Quarterly report pursuant to Section 13 or 15(d)

Net Loss per Common Unit (Tables)

v3.7.0.1
Net Loss per Common Unit (Tables)
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Schedule of Anticipated Beneficial Conversion Feature impact to Capital Accounts
Based on the capital structure as of June 30, 2017, the anticipated impact to the capital accounts in connection with the amortization of the beneficial conversion feature is as follows in 2017 (in millions):
Common Units
 
Class B Units
 
Subordinated Units
$(594)
 
$2,004
 
$(1,410)
Schedule of Net Loss per Common Unit
The following table (in millions, except per unit data) provides a reconciliation of net income (loss) and the allocation of net income (loss) to the common units, the subordinated units and the general partner units for purposes of computing net loss per unit.
 
 
 
 
Limited Partner Units
 
 
 
 
Total
 
Common Units
 
Class B Units
 
Subordinated Units
 
General Partner Units
Three Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
 
Net income
 
$
46

 
 
 
 
 
 
 
 
Declared distributions
 
25

 
25

 
—

 
—

 
—

Amortization of beneficial conversion feature of Class B units
 
—

 
(237
)
 
796

 
(559
)
 
—

Assumed allocation of undistributed net income
 
$
21

 
—

 
—

 
21

 
—

Assumed allocation of net income (loss)
 
 
 
$
(212
)
 
$
796

 
$
(538
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
57.1

 
145.3

 
135.4

 
 
Net loss per unit
 
 
 
$
(3.71
)
 


 
$
(3.97
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(100
)
 
 
 
 
 
 
 
 
Declared distributions
 
25

 
25

 
—

 
—

 
—

Assumed allocation of undistributed net loss
 
$
(125
)
 
(37
)
 
—

 
(86
)
 
(2
)
Assumed allocation of net loss
 
 
 
$
(12
)
 
$
—

 
$
(86
)
 
$
(2
)
 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
57.1

 
145.3

 
135.4

 
 
Net loss per unit
 
 
 
$
(0.21
)
 


 
$
(0.64
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
 
Net income
 
$
93

 
 
 
 
 
 
 
 
Declared distributions
 
50

 
49

 
—

 
—

 
1

Amortization of beneficial conversion feature of Class B units
 
—

 
(306
)
 
1,030

 
(724
)
 
—

Assumed allocation of undistributed net income
 
$
43

 
—

 
—

 
43

 
—

Assumed allocation of net income (loss)
 
 
 
$
(257
)
 
$
1,030

 
$
(681
)
 
$
1

 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
57.1

 
145.3

 
135.4

 
 
Net loss per unit
 
 
 
$
(4.50
)
 


 
$
(5.03
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(175
)
 
 
 
 
 
 
 
 
Declared distributions
 
50

 
49

 
—

 
—

 
1

Assumed allocation of undistributed net loss
 
$
(225
)
 
(66
)
 
—

 
(155
)
 
(4
)
Assumed allocation of net loss
 
 
 
$
(17
)
 
$
—

 
$
(155
)
 
$
(3
)
 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
57.1

 
145.3

 
135.4

 
 
Net loss per unit
 
 
 
$
(0.29
)
 


 
$
(1.14
)