Quarterly report pursuant to Section 13 or 15(d)

Net Income per Common Unit (Tables)

v3.22.2
Net Income per Common Unit (Tables)
 6 Months Ended
Jun. 30, 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 General Partner Units IDR
Three Months Ended June 30, 2022
Net income $ 342 
Declared distributions 743  513  15  215 
Assumed allocation of undistributed net loss (1) $ (401) (393) (8) — 
Assumed allocation of net income $ 120  $ 7  $ 215 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit $ 0.25 
Three Months Ended June 30, 2021
Net income $ 395 
Declared distributions 361  322  7  32 
Assumed allocation of undistributed net income (1) $ 34  33  1  — 
Assumed allocation of net income $ 355  $ 8  $ 32 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit $ 0.73 
Six Months Ended June 30, 2022
Net income $ 501 
Declared distributions 1,476  1,021  30  425 
Assumed allocation of undistributed net loss (1) $ (975) (955) (20) — 
Assumed allocation of net income $ 66  $ 10  $ 425 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit $ 0.13 
Six Months Ended June 30, 2021
Net income $ 742 
Declared distributions 716  641  14  61 
Assumed allocation of undistributed net income (1) $ 26  25  1  — 
Assumed allocation of net income $ 666  $ 15  $ 61 
Weighted average units outstanding 484.0 
Basic and diluted net income per unit $ 1.38 
(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).