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Earnings Per Unit (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings Per Unit [Abstract]  
Basic and Diluted Earnings Per Unit
The following table presents our calculation of basic and diluted earnings per unit for the periods indicated:

 
  
For the Three Months
Ended September 30,
    
For the Nine Months
Ended September 30,
  
 
  
2020
    
2019
    
2020
    
2019
  
BASIC EARNINGS PER COMMON UNIT
                        
Net income attributable to common unitholders
  
$
1,052.6
    
$
1,019.2
    
$
3,437.4
    
$
3,494.4
  
Earnings allocated to phantom unit awards (1)
    
(7.5
)
    
(6.1
)
    
(24.9
)
    
(21.3
)
Net income allocated to common unitholders
  
$
1,045.1
    
$
1,013.1
    
$
3,412.5
    
$
3,473.1
  
 
                                
Basic weighted-average number of common units outstanding
    
2,185.5
      
2,189.1
      
2,186.7
      
2,188.4
  
 
                                
Basic earnings per common unit
  
$
0.48
    
$
0.46
    
$
1.56
    
$
1.59
  
 
                                
DILUTED EARNINGS PER COMMON UNIT
                                
Net income attributable to common unitholders
  
$
1,052.6
    
$
1,019.2
    
$
3,437.4
    
$
3,494.4
  
 
                                
Diluted weighted-average number of units outstanding:
                                
Common units
    
2,185.5
      
2,189.1
      
2,186.7
      
2,188.4
  
Phantom units (2)
    
15.9
      
13.2
      
15.7
      
13.1
  
Preferred units (2)
    
-
*
    
–
      
-
*
    
–
  
Total
    
2,201.4
      
2,202.3
      
2,202.4
      
2,201.5
  
 
                                
Diluted earnings per common unit
  
$
0.48
    
$
0.46
    
$
1.56
    
$
1.59
  
                                 
* Amount is negligible
                                

(1)
Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding the phantom units.
(2)
We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom units and the conversion of preferred units outstanding.  See Note 8 for information regarding the preferred units issued on September 30, 2020.  Since the preferred units were issued on the last day of the third quarter of 2020, their weighted-average dilutive impact on earnings per unit for the three and nine months ended September 30, 2020 was negligible.