Annual report pursuant to Section 13 and 15(d)

Net Income per Common Unit (Tables)

v3.20.4
Net Income per Common Unit (Tables)
 12 Months Ended
Dec. 31, 2020
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).
  Limited Partner Units
  Total Common Units Subordinated Units General Partner Units IDR
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 $ 2.32  $ 1.67 
Year Ended December 31, 2019
Net income $ 1,175 
Declared distributions 1,278  858  333  26  62 
Assumed allocation of undistributed net loss (1) $ (103) (73) (28) (2) — 
Assumed allocation of net income $ 785  $ 305  $ 24  $ 62 
Weighted average units outstanding 348.6  135.4 
Basic and diluted net income per unit $ 2.25  $ 2.25 
Year Ended December 31, 2018
Net income $ 1,274 
Declared distributions 1,162  795  309  22  36 
Assumed allocation of undistributed net income (1) $ 112  79  31  2  — 
Assumed allocation of net income $ 874  $ 340  $ 24  $ 36 
Weighted average units outstanding 348.6  135.4 
Basic and diluted net income per unit $ 2.51  $ 2.51 
(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.