Quarterly report [Sections 13 or 15(d)]

Net Income per Common Unit (Tables)

v3.25.1
Net Income per Common Unit (Tables)
 3 Months Ended
Mar. 31, 2025
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 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, 2025
Net income $ 641 
Less: declared distributions (1) 511  397  10  104 
Assumed allocation of undistributed net income (2) $ 130  128  3  — 
Assumed allocation of net income $ 525  $ 13  $ 104 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit $ 1.08 
Three Months Ended March 31, 2024
Net income $ 682 
Less: declared distributions (1) 501  392  10  99 
Assumed allocation of undistributed net income (2) $ 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 
(1)Represents distributions declared with respect to earnings of the respective period.
(2)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).