Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Unit (Tables)

v3.20.1
Net Income per Common Unit (Tables)
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Schedule of Net Income 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 per unit (in millions, except per unit data).
 
 
 
 
Limited Partner Units
 
 
 
 
 
 
Total
 
Common Units
 
Subordinated Units
 
General Partner Units
 
IDR
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
Net income
 
$
435

 
 
 
 
 
 
 
 
Declared distributions
 
336

 
223

 
87

 
6

 
20

Assumed allocation of undistributed net income (1)
 
$
99

 
70

 
27

 
2

 
—

Assumed allocation of net income
 
 
 
$
293

 
$
114

 
$
8

 
$
20

 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
348.6

 
135.4

 
 
 
 
Basic and diluted net income per unit
 
 
 
$
0.84

 
$
0.84

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
Net income
 
$
385

 
 
 
 
 
 
 
 
Declared distributions
 
310

 
210

 
81

 
6

 
13

Assumed allocation of undistributed net income (1)
 
$
75

 
52

 
21

 
2

 
—

Assumed allocation of net income
 
 
 
$
262

 
$
102

 
$
8

 
$
13

 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
348.6

 
135.4

 
 
 
 
Basic and diluted net income per unit
 
 
 
$
0.75

 
$
0.75

 
 
 
 

 
 
(1)
Under our partnership agreement, the IDRs participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income.