Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Unit (Tables)

v3.21.1
Net Income per Common Unit (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021
Net income $ 347 
Declared distributions 356  320  —  7  29 
Assumed allocation of undistributed net loss (1) $ (9) (8) —  —  — 
Assumed allocation of net income $ 312  $ —  $ 7  $ 29 
Weighted average units outstanding 484.0  — 
Basic and diluted net income per unit $ 0.64  $ — 
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 
(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 or loss.