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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). The amounts in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.
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Total |
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Limited Partner Common Units |
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General Partner Units |
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IDR |
| Three Months Ended June 30, 2025 |
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| Net income |
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$ |
553 |
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| Less: declared distributions (1) |
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511 |
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397 |
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10 |
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104 |
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| Assumed allocation of undistributed net income (2) |
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$ |
42 |
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42 |
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1 |
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— |
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| Assumed allocation of net income |
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$ |
439 |
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$ |
11 |
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$ |
104 |
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| Weighted average units outstanding |
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484.0 |
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| Basic and diluted net income per unit |
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$ |
0.91 |
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| Three Months Ended June 30, 2024 |
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| Net income |
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$ |
570 |
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| Less: declared distributions (1) |
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501 |
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392 |
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10 |
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99 |
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| Assumed allocation of undistributed net income (2) |
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$ |
69 |
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|
67 |
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1 |
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— |
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| Assumed allocation of net income |
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$ |
459 |
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$ |
11 |
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$ |
99 |
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| Weighted average units outstanding |
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484.0 |
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| Basic and diluted net income per unit |
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$ |
0.95 |
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| Six Months Ended June 30, 2025 |
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| Net income |
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$ |
1,194 |
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| Less: declared distributions (1) |
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1,021 |
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794 |
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20 |
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207 |
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| Assumed allocation of undistributed net income (2) |
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$ |
173 |
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169 |
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3 |
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— |
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| Assumed allocation of net income |
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$ |
963 |
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$ |
23 |
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$ |
207 |
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| Weighted average units outstanding |
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484.0 |
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| Basic and diluted net income per unit |
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$ |
1.99 |
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| Six Months Ended June 30, 2024 |
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| Net income |
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$ |
1,252 |
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| Less: declared distributions (1) |
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1,002 |
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784 |
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20 |
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198 |
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| Assumed allocation of undistributed net income (2) |
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$ |
250 |
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245 |
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5 |
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— |
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| Assumed allocation of net income |
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$ |
1,029 |
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$ |
25 |
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$ |
198 |
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| Weighted average units outstanding |
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484.0 |
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| Basic and diluted net income per unit |
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$ |
2.13 |
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(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).
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