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Equity-Based Awards (Tables)
 12 Months Ended
Dec. 31, 2024
Equity-based Awards [Abstract]  
Equity-based Award Expense
An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA.  The following table summarizes compensation expense we recognized in connection with equity-based awards for the years indicated:

 
  
For the Year Ended December 31,
  
 
  
2024
    
2023
    
2022
  
Equity-classified awards:
                  
Phantom unit awards
  
$
178
    
$
166
    
$
153
  
Profits interest awards
    
10
      
6
      
4
  
Total
  
$
188
    
$
172
    
$
157
  

Other Share-based Compensation Plans
The following table presents phantom unit award activity for the years indicated:

 
  
Number of
Units
    
Weighted-
Average Grant
Date Fair Value
per Unit (1)
  
Phantom unit awards at December 31, 2021
    
17,170,919
    
$
24.31
  
Granted (2)
    
7,968,880
    
$
24.11
  
Vested
    
(6,616,741
)
  
$
25.08
  
Forfeited
    
(540,113
)
  
$
23.92
  
Phantom unit awards at December 31, 2022
    
17,982,945
    
$
23.94
  
Granted (3)
    
8,904,445
    
$
25.80
  
Vested
    
(6,786,085
)
  
$
24.81
  
Forfeited
    
(544,054
)
  
$
24.52
  
Phantom unit awards at December 31, 2023
    
19,557,251
    
$
24.47
  
Granted (4)
    
8,881,820
    
$
26.25
  
Vested
    
(7,304,071
)
  
$
24.51
  
Forfeited
    
(542,749
)
  
$
25.39
  
Phantom unit awards at December 31, 2024
    
20,592,251
    
$
25.21
  

(1)
Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2)
The aggregate grant date fair value of phantom unit awards issued during 2022 was $192 million based on a grant date market price of the Partnership’s common units ranging from $24.10 to $26.62 per unit.  An estimated annual forfeiture rate of 2.1% was applied to these awards.
(3)
The aggregate grant date fair value of phantom unit awards issued during 2023 was $230 million based on a grant date market price of the Partnership’s common units ranging from $25.80 to $26.70 per unit.  An estimated annual forfeiture rate of 2.0% was applied to these awards.
(4)
The aggregate grant date fair value of phantom unit awards issued during 2024 was $233 million based on a grant date market price of the Partnership’s common units ranging from $26.25 to $29.64 per unit.  An estimated annual forfeiture rate of 2.0% was applied to these awards.

The following table presents supplemental information regarding phantom unit awards for the years indicated:
 
 
  
For the Year Ended December 31,
  
 
  
2024
    
2023
    
2022
  
Cash payments made in connection with DERs
  
$
43
    
$
38
    
$
34
  
Total intrinsic value of phantom unit awards that vested during period
  
$
199
    
$
182
    
$
160