Earnings Per Limited Partner Unit (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule Of Earnings Per Unit For Common Units

The following table illustrates the Partnership’s calculation of earnings per unit for common units.

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In millions, except per unit data)
Net income	$	44	$	124	$	149	$	247
Net (loss) income attributable to noncontrolling interest	—		—		(7)		1
Series A Preferred Unit distributions	9		9		18		18
General partner interest in net income	—		—		—		—
Net income available to common unitholders	$	35	$	115	$	138	$	228
Net income allocable to common units	$	35	$	115	$	138	$	228
Dilutive effect of Series A Preferred Unit distributions	—		—		18		—
Diluted net income allocable to common units	$	35	$	115	$	156	$	228
Basic earnings per unit
Common units	$	0.08	$	0.26	$	0.32	$	0.52
Basic weighted average number of common units outstanding (1)	437		437		437		436
Dilutive effect of Series A Preferred Units	—		—		79		—
Diluted weighted average number of common units outstanding	437		437		516		436
Diluted earnings per unit
Common units	$	0.08	$	0.26	$	0.30	$	0.52

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(1)Basic weighted average number of outstanding common units includes approximately two million time-based phantom units for the three and six months ended June 30, 2020, and one million time-based phantom units for the three and six months ended June 30, 2019.

^[1]

[1] Basic weighted average number of outstanding common units includes approximately two million time-based phantom units for the three and six months ended June 30, 2020, and one million time-based phantom units for the three and six months ended June 30, 2019.