Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) per Common Unit (Tables)

v3.10.0.1
Net Income (Loss) per Common Unit (Tables)
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Schedule of Net Income (Loss) per Common Unit
The following table provides a reconciliation of net income and the allocation of net income to the common units, the subordinated units, the general partner units and IDRs for purposes of computing basic and diluted net income (loss) per unit (in millions, except per unit data).
 
 
 
 
Limited Partner Units
 
 
 
 
 
 
Total
 
Common Units
 
Class B Units
 
Subordinated Units
 
General Partner Units
 
IDR
Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
307

 
 
 
 
 
 
 
 
 
 
Declared distributions
 
297

 
202

 
—

 
79

 
5

 
11

Assumed allocation of undistributed net income (1)
 
$
10

 
7

 
—

 
3

 
—

 
—

Assumed allocation of net income
 
 
 
$
209

 
$
—

 
$
82

 
$
5

 
$
11

 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
348.6

 
—

 
135.4

 
 
 
 
Basic and diluted net income per unit (2)
 
 
 
$
0.60

 


 
$
0.60

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
23

 
 
 
 
 
 
 
 
 
 
Declared distributions
 
217

 
153

 
—

 
60

 
4

 
—

Amortization of beneficial conversion feature of Class B units
 
—

 
(288
)
 
974

 
(686
)
 
—

 
—

Assumed allocation of undistributed net loss
 
$
(194
)
 
(137
)
 
—

 
(53
)
 
(4
)
 
—

Assumed allocation of net income
 
 
 
$
(272
)
 
$
974

 
$
(679
)
 
$
—


$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
247.2

 
50.6

 
135.4

 
 
 
 
Basic and diluted net loss per unit (2)
 
 
 
$
(1.10
)
 


 
$
(5.02
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
923

 
 
 
 
 
 
 
 
 
 
Declared distributions
 
859

 
589

 
—

 
229

 
17

 
24

Assumed allocation of undistributed net income (1)
 
$
64

 
45

 
—

 
18

 
1

 
—

Assumed allocation of net income
 
 
 
$
634

 
$
—

 
$
247

 
$
18

 
$
24

 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
348.6

 
—

 
135.4

 
 
 
 
Basic and diluted net income per unit
 
 
 
$
1.82

 


 
$
1.82

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
116

 
 
 
 
 
 
 
 
 
 
Declared distributions
 
267

 
202

 
—

 
60

 
5

 
—

Amortization of beneficial conversion feature of Class B units
 
—

 
(594
)
 
2,004

 
(1,410
)
 
—

 
—

Assumed allocation of undistributed net loss
 
$
(151
)
 
(107
)
 
—

 
(41
)
 
(3
)
 
—

Assumed allocation of net income
 
 
 
$
(499
)
 
$
2,004

 
$
(1,391
)
 
$
2

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
121.2

 
113.4

 
135.4

 
 
 
 
Basic and diluted net loss per unit (2)
 
 
 
$
(4.12
)
 


 
$
(10.28
)
 
 
 
 

 
 
(1)
Under our partnership agreement, the IDRs participate in net income (loss) only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income (loss).
(2)
Earnings per unit in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.