Sunoco LP
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
SUN$63.21+0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| OPERATING ACTIVITIES: | |||
| Net income | $874 | $394 | $475 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion | 368 | 187 | 193 |
| Amortization of deferred financing fees | 24 | 8 | 7 |
| (Gain) loss on disposal of assets and impairment charges | 45 | (7) | (13) |
| Loss on extinguishment of debt | 2 | — | — |
| Gain on West Texas Sale | (586) | — | — |
| Other non-cash, net | (7) | — | — |
| Non-cash unit-based compensation expense | 17 | 17 | 14 |
| Deferred income tax expense (benefit) | (14) | 13 | 28 |
| Inventory valuation adjustments | 86 | 114 | (5) |
| Equity in earnings of unconsolidated affiliates | (60) | (5) | (4) |
| Changes in operating assets and liabilities, net of acquisitions and divestitures: | |||
| Accounts receivable | (212) | 34 | (312) |
| Accounts receivable from affiliates | 20 | (5) | (3) |
| Inventories, net | (265) | (182) | (172) |
| Other assets | 43 | 47 | (94) |
| Accounts payable | 357 | (101) | 390 |
| Accounts payable to affiliates | 29 | 61 | 50 |
| Accrued expenses and other current liabilities | (66) | 43 | — |
| Other non-current liabilities | (106) | (18) | 7 |
| Net cash provided by operating activities | 549 | 600 | 561 |
| INVESTING ACTIVITIES: | |||
| Capital expenditures | (344) | (215) | (186) |
| Cash paid for acquisitions of terminals and other assets, net of cash acquired | (224) | (111) | (318) |
| NuStar acquisition, net of cash received | 27 | — | — |
| Proceeds from West Texas Sale | 987 | — | — |
| Distributions from unconsolidated affiliates in excess of cumulative earnings | 8 | 9 | 8 |
| Proceeds from disposal of property and equipment | 23 | 31 | 32 |
| Other | — | (2) | — |
| Net cash provided by (used in) investing activities | 477 | (288) | (464) |
| FINANCING ACTIVITIES: | |||
| Senior notes borrowings | 1,500 | 500 | — |
| Senior notes repayments | (421) | — | — |
| Credit Facility borrowings | 2,786 | 3,283 | 4,127 |
| Credit Facility repayments | (3,449) | (3,772) | (3,808) |
| Loan origination costs | (19) | (5) | — |
| Preferred units redemption | (784) | — | — |
| Cash distributions to unitholders, including incentive distributions | (566) | (371) | (359) |
| Cash distributions to noncontrolling interests | (8) | — | — |
| Net cash used in financing activities | (961) | (365) | (40) |
| Net increase (decrease) in cash and cash equivalents | 65 | (53) | 57 |
| Cash and cash equivalents, beginning of period | 29 | 82 | 25 |
| Cash and cash equivalents, end of period | $94 | $29 | $82 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Non-cash investing and financing activities and supplemental cash flow information: | |||
| Units issued in connection with NuStar acquisition | $2,850 | $— | $— |
| Contribution of assets to ET-S Permian | 1,159 | — | — |
| Lease assets obtained in exchange for new lease liabilities | 3 | — | 17 |
| Change in note payable to affiliate | — | 2 | 6 |
| Payable due to seller in acquisition | — | — | 10 |
| Interest paid | 339 | 202 | 176 |
| Cash paid for income taxes, net of refunds (excluding $47 million of federal tax credits purchased from non-governmental third parties in 2024) | 135 | 29 | 30 |
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