What was the change in note payable to affiliate for Aplus in 2021?
Aplus Franchise · 2024 FDDAnswer from 2024 FDD Document
e | 394 | | Balance at December 31, 2023 | $ 978 | | | |
The accompanying notes are an integral part of these consolidated financial statements.
Year Ended December 31,
SUNOCO LP CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| OPERATING ACTIVITIES: | |||
| Net income | $ 394 | $ 475 | $ 524 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion | 187 | 193 | 177 |
| Amortization of deferred financing fees | 8 | 7 | 7 |
| Gain on disposal of assets | (7) | (13) | (14) |
| Loss on extinguishment of debt | — | — | 36 |
| Non-cash unit-based compensation expense | 17 | 14 | 16 |
| Deferred income tax | 13 | 28 | 10 |
| Inventory adjustments | 114 | (5) | (190) |
| Equity in earnings of unconsolidated affiliates | (5) | (4) | (4) |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | 34 | (312) | (231) |
| Receivables from affiliates | (5) | (3) | (1) |
| Inventories | (182) | (172) | 38 |
| Other assets | 47 | (94) | (95) |
| Accounts payable | (101) | 390 | 296 |
| Accounts payable to affiliates | 61 | 50 | (20) |
| Accrued expenses and other current liabilities | 43 | — | 9 |
| Other non-current liabilities | (18) | 7 | (15) |
| Net cash provided by operating activities | 600 | 561 | 543 |
| INVESTING ACTIVITIES: | |||
| Capital expenditures | (215) | (186) | (174) |
| Distributions from unconsolidated affiliates in excess of cumulative earnings | 9 | 8 | 9 |
| Cash paid for acquisitions, net of cash acquired | (111) | (318) | (256) |
| Proceeds from disposal of property and equipment | 31 | 32 | 34 |
| Other | (2) | — | — |
| Net cash used in investing activities | (288) | (464) | (387) |
| FINANCING ACTIVITIES: | |||
| Senior Notes borrowings | 500 | — | 800 |
| Senior Notes repayments | — | — | (1,252) |
| Credit Facility borrowings | 3,283 | 4,127 | 1,922 |
| Credit Facility repayments | (3,772) | (3,808) | (1,341) |
| Loan origination costs | (5) | — | — |
| Cash distribution to unitholders, including incentive distributions | (371) | (359) | (357) |
| Net cash used in financing activities | (365) | (40) | (228) |
| Net increase (decrease) in cash and cash equivalents | (53) | 57 | (72) |
| Cash and cash equivalents at beginning of period | 82 | 25 | 97 |
| Cash and cash equivalents at end of period | $ 29 | $ 82 | $ 25 |
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| SUPPL |
Source: Item 22 — CONTRACTS (FDD page 68)
What This Means (2024 FDD)
According to Aplus's 2024 Franchise Disclosure Document, the change in note payable to affiliate in 2021 was $4. This figure is part of the supplemental disclosure of non-cash investing activities.
This indicates the amount of non-cash transactions involving notes payable between Aplus and its affiliates during that year. For a potential franchisee, this detail provides insight into the financial interactions Aplus has with its related entities.
Understanding these affiliate transactions can be crucial for assessing the overall financial health and stability of Aplus. It's important to note that this is just one aspect of the company's financial activities, and a comprehensive review of the entire FDD and financial statements is necessary for a thorough evaluation.