segment Reporting
- Segment Reporting
We report Adjusted EBITDA by segment as a measure of segment performance. We define Adjusted EBITDA as earnings before net interest expense, income tax expense and depreciation, amortization and accretion expense, non-cash unit-based compensation expense, gains and losses on disposal of assets and non-cash impairment charges, unrealized gains and losses on commodity derivatives, inventory valuation adjustments, and certain other operating expenses reflected in net income that we do not believe are indicative of ongoing core operations. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent changes in lower of cost or market reserves on the Partnership's inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period.
The following table presents financial information by segment for the three months ended March 31, 2024 and 2023:
| Three Months Ended March 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 · 2023 | ||||||||||||
| Fuel Distribution and Marketing · All Other · Intercompany Eliminations · Totals · Fuel Distribution and Marketing · All Other · Intercompany Eliminations · Totals | ||||||||||||
| Revenue | ||||||||||||
| Motor fuel sales | $5,234 | $132 | $5,366 | $5,103 | $136 | $5,239 | ||||||
| Non-motor fuel sales | 40 | 55 | 95 | 29 | 57 | 86 | ||||||
| Lease income | 35 | 3 | 38 | 34 | 3 | 37 | ||||||
| Intersegment sales | 95 | — | (95) | — | 98 | — | (98) | — | ||||
| Total revenue | $5,404 | $190 | $(95) | $5,499 | $5,264 | $196 | $(98) | $5,362 | ||||
| Net income and comprehensive income | $230 | $141 | ||||||||||
| Depreciation, amortization and accretion | 43 | 48 | ||||||||||
| Interest expense, net | 63 | 53 | ||||||||||
| Income tax expense | 7 | 7 | ||||||||||
| Non-cash unit-based compensation expense | 4 | 5 | ||||||||||
| Loss on disposal of assets | 2 | 1 | ||||||||||
| Unrealized (gains) losses on commodity derivatives | 13 | (11) | ||||||||||
| Inventory valuation adjustments | (130) | (29) | ||||||||||
| Equity in earnings of unconsolidated affiliates | (2) | (2) | ||||||||||
| Adjusted EBITDA related to unconsolidated affiliates | 3 | 3 | ||||||||||
| Other non-cash adjustments | 9 | 5 | ||||||||||
| Adjusted EBITDA | $219 | $23 | $242 | $195 | $26 | $221 | ||||||
| Capital expenditures | $28 | $13 | $41 | $24 | $13 | $37 | ||||||
| Total assets as of March 31, 2024 and December 31, 2023, respectively | $6,399 | $993 | $7,392 | $5,676 | $1,150 | $6,826 | ||||||
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