Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Unit (Tables)

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Net Income per Common Unit (Tables)
 3 Months Ended
Mar. 31, 2024
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 General Partner Units
IDR
Three Months Ended March 31, 2024
Net income $ 682 
Declared distributions 501  392  10  99 
Assumed allocation of undistributed net income (1) $ 181  177  4  — 
Assumed allocation of net income $ 569  $ 14  $ 99 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit $ 1.18 
Three Months Ended March 31, 2023
Net income $ 1,935 
Declared distributions 714  499  14  201 
Assumed allocation of undistributed net income (1) $ 1,221  1,197  24  — 
Assumed allocation of net income $ 1,696  $ 38  $ 201 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit $ 3.50 
(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.