Cash Distributions and Net Income per Unit

6 Months Ended

Jun. 30, 2013

Partners' Capital Notes [Abstract]

Cash Distributions and Net Income per Unit

Note 8:  Cash Distributions and Net Income per Unit

Cash Distributions

In the second quarters 2013 and 2012, the Partnership declared and paid quarterly distributions to its common unitholders of record of $0.5325 per common unit, $0.30 per class B unit to the holder of the class B units and amounts to the general partner on behalf of its 2% general partner interest and as holder of the IDRs. In July 2013, the Partnership declared a quarterly cash distribution to unitholders of record of $0.5325 per common unit.

Net Income per Unit

For purposes of calculating net income per unit, net income for the current period is reduced by the amount of available cash that will be distributed with respect to that period. Any residual amount representing undistributed net income (or loss) is assumed to be allocated to the various ownership interests in accordance with the contractual provisions of the partnership agreement.

Under the Partnership’s partnership agreement, for any quarterly period, 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 or losses. Accordingly, undistributed net income is assumed to be allocated to the other ownership interests on a pro rata basis, except that the class B units’ participation in net income is limited to $0.30 per unit per quarter. Payments made on account of the Partnership’s various ownership interests are determined in relation to actual declared distributions and are not based on the assumed allocations required under GAAP.

The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the three months ended June 30, 2013, (in millions, except per unit data):

	Total			Common Units			Class B  Units			General Partner and IDRs
Net income	$	70.4
Less: Net loss attributable to noncontrolling interests	(0.1		)
Net income attributable to controlling interests	70.5
Declared distribution	135.6			$	117.3		$	6.9		$	11.4
Assumed allocation of undistributed net loss	(65.1		)	(57.6		)	(6.2		)	(1.3		)
Assumed allocation of net income attributable to limited     partner unitholders and general partner	$	70.5		$	59.7		$	0.7		$	10.1
Weighted-average units outstanding				212.3			22.9
Net income per unit				$	0.28		$	0.03

The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the three months ended June 30, 2012, (in millions, except per unit data):

	Total			Common Units			Class B  Units			General Partner and IDRs
Net income	$	65.1
Declared distribution	114.9			$	98.5		$	6.8		$	9.6
Assumed allocation of undistributed net loss	(49.8		)	(43.5		)	(5.3		)	(1.0		)
Assumed allocation of net income attributable to limited      partner unitholders and general partner	$	65.1		$	55.0		$	1.5		$	8.6
Weighted-average units outstanding				184.9			22.9
Net income per unit				$	0.30		$	0.07

The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the six months ended June 30, 2013, (in millions, except per unit data):

	Total			Common Units			Class B  Units			General Partner and IDRs
Net income	$	171.8
Less: Net loss attributable to noncontrolling interests	(0.1		)
Net income attributable to controlling interests	171.9
Declared distribution	263.8			$	227.9		$	13.7		$	22.2
Assumed allocation of undistributed net loss	(91.9		)	(81.2		)	(8.9		)	(1.8		)
Assumed allocation of net income attributable to limited     partner unitholders and general partner	$	171.9		$	146.7		$	4.8		$	20.4
Weighted-average units outstanding				210.0			22.9
Net income per unit				$	0.70		$	0.21

The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the six months ended June 30, 2012, (in millions, except per unit data):

	Total			Common Units			Class B  Units			General Partner and IDRs
Net income	$	157.7
Less: Net income attributable to predecessor equity	0.2
Net income attributable to controlling interests	157.5
Declared distribution	229.8			$	196.9		$	13.7		$	19.2
Assumed allocation of undistributed net loss	(72.3		)	(63.1		)	(7.8		)	(1.4		)
Assumed allocation of net income attributable to limited      partner unitholders and general partner	$	157.5		$	133.8		$	5.9		$	17.8
Weighted-average units outstanding				183.8			22.9
Net income per unit				$	0.73		$	0.26