Annual report pursuant to Section 13 and 15(d)

Net Income per Common Unit (Tables)

v3.22.4
Net Income per Common Unit (Tables)
 12 Months Ended
Dec. 31, 2022
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).
  Total Limited Partner Common Units Subordinated Units General Partner Units IDR
Year Ended December 31, 2022
Net income $ 2,498 
Declared distributions 2,982  2,057  —  60  865 
Assumed allocation of undistributed net loss (1) $ (484) (474) —  (10) — 
Assumed allocation of net income $ 1,583  $ —  $ 50  $ 865 
Weighted average units outstanding 484.0  — 
Basic and diluted net income per unit $ 3.27  $ — 
Year Ended December 31, 2021
Net income $ 1,630 
Declared distributions 1,486  1,309  —  30  147 
Assumed allocation of undistributed net income (1) $ 144  141  —  3  — 
Assumed allocation of net income $ 1,450  $ —  $ 33  $ 147 
Weighted average units outstanding 484.0  — 
Basic and diluted net income per unit $ 3.00  $ — 
Year Ended December 31, 2020
Net income $ 1,183 
Declared distributions 1,375  1,080  174  27  94 
Assumed allocation of undistributed net loss (1) $ (192) (155) (33) (4) — 
Assumed allocation of net income $ 925  $ 141  $ 23  $ 94 
Weighted average units outstanding 399.3  84.7 
Basic and diluted net income per unit (2) $ 2.32  $ 1.67 
(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 (loss).
(2)Basic and diluted net income 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.