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Employee Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2016
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Amounts recognized in the consolidated financial statements with respect to these plans are as follows (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

2016

    

2015

    

2014

Cost of unit-based compensation allocated to Predecessor general and administrative expense (1)

 

$

 —

 

$

 —

 

$

2.8

Cost of unit-based compensation charged to general and administrative expense

 

 

23.7

 

 

31.1

 

 

16.9

Cost of unit-based compensation charged to operating expense

 

 

6.6

 

 

5.0

 

 

2.7

Total amount charged to income

 

$

30.3

 

$

36.1

 

$

22.4

Interest of non-controlling partners in unit-based compensation

 

$

11.3

 

$

14.0

 

$

8.3

Amount of related income tax expense recognized in net income

 

$

7.1

 

$

8.3

 

$

5.3

(1)

Unit-based compensation expense was treated as a contribution by the Predecessor in the consolidated statements of changes in member’s equity for the year ended December 31, 2014.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the restricted incentive unit activities for the year ended December 31, 2016 is provided below:

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 2016

 

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

Number of

 

Grant-Date

EnLink Midstream, LLC Restricted Incentive Units:

    

Units

    

Fair Value

Non-vested, beginning of period

 

 

1,148,893

 

$

34.78

Granted

 

 

1,146,067

 

 

10.16

Vested (1)

 

 

(340,234)

 

 

36.55

Forfeited

 

 

(57,428)

 

 

22.67

Non-vested, end of period

 

 

1,897,298

 

$

19.96

Aggregate intrinsic value, end of period (in millions)

 

$

36.1

 

 

 


Vested units include 97,087 units withheld for payroll taxes paid on behalf of employees.

Schedule of Share Based Compensation Restricted Stock and Restricted Stock Units Vested and Fair Value Vested

A summary of the restricted units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the years ended December 31, 2016 and 2015 are provided below (in millions):

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

EnLink Midstream LLC Restricted Incentive Units:

 

2016

    

2015

Aggregate intrinsic value of units vested

 

$

4.1

 

$

9.2

Fair value of units vested

 

$

12.4

 

$

9.8

 

Schedule of Share Based Payment Award Other Than Stock Options Valuation Assumption

The following table presents a summary of the grant-date fair values of performance units granted and the related assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EnLink Midstream, LLC Performance Units:

 

 

Beginning TSR Price

 

Risk-free interest rate

 

 

Volatility factor

 

 

Distribution yield

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

January 2016

 

$

15.38

 

1.10

%

 

46.02

%

 

8.60

%

February 2016

 

$

15.38

 

0.89

%

 

52.05

%

 

14.00

%

October 2016

 

$

16.75

 

0.91

%

 

52.89

%

 

6.10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

March 2015

 

$

34.24

 

0.99

%

 

33.02

%

 

2.98

%

 

Schedule of Nonvested Performance-based Units Activity

The following table presents a summary of the Company’s performance units:

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 2016

 

 

 

 

    

Weighted

 

 

 

 

 

Average

 

 

Number of

 

Grant-Date

EnLink Midstream, LLC Performance Units:

    

Units

    

Fair Value

Non-Vested, beginning of period

 

 

105,080

 

$

40.50

Granted

 

 

281,709

 

 

11.58

Forfeited

 

 

(2,525)

 

 

41.31

Non-vested, end of period

 

 

384,264

 

$

19.30

Aggregate intrinsic value, end of period (in millions)

 

$

7.3

 

 

 

 

EnLink Midstream Partners, LP  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the restricted incentive unit activity for the year ended December 31, 2016 is provided below:

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 2016

 

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

Number of

 

Grant-Date

EnLink Midstream Partners, LP Restricted Incentive Units:

    

Units

    

Fair Value

Non-vested, beginning of period

 

 

1,253,729

 

$

29.59

Granted

 

 

1,149,105

 

 

10.71

Vested (1)

 

 

(316,677)

 

 

30.08

Forfeited

 

 

(61,337)

 

 

21.23

Non-vested, end of period

 

 

2,024,820

 

$

19.05

Aggregate intrinsic value, end of period (in millions)

 

$

37.3

 

 

 


Vested units include 91,110 units withheld for payroll taxes paid on behalf of employees.

Schedule of Share Based Compensation Restricted Stock and Restricted Stock Units Vested and Fair Value Vested

A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) during the years ended December 31, 2016 and 2015 are provided below (in millions):

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

EnLink Midstream Partners, LP Restricted Incentive Units:

 

2016

    

2015

Aggregate intrinsic value of units vested

 

$

4.1

 

$

7.5

Fair value of units vested

 

$

9.5

 

$

8.1

 

Schedule of Share Based Payment Award Other Than Stock Options Valuation Assumption

The following table presents a summary of the grant-date fair values of performance units granted and the related assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EnLink Midstream Partners, LP Performance Units:

 

 

Beginning TSR Price

 

 

Risk-free interest rate

 

 

Volatility factor

 

 

Distribution yield

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

January 2016

 

$

14.82

 

 

1.10

%

 

39.71

%

 

12.10

%

February 2016

 

$

14.82

 

 

0.89

%

 

42.33

%

 

19.20

%

October 2016

 

$

17.71

 

 

0.91

%

 

44.62

%

 

8.80

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

March 2015

 

$

27.68

 

 

0.99

%

 

33.01

%

 

5.66

%

 

Schedule of Nonvested Performance-based Units Activity

The following table presents a summary of the Partnership’s performance units:

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 2016

 

 

 

 

    

Weighted

 

 

 

 

 

Average

 

 

Number of

 

Grant-Date

EnLink Midstream Partners, LP Performance Units:

    

Units

    

Fair Value

Non-Vested, beginning of period

 

 

118,126

 

$

35.41

Granted

 

 

293,309

 

 

11.53

Forfeited

 

 

(2,798)

 

 

36.18

Non-vested, end of period

 

 

408,637

 

$

11.53

Aggregate intrinsic value, end of period (in millions)

 

$

7.5