Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) per Common Unit (Tables)

v3.22.2.2
Net Income (Loss) per Common Unit (Tables)
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Net Income (Loss) per Common Unit
The following table provides a reconciliation of net income (loss) and the allocation of net income (loss) 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).
  Total Limited Partner Common Units General Partner Units IDR
Three Months Ended September 30, 2022
Net loss $ (514)
Declared distributions 753  518  15  220 
Assumed allocation of undistributed net loss (1) $ (1,267) (1,242) (25) — 
Assumed allocation of net loss $ (724) $ (10) $ 220 
Weighted average units outstanding 484.0 
Basic and diluted net loss per unit (2) $ (1.49)
Three Months Ended September 30, 2021
Net income $ 381 
Declared distributions 375  329  8  38 
Assumed allocation of undistributed net income (1) $ 6  6  —  — 
Assumed allocation of net income $ 335  $ 8  $ 38 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit $ 0.69 
Nine Months Ended September 30, 2022
Net loss $ (13)
Declared distributions 2,229  1,539  45  645 
Assumed allocation of undistributed net loss (1) $ (2,242) (2,197) (45) — 
Assumed allocation of net loss $ (658) $ —  $ 645 
Weighted average units outstanding 484.0 
Basic and diluted net loss per unit $ (1.36)
Nine Months Ended September 30, 2021
Net income $ 1,123 
Declared distributions 1,091  970  22  99 
Assumed allocation of undistributed net income (1) $ 32  31  1  — 
Assumed allocation of net income $ 1,001  $ 23  $ 99 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit $ 2.07 
(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)Basic and diluted net income (loss) 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.