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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
ENERGY TRANSFER LP
(Exact name of registrant as specified in its charter)
 
Delaware
 
30-0108820
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
8111 Westchester Drive, Suite 600, Dallas, Texas 75225
(Address of principal executive offices) (zip code)
(214) 981-0700
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
 
Accelerated filer
Non-accelerated filer
¨
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Units
 
ET
 
New York Stock Exchange
At July 31, 2020, the registrant had 2,695,845,699 Common Units outstanding.
 



FORM 10-Q
ENERGY TRANSFER LP AND SUBSIDIARIES
TABLE OF CONTENTS


i


Definitions
References to the “Partnership” or “ET” refer to Energy Transfer LP. In addition, the following is a list of certain acronyms and terms used throughout this document:
 
/d
 
per day
 
 
 
 
 
AOCI
 
accumulated other comprehensive income (loss)
 
 
 
 
 
BBtu
 
billion British thermal units
 
 
 
 
 
Btu
 
British thermal unit, an energy measurement used by gas companies to convert the volume of gas used to its heat equivalent, and thus calculate the actual energy content
 
 
 
 
 
Citrus
 
Citrus, LLC
 
 
 
 
 
DOJ
 
U.S. Department of Justice
 
 
 
 
 
EPA
 
U.S. Environmental Protection Agency
 
 
 
 
 
ETO
 
Energy Transfer Operating, L.P..
 
 
 
 
 
ETO Series A Preferred Units
 
ETO’s 6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series B Preferred Units
 
ETO’s 6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series C Preferred Units
 
ETO’s 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series D Preferred Units
 
ETO’s 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series E Preferred Units
 
ETO’s 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series F Preferred Units
 
ETO’s 6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETO Series G Preferred Units
 
ETO’s 7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
 
 
 
 
 
ETP GP
 
Energy Transfer Partners GP, L.P., the general partner of ETO
 
 
 
 
 
Exchange Act
 
Securities Exchange Act of 1934
 
 
 
 
 
FEP
 
Fayetteville Express Pipeline LLC
 
 
 
 
 
FERC
 
Federal Energy Regulatory Commission
 
 
 
 
 
FGT
 
Florida Gas Transmission Company, LLC, a wholly-owned subsidiary of Citrus
 
 
 
 
 
GAAP
 
accounting principles generally accepted in the United States of America
 
 
 
 
 
HFOTCO
 
Houston Fuel Oil Terminal Company, a wholly-owned subsidiary of ETO, which owns the Houston Terminal
 
 
 
 
 
Lake Charles LNG
 
Lake Charles LNG Company, LLC, a wholly-owned subsidiary of ETO
 
 
 
 
 
LE GP
 
LE GP, LLC, the general partner of ET
 
 
 
 
 
LIBOR
 
London Interbank Offered Rate
 
 
 
 
 
MBbls
 
thousand barrels
 
 
 
 
 
MEP
 
Midcontinent Express Pipeline LLC
 
 
 
 
 
MTBE
 
methyl tertiary butyl ether
 
 
 
 
 
NGL
 
natural gas liquid, such as propane, butane and natural gasoline
 
 
 
 
NYMEX
 
New York Mercantile Exchange

ii


 
 
 
 
 
OSHA
 
Federal Occupational Safety and Health Act
 
 
 
 
OTC
 
over-the-counter
 
 
 
 
 
Panhandle
 
Panhandle Eastern Pipe Line Company, LP and its subsidiaries, wholly-owned by ETO
 
 
 
 
PES
 
Philadelphia Energy Solutions Refining and Marketing LLC
 
 
 
 
 
Regency
 
Regency Energy Partners LP
 
 
 
 
 
Rover
 
Rover Pipeline LLC
 
 
 
 
 
SEC
 
Securities and Exchange Commission
 
 
 
 
 
SemCAMS
 
SemCAMS Midstream ULC, a less than wholly-owned subsidiary of ETO
 
 
 
 
 
SemGroup
 
SemGroup, LLC (formerly SemGroup Corporation)
 
 
 
 
 
Series A Convertible Preferred Units
 
ET Series A convertible preferred units
 
 
 
 
 
Sunoco Logistics Operations
 
Sunoco Logistics Partners Operations L.P, a wholly-owned subsidiary of ETO
 
 
 
 
 
Sunoco R&M
 
Sunoco (R&M), LLC (formerly Sunoco, Inc. (R&M))
 
 
 
 
 
Transwestern
 
Transwestern Pipeline Company, LLC, a wholly-owned subsidiary of ETO
 
 
 
 
 
Trunkline
 
Trunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
 
 
 
 
 
USAC
 
USA Compression Partners, LP, a wholly-owned subsidiary of ETO
 
 
 
 
 
USAC Preferred Units
 
USAC Series A Preferred Units
 
 
 
 
 
White Cliffs
 
White Cliffs Pipeline
 
 
 
 


iii


PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
 
June 30,
2020
 
December 31, 2019*
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
155

 
$
291

Accounts receivable, net
2,955

 
5,038

Accounts receivable from related companies
140

 
159

Inventories
1,593

 
1,532

Income taxes receivable
68

 
146

Derivative assets
14

 
23

Other current assets
231

 
275

Total current assets
5,156

 
7,464

 
 
 
 
Property, plant and equipment
92,269

 
89,790

Accumulated depreciation and depletion
(17,328
)
 
(15,597
)
 
74,941

 
74,193

 
 
 
 
Advances to and investments in unconsolidated affiliates
3,311

 
3,460

Lease right-of-use assets, net
1,112

 
964

Other non-current assets, net
1,512

 
1,571

Intangible assets, net
6,007

 
6,154

Goodwill
3,868

 
5,167

Total assets
$
95,907

 
$
98,973

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
1


ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in million)
(unaudited)
 
June 30,
2020
 
December 31, 2019*
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
2,137

 
$
4,118

Accounts payable to related companies
16

 
31

Derivative liabilities
24

 
147

Operating lease current liabilities
54

 
60

Accrued and other current liabilities
2,738

 
3,342

Current maturities of long-term debt
34

 
26

Total current liabilities
5,003

 
7,724

 
 
 
 
Long-term debt, less current maturities
51,251

 
51,028

Non-current derivative liabilities
577

 
273

Non-current operating lease liabilities
903

 
901

Deferred income taxes
3,313

 
3,208

Other non-current liabilities
1,218

 
1,162

 
 
 
 
Commitments and contingencies

 

Redeemable noncontrolling interests
750

 
739

 
 
 
 
Equity:
 
 
 
Limited Partners:
 
 
 
Common Unitholders
19,843

 
21,935

General Partner
(7
)
 
(4
)
Accumulated other comprehensive loss
(21
)
 
(11
)
Total partners’ capital
19,815

 
21,920

Noncontrolling interests
13,077

 
12,018

Total equity
32,892

 
33,938

Total liabilities and equity
$
95,907

 
$
98,973

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
2


ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019*
 
2020
 
2019*
REVENUES:
 
 
 
 
 
 
 
Refined product sales
$
2,000

 
$
4,477

 
$
5,232

 
$
8,203

Crude sales
1,329

 
4,346

 
4,872

 
7,871

NGL sales
1,254

 
1,996

 
2,943

 
4,398

Gathering, transportation and other fees
2,137

 
2,035

 
4,522

 
4,302

Natural gas sales
514

 
763

 
1,102

 
1,727

Other
104

 
260

 
294

 
497

Total revenues
7,338

 
13,877

 
18,965

 
26,998

COSTS AND EXPENSES:
 
 
 
 
 
 
 
Cost of products sold
4,117

 
10,301

 
12,408

 
19,778

Operating expenses
770

 
792

 
1,649

 
1,600

Depreciation, depletion and amortization
936


785

 
1,803

 
1,559

Selling, general and administrative
175

 
179

 
379

 
326

Impairment losses
4

 

 
1,329

 
50

Total costs and expenses
6,002

 
12,057

 
17,568

 
23,313

OPERATING INCOME
1,336

 
1,820

 
1,397

 
3,685

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest expense, net of interest capitalized
(579
)
 
(578
)
 
(1,181
)
 
(1,168
)
Equity in earnings of unconsolidated affiliates
85

 
77

 
78

 
142

Losses on extinguishments of debt

 

 
(62
)
 
(18
)
Losses on interest rate derivatives
(3
)
 
(122
)
 
(332
)
 
(196
)
Other, net
(68
)
 
46

 
(65
)
 
42

INCOME (LOSS) BEFORE INCOME TAX EXPENSE
771

 
1,243

 
(165
)
 
2,487

Income tax expense
99

 
34

 
127

 
160

NET INCOME (LOSS)
672

 
1,209

 
(292
)
 
2,327

Less: Net income attributable to noncontrolling interests
306

 
317

 
185

 
614

Less: Net income attributable to redeemable noncontrolling interests
13

 
13

 
25

 
26

NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
353

 
879

 
(502
)
 
1,687

General Partner’s interest in net income (loss)

 
1

 
(1
)
 
2

Limited Partners’ interest in net income (loss)
$
353

 
$
878

 
$
(501
)
 
$
1,685

NET INCOME (LOSS) PER LIMITED PARTNER UNIT:
 
 
 
 
 
 
 
Basic
$
0.13

 
$
0.33

 
$
(0.19
)
 
$
0.64

Diluted
$
0.13

 
$
0.33

 
$
(0.19
)
 
$
0.64

*As adjusted. See Note 1.


The accompanying notes are an integral part of these consolidated financial statements.
3


ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
(unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019*
 
2020
 
2019*
Net income (loss)
$
672

 
$
1,209

 
$
(292
)
 
$
2,327

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Change in value of available-for-sale securities
9

 
3

 

 
8

Actuarial gain related to pension and other postretirement benefit plans
8

 
3

 
11

 
10

Foreign currency translation adjustments
30

 

 
(34
)
 

Change in other comprehensive loss from unconsolidated affiliates

 
(5
)
 
(16
)
 
(9
)
 
47

 
1

 
(39
)
 
9

Comprehensive income (loss)
719

 
1,210

 
(331
)
 
2,336

Less: Comprehensive income attributable to noncontrolling interests
306

 
317

 
185

 
614

Less: Comprehensive income attributable to redeemable noncontrolling interests
13

 
13

 
25

 
26

Comprehensive income (loss) attributable to partners
$
400

 
$
880

 
$
(541
)
 
$
1,696

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
4


ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(Dollars in millions)
(unaudited)
 
Common Unitholders
 
General Partner
 
AOCI
 
Noncontrolling Interests
 
Total
Balance, December 31, 2019*
$
21,935

 
$
(4
)
 
$
(11
)
 
$
12,018

 
$
33,938

Distributions to partners
(1,591
)
 
(1
)
 

 

 
(1,592
)
Distributions to noncontrolling interests

 

 

 
(444
)
 
(444
)
Subsidiary units issued

 

 

 
1,580

 
1,580

Capital contributions from noncontrolling interests

 

 

 
95

 
95

Other comprehensive loss, net of tax

 

 
(48
)
 
(38
)
 
(86
)
Other, net
22

 

 

 
(7
)
 
15

Net loss, excluding amounts attributable to redeemable noncontrolling interests
(854
)
 
(1
)
 

 
(121
)
 
(976
)
Balance, March 31, 2020
19,512

 
(6
)
 
(59
)
 
13,083

 
32,530

Distributions to partners
9

 
(1
)
 

 

 
8

Distributions to noncontrolling interests

 

 

 
(408
)
 
(408
)
Capital contributions from noncontrolling interests

 

 

 
83

 
83

Other comprehensive income, net of tax

 

 
38

 
9

 
47

Other, net
(31
)
 

 

 
4

 
(27
)
Net income, excluding amounts attributable to redeemable noncontrolling interests
353

 

 

 
306

 
659

Balance, June 30, 2020
$
19,843

 
$
(7
)
 
$
(21
)
 
$
13,077

 
$
32,892

 
Common Unitholders
 
General Partner
 
AOCI
 
Noncontrolling Interests
 
Total
Balance, December 31, 2018*
$
20,773

 
$
(5
)
 
$
(42
)
 
$
10,291

 
$
31,017

Distributions to partners
(799
)
 
(1
)
 

 

 
(800
)
Distributions to noncontrolling interests

 

 

 
(425
)
 
(425
)
Capital contributions from noncontrolling interests

 

 

 
140

 
140

Sale of noncontrolling interest in subsidiary

 

 

 
93

 
93

Other comprehensive income, net of tax

 

 
8

 

 
8

Other, net
17

 

 

 
12

 
29

Net income, excluding amounts attributable to redeemable noncontrolling interests
807

 
1

 

 
297

 
1,105

Balance, March 31, 2019*
20,798

 
(5
)
 
(34
)
 
10,408

 
31,167

Distributions to partners
(748
)
 
(1
)
 

 

 
(749
)
Distributions to noncontrolling interests

 

 

 
(388
)
 
(388
)
Subsidiary units issued

 

 

 
780

 
780

Capital contributions from noncontrolling interests

 

 

 
66

 
66

Other comprehensive income, net of tax

 

 
1

 

 
1

Other, net
50

 

 

 

 
50

Net income, excluding amounts attributable to redeemable noncontrolling interests
878

 
1

 

 
317

 
1,196

Balance, June 30, 2019*
$
20,978

 
$
(5
)
 
$
(33
)
 
$
11,183

 
$
32,123

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
5


ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
 
Six Months Ended
June 30,
 
2020
 
2019*
OPERATING ACTIVITIES:
 
 
 
Net income (loss)
$
(292
)
 
$
2,327

Reconciliation of net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
1,803

 
1,559

Deferred income taxes
125

 
138

Inventory valuation adjustments
137

 
(97
)
Non-cash compensation expense
63

 
58

Impairment losses
1,329

 
50

Losses on extinguishments of debt
62

 
18

Distributions on unvested awards
(21
)
 
(18
)
Equity in earnings of unconsolidated affiliates
(78
)
 
(142
)
Distributions from unconsolidated affiliates
125

 
170

Other non-cash
(53
)
 
44

Net change in operating assets and liabilities, net of effects of acquisitions
(65
)
 
(213
)
Net cash provided by operating activities
3,135

 
3,894

INVESTING ACTIVITIES:
 
 
 
Cash proceeds from sale of noncontrolling interest in subsidiary

 
93

Cash paid for all other acquisitions, net of cash received

 
(7
)
Capital expenditures, excluding allowance for equity funds used during construction
(2,892
)
 
(2,818
)
Contributions in aid of construction costs
47

 
41

Contributions to unconsolidated affiliates
(16
)
 
(254
)
Distributions from unconsolidated affiliates in excess of cumulative earnings
97

 
21

Proceeds from the sale of other assets
6

 
22

Other
(5
)
 
(40
)
Net cash used in investing activities
(2,763
)
 
(2,942
)
FINANCING ACTIVITIES:
 
 
 
Proceeds from borrowings
16,975

 
16,463

Repayments of debt
(16,769
)
 
(15,925
)
Subsidiary units issued for cash
1,580

 
780

Capital contributions from noncontrolling interests
178

 
206

Distributions to partners
(1,584
)
 
(1,549
)
Distributions to noncontrolling interests
(852
)
 
(813
)
Debt issuance costs
(50
)
 
(87
)
Other, net
14

 
(1
)
Net cash used in financing activities
(508
)
 
(926
)
Increase (decrease) in cash and cash equivalents
(136
)
 
26

Cash and cash equivalents, beginning of period
291

 
419

Cash and cash equivalents, end of period
$
155

 
$
445

*As adjusted. See Note 1.

The accompanying notes are an integral part of these consolidated financial statements.
6


ENERGY TRANSFER LP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollar and unit amounts, except per unit data, are in millions)
(unaudited)
1.
ORGANIZATION AND BASIS OF PRESENTATION
Organization
The consolidated financial statements presented herein contain the results of Energy Transfer LP and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “ET”). References to the “Parent Company” mean Energy Transfer LP on a stand-alone basis.
In December 2019, we completed the acquisition of SemGroup. In connection with the transaction, a wholly-owned subsidiary of ET merged with and into SemGroup, with SemGroup surviving the merger. During the first and second quarters of 2020, ET contributed SemGroup and its former subsidiaries to ETO through sale and contribution transactions (together, the “SemGroup Transaction”).
Substantially all of the Partnership’s cash flows are derived from distributions related to its investment in ETO, whose cash flows are derived from its subsidiaries, including ETO’s investments in Sunoco LP and USAC. The Parent Company’s primary cash requirements are for general and administrative expenses, debt service requirements and distributions to its partners. Parent Company-only assets are not available to satisfy the debts and other obligations of ET’s subsidiaries.
Our financial statements reflect the following reportable segments:
intrastate transportation and storage;
interstate transportation and storage;
midstream;
NGL and refined products transportation and services;
crude oil transportation and services;
investment in Sunoco LP;
investment in USAC; and
corporate and other, including the following:
activities of the Parent Company; and
certain operations and investments that are not separately reflected as reportable segments.
Basis of Presentation
The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 21, 2020. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC.
The consolidated financial statements of ET presented herein include the results of operations of:
the Parent Company;
our controlled subsidiary, ETO;
ETP GP, the general partner of ETO, and Energy Transfer Partners, L.L.C., the general partner of ETP GP; and
Our subsidiaries also own varying undivided interests in certain pipelines. Ownership of these pipelines has been structured as an ownership of an undivided interest in assets, not as an ownership interest in a partnership, limited liability company, joint venture or other forms of entities. Each owner controls marketing and invoices separately, and each owner is responsible for any loss, damage or injury that may occur to their own customers. As a result, we apply proportionate consolidation for our interests in these entities.

7


Certain prior period amounts have also been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity.
Change in Accounting Policy
Effective January 1, 2020, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. Under the revised accounting policy, certain amounts of crude oil that are not available for sale have been reclassified from inventory to non-current assets. These crude oil barrels, which are owned by the Partnership’s crude oil acquisition and marketing business, include pipeline linefill and tank bottoms and are not considered to be available for sale because the volumes must be maintained in order to continue normal operation of the related pipelines or tanks and because there is no expectation of liquidation or sale of these volumes in the near term.
Under the previous accounting policy, all crude oil barrels were recorded as inventory under the weighted-average cost method. Under the revised accounting policy, barrels related to pipeline linefill and tank bottoms are accounted for as long-lived assets and reflected as non-current assets on the consolidated balance sheet. These crude oil barrels will be tested for impairment consistent with the Partnership’s existing accounting policy for impairments of long-lived assets. The Partnership’s management believes that the change in accounting policy is preferable as it more closely aligns the accounting policies across the consolidated entity, given that similar assets in the Partnership’s natural gas, NGLs and refined products businesses are accounted for as non-current assets. In addition, management believes that reflecting these crude oil barrels as non-current assets better represents the economic results of the Partnership’s crude oil acquisition and marketing business by reducing volatility resulting from market price adjustments to crude oil barrels that are not expected to be sold or liquidated in the near term.
The impact of this accounting policy change on the Partnership’s net income for the six months ended June 30, 2020 was $265 million, or $0.10 per limited partner unit. As a result of this change in accounting policy, the Partnership’s consolidated balance sheets for prior periods have been retrospectively adjusted as follows:
 
December 31, 2019
 
December 31, 2018
 
As Originally Reported
 
Effect of Change
 
As Adjusted
 
As Originally Reported
 
Effect of Change
 
As Adjusted
Inventories
$
1,935

 
$
(403
)
 
$
1,532

 
$
1,677

 
$
(305
)
 
$
1,372

Total current assets
7,867

 
(403
)
 
7,464

 
6,750

 
(305
)
 
6,445

Other non-current assets, net
1,075

 
496

 
1,571

 
1,006

 
472

 
1,478

Total assets
98,880

 
93

 
98,973

 
88,246

 
167

 
88,413

Total partners’ capital
21,827

 
93

 
21,920

 
20,559

 
167

 
20,726


8


In addition, the Partnership’s consolidated statements of operations, comprehensive income and cash flows for prior periods have been retrospectively adjusted as follows:
 
Year Ended December 31,
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2019
As originally reported:
 
 
 
 
 
 
 
Consolidated Statements of Operations and Comprehensive Income
 
 
 
 
 
 
 
Cost of products sold
$
39,727

 
$
41,658

 
$
10,302

 
$
19,717

Operating income
7,277

 
5,348

 
1,819

 
3,746

Income from continuing operations before income tax expense (benefit)
5,094

 
3,634

 
1,242

 
2,548

Net income
4,899

 
3,365

 
1,208

 
2,388

Net income per limited partner unit
1.37

 
1.16

 
0.33

 
0.66

Comprehensive income
4,930

 
3,322

 
1,209

 
2,397

Comprehensive income attributable to partners
3,623

 
1,651

 
879

 
1,757

 
 
 
 
 
 
 
 
Consolidated Statements of Cash Flows
 
 
 
 
 
 
 
Net income
4,899

 
3,365

 
1,208

 
2,388

Net change in operating assets and liabilities
(518
)
 
289

 
67

 
(274
)
 
 
 
 
 
 
 
 
Effect of change:
 
 
 
 
 
 
 
Consolidated Statements of Operations and Comprehensive Income
 
 
 
 
 
 
 
Cost of products sold
74

 
(55
)
 
(1
)
 
61

Operating income
(74
)
 
55

 
1

 
(61
)
Income from continuing operations before income tax expense (benefit)
(74
)
 
55

 
1

 
(61
)
Net income
(74
)
 
55

 
1

 
(61
)
Net income per limited partner unit
(0.03
)
 
0.04

 

 
(0.02
)
Comprehensive income
(74
)
 
55

 
1

 
(61
)
Comprehensive income attributable to partners
(74
)
 
55

 
1

 
(61
)
 
 
 
 
 
 
 
 
Consolidated Statements of Cash Flows
 
 
 
 
 
 
 
Net income
(74
)
 
55

 
1

 
(61
)
Net change in operating assets and liabilities
74

 
(55
)
 
(1
)
 
61

 
 
 
 
 
 
 
 
As adjusted:
 
 
 
 
 
 
 
Consolidated Statements of Operations and Comprehensive Income
 
 
 
 
 
 
 
Cost of products sold
39,801

 
41,603

 
10,301

 
19,778

Operating income
7,203

 
5,403

 
1,820

 
3,685

Income from continuing operations before income tax expense (benefit)
5,020

 
3,689

 
1,243

 
2,487

Net income
4,825

 
3,420

 
1,209

 
2,327

Net income per limited partner unit
1.34

 
1.20

 
0.33

 
0.64

Comprehensive income
4,856

 
3,377

 
1,210

 
2,336

Comprehensive income attributable to partners
3,549

 
1,706

 
880

 
1,696

 
 
 
 
 
 
 
 
Consolidated Statements of Cash Flows
 
 
 
 
 
 
 
Net income
4,825

 
3,420

 
1,209

 
2,327

Net change in operating assets and liabilities
(444
)
 
234

 
66

 
(213
)


9


Use of Estimates
The unaudited consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.
Recent Accounting Pronouncements
Effective January 1, 2020, the Partnership adopted Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. The impact of adoption was immaterial to the Partnership. However, due in large part to the global economic impacts of COVID-19, the Partnership and its subsidiaries recorded an aggregate $16 million of current expected credit losses for the six months ended June 30, 2020.
Goodwill
During the first quarter of 2020, due to the impacts of the COVID-19 pandemic, the decline in commodity prices and the decreases in the Partnership’s market capitalization, we determined that interim impairment testing should be performed on certain reporting units. We performed the interim impairment tests consistent with our approach for annual impairment testing, including using similar models, inputs and assumptions. As a result of the interim impairment test, the Partnership recognized a goodwill impairment of $483 million related to our Arklatex and South Texas operations within the midstream segment, a goodwill impairment of $183 million related to our Lake Charles LNG regasification operations within the interstate transportation and storage segment due to contractually scheduled reductions in payments for the remainder of the contract term, and a goodwill impairment of $40 million related to our all other operations primarily due to decreases in projected future revenues and cash flows as a result of the overall market demand decline. In addition, USAC recognized a goodwill impairment of $619 million during the three months ended March 31, 2020, which is included in the Partnership’s consolidated results of operations. No other impairments of the Partnership’s goodwill were identified.
In connection with aforementioned impairments, the Partnership determined the fair value of our reporting units using the income approach. The income approach is based on the present value of future cash flows, which are derived from our long-term financial forecasts, and requires significant assumptions including, among others, revenue growth rates, operating margins, weighted average costs of capital and future market conditions, among others. The Partnership believes the estimates and assumptions used in our impairment assessments are reasonable and based on available market information, but variations in any of the assumptions could result in materially different calculations of fair value and determinations of whether or not an impairment is indicated. Cash flow projections are derived from one-year budgeted amounts and three-year operating forecasts plus an estimate of later period cash flows, all of which are evaluated by management. Subsequent period cash flows are developed for each reporting unit using growth rates that management believes are reasonably likely to occur.
Of the $3.87 billion of goodwill on the Partnership’s consolidated balance sheet as of June 30, 2020, approximately $1.2 billion is recorded in reporting units for which the estimated fair value exceeded the carrying value by less than 20% in the most recent quantitative test. Management believes that all of the $1.2 billion is at significant risk of impairment, if commodity prices and/or overall market demand remains low.
Changes in the carrying amount of goodwill were as follows:
 
Intrastate
Transportation
and Storage
 
Interstate
Transportation and Storage
 
Midstream
 
NGL and Refined Products Transportation and Services
 
Crude Oil Transportation and Services
 
Investment in Sunoco LP
 
Investment in USAC
 
All Other
 
Total
Balance, December 31, 2019
$
10

 
$
226

 
$
483

 
$
693

 
$
1,397

 
$
1,555

 
$
619

 
$
184

 
$
5,167

Impaired

 
(183
)
 
(483
)
 

 

 

 
(619
)
 
(40
)
 
(1,325
)
Other

 

 

 

 

 

 

 
(7
)
 
(7
)
Balance, March 31, 2020
10

 
43

 

 
693

 
1,397

 
1,555

 

 
137

 
3,835

Other

 

 

 

 

 

 

 
33

 
33

Balance, June 30, 2020
$
10

 
$
43

 
$

 
$
693

 
$
1,397

 
$
1,555

 
$

 
$
170

 
$
3,868



10


2.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include all cash on hand, demand deposits, and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. The Partnership’s consolidated balance sheets did not include any material amounts of restricted cash as of June 30, 2020 or December 31, 2019.
We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit.
The net change in operating assets and liabilities (net of effects of acquisitions) included in cash flows from operating activities is comprised as follows:
 
Six Months Ended
June 30,
 
2020
 
2019
Accounts receivable
$
2,084

 
$
(340
)
Accounts receivable from related companies
111

 
(1
)
Inventories
(180
)
 
28

Other current assets
146

 
30

Other non-current assets, net
(226
)
 
(44
)
Accounts payable
(2,108
)
 
199

Accounts payable to related companies
(8
)
 
(49
)
Accrued and other current liabilities
(116
)
 
(89
)
Other non-current liabilities
42

 
(87
)
Derivative assets and liabilities, net
190

 
140

Net change in operating assets and liabilities, net of effects of acquisitions
$
(65
)
 
$
(213
)

Non-cash activities are as follows:
 
Six Months Ended
June 30,
 
2020
 
2019
NON-CASH INVESTING AND FINANCING ACTIVITIES:
 
 
 
Accrued capital expenditures
$
742

 
$
714

Lease assets obtained in exchange for new lease liabilities
125

 
15

Distribution reinvestment
62

 
51


3.
INVENTORIES
As further discussed in Note 1, the Partnership elected to change its accounting policy related to certain barrels of crude oil that were previously accounted for as inventory. As a result of this change in accounting policy, the Partnership’s inventory balance for the prior period has been retrospectively adjusted.
Inventories consisted of the following:
 
June 30,
2020
 
December 31,
2019
Natural gas, NGLs and refined products
$
774

 
$
833

Crude oil
367

 
251

Spare parts and other
452

 
448

Total inventories
$
1,593

 
$
1,532



11


We utilize commodity derivatives to manage price volatility associated with our natural gas inventory. Changes in fair value of designated hedged inventory are recorded in inventory on our consolidated balance sheets and cost of products sold in our consolidated statements of operations.
Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method.  As of June 30, 2020 and December 31, 2019, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $372 million and $229 million, respectively, and the inventory carrying value equaled or exceeded its replacement cost.  For the three and six months ended June 30, 2020 and 2019, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of LIFO fuel inventory.
4.
FAIR VALUE MEASURES
We have commodity derivatives and interest rate derivatives that are accounted for as assets and liabilities at fair value in our consolidated balance sheets. We determine the fair value of our assets and liabilities subject to fair value measurement by using the highest possible “level” of inputs. Level 1 inputs are observable quotes in an active market for identical assets and liabilities. We consider the valuation of marketable securities and commodity derivatives transacted through a clearing broker with a published price from the appropriate exchange as a Level 1 valuation. Level 2 inputs are inputs observable for similar assets and liabilities. We consider OTC commodity derivatives entered into directly with third parties as a Level 2 valuation since the values of these derivatives are quoted on an exchange for similar transactions. Additionally, we consider our options transacted through our clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. We consider the valuation of our interest rate derivatives as Level 2 as the primary input, the LIBOR curve, is based on quotes from an active exchange of Eurodollar futures for the same period as the future interest swap settlements. Level 3 inputs are unobservable. During the six months ended June 30, 2020, no transfers were made between any levels within the fair value hierarchy.

12


The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 based on inputs used to derive their fair values:
 
 
 
Fair Value Measurements at
June 30, 2020
 
Fair Value Total
 
Level 1
 
Level 2
Assets:
 
 
 
 
 
Commodity derivatives:
 
 
 
 
 
Natural Gas:
 
 
 
 
 
Basis Swaps IFERC/NYMEX
$
112

 
$
112

 
$

Swing Swaps IFERC
2

 

 
2

Fixed Swaps/Futures
93

 
93

 

Forward Physical Contracts
7

 

 
7

Power:
 
 
 
 
 
Forwards
21

 

 
21

Futures
3

 
3

 

Options – Puts
1

 
1

 

Options – Calls
1

 
1

 

NGLs – Forwards/Swaps
208

 
208

 

Refined Products – Futures
4

 
4

 

Crude – Forwards/Swaps
3

 
3

 

Total commodity derivatives
455

 
425

 
30

Other non-current assets
29

 
19

 
10

Total assets
$
484

 
$
444

 
$
40

Liabilities:
 
 
 
 
 
Interest rate derivatives
$
(577
)
 
$

 
$
(577
)
Commodity derivatives:
 
 
 
 
 
Natural Gas:
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(83
)
 
(83
)
 

Swing Swaps IFERC
(5
)
 

 
(5
)
Fixed Swaps/Futures
(117
)
 
(117
)
 

Forward Physical Contracts
(1
)
 

 
(1
)
Power:
 
 
 
 
 
Forwards
(17
)
 

 
(17
)
Futures
(3
)
 
(3
)
 

NGLs – Forwards/Swaps
(218
)
 
(218
)
 

Refined Products – Futures
(21
)
 
(21
)
 

Crude – Forwards/Swaps
(1
)
 
(1
)
 

Total commodity derivatives
(466
)
 
(443
)
 
(23
)
Total liabilities
$
(1,043
)
 
$
(443
)
 
$
(600
)

13


 
 
 
Fair Value Measurements at
December 31, 2019
 
Fair Value Total
 
Level 1
 
Level 2
Assets:
 
 
 
 
 
Commodity derivatives:
 
 
 
 
 
Natural Gas:
 
 
 
 
 
Basis Swaps IFERC/NYMEX
$
17

 
$
17

 
$

Swing Swaps IFERC
1

 

 
1

Fixed Swaps/Futures
65

 
65

 

Forward Physical Contracts
3

 

 
3

Power:
 
 
 
 
 
Forwards
11

 

 
11

Futures
4

 
4

 

Options – Puts
1

 
1

 

Options – Calls
1

 
1

 

NGLs – Forwards/Swaps
260

 
260

 

Refined Products – Futures
8

 
8

 

Crude – Forwards/Swaps
13

 
13

 

Total commodity derivatives
384

 
369

 
15

Other non-current assets
31

 
20

 
11

Total assets
$
415

 
$
389

 
$
26

Liabilities:
 
 
 
 
 
Interest rate derivatives
$
(399
)
 
$

 
$
(399
)
Commodity derivatives:
 
 
 
 
 
Natural Gas:
 
 
 
 
 
Basis Swaps IFERC/NYMEX
(49
)
 
(49
)
 

Swing Swaps IFERC
(1
)
 

 
(1
)
Fixed Swaps/Futures
(43
)
 
(43
)
 

Power:
 
 


 


Forwards
(5
)
 

 
(5
)
Futures
(3
)
 
(3
)
 

NGLs – Forwards/Swaps
(278
)
 
(278
)
 

Refined Products – Futures
(10
)
 
(10
)
 

Total commodity derivatives
(389
)
 
(383
)
 
(6
)
Total liabilities
$
(788
)
 
$
(383
)
 
$
(405
)

Based on the estimated borrowing rates currently available to us and our subsidiaries for loans with similar terms and average maturities, the aggregate fair value and carrying amount of our consolidated debt obligations as of June 30, 2020 were $52.99 billion and $51.29 billion, respectively. As of December 31, 2019, the aggregate fair value and carrying amount of our consolidated debt obligations were $54.79 billion and $51.05 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations’ observable inputs used for similar liabilities.

14


5.
NET INCOME (LOSS) PER LIMITED PARTNER UNIT
A reconciliation of income and weighted average units used in computing basic and diluted income (loss) per unit is as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019*
 
2020
 
2019*
Net income (loss)
$
672

 
$
1,209

 
$
(292
)
 
$
2,327

Less: Net income attributable to noncontrolling interests
306

 
317

 
185

 
614

Less: Net income attributable to redeemable noncontrolling interests
13

 
13

 
25

 
26

Net income (loss), net of noncontrolling interests
353

 
879

 
(502
)
 
1,687

Less: General Partner’s interest in income (loss)

 
1

 
(1
)
 
2

Income (loss) available to Limited Partners
$
353

 
$
878

 
$
(501
)
 
$
1,685

Basic Income (Loss) per Limited Partner Unit:
 
 
 
 
 
 
 
Weighted average limited partner units
2,694.9

 
2,621.2

 
2,693.3

 
2,620.3

Basic income (loss) per Limited Partner unit
$
0.13

 
$
0.33

 
$
(0.19
)
 
$
0.64

Diluted Income (Loss) per Limited Partner Unit:
 
 
 
 
 
 
 
Income (loss) available to Limited Partners
$
353

 
$
878

 
$
(501
)
 
$
1,685

Dilutive effect of equity-based compensation of subsidiaries (1)

 

 

 

Diluted income (loss) available to Limited Partners
$
353

 
$
878

 
$
(501
)
 
$
1,685

Weighted average limited partner units
2,694.9

 
2,621.2

 
2,693.3

 
2,620.3

Dilutive effect of unvested unit awards (1)
0.9

 
9.8

 

 
9.8