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Employee Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Amounts Recognized in Consolidated Financial Statements
Amounts recognized on the consolidated financial statements with respect to these plans are as follows (in millions):
Year Ended December 31,
202320222021
Cost of unit-based compensation charged to operating expense$3.7 $5.7 $6.6 
Cost of unit-based compensation charged to general and administrative expense15.5 24.7 18.7 
Total unit-based compensation expense$19.2 $30.4 $25.3 
Amount of related income tax benefit recognized in net income (1)$4.5 $7.1 $5.9 
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(1)The amount of related income tax benefit recognized in net income excluded book-to-tax differences recorded upon the vesting of unit-based awards. For additional information, see “Note 8—Income Taxes.”
Summary of Restricted Incentive Unit Activity A summary of the restricted incentive unit activity for the year ended December 31, 2023 is provided below:
Year Ended December 31, 2023
Restricted Incentive Units:Number of UnitsWeighted Average Grant-Date Fair Value
Unvested, beginning of period6,775,186 $5.89 
Granted (1)1,587,965 11.03 
Vested (1)(2)(2,489,603)5.96 
Forfeited(427,568)6.98 
Unvested, end of period5,445,980 $7.27 
Aggregate intrinsic value, end of period (in millions)$66.2  
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(1)Restricted incentive units typically vest at the end of three years.
(2)Vested units included 756,556 ENLC common units withheld for payroll taxes paid on behalf of employees.
Summary of Restricted Units' Aggregate Intrinsic Value
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) for the years ended December 31, 2023, 2022, and 2021 is provided below (in millions):
Year Ended December 31,
Restricted Incentive Units:202320222021
Aggregate intrinsic value of units vested$30.5 $24.4 $5.6 
Fair value of units vested$14.8 $19.0 $16.3 
Summary of Grant-Date Fair Values
The following table sets out the levels at which the Tranche TSR Units may vest (using linear interpolation) based on the ENLC TSR percentile ranking for the applicable performance period relative to the TSR achievement of the Designated Peer Companies:
Performance Level Achieved ENLC TSR
Position Relative to Designated Peer Companies		 
Vesting Percentage
of the Tranche TSR Units
Below Threshold 
Less than 25%
 0%
Threshold 
Equal to 25%
 50%
Target 
Equal to 50%
 100%
Maximum 
Greater than or Equal to 85% (1)
 200%
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(1)The performance awards granted prior to 2023 achieved the maximum performance level if the ENLC TSR position relative to designated peer companies was greater than or equal to 75%.
The following table sets out the levels at which the Tranche CF Units were eligible to vest (using linear interpolation):
Performance Period Ended December 31,
202320222021
Performance Level
Vesting Percentage
of the Tranche CF Units
Achieved DCF
Achieved FCFAD
 
Achieved FCFAD
Below Threshold
0%
Less than $801 million
Less than $154 million
Less than $205 million
Threshold
50%
Equal to $801 million
Equal to $154 million
Equal to $205 million
Target
100%
Equal to $932 million
Equal to $202 million
Equal to $256 million
Maximum
200%
Greater than or Equal to $1,123 million
Greater than or Equal to $241 million
Greater than or Equal to $300 million

The fair value of each performance unit is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all performance unit grants made under the plan: (i) a risk-free interest rate based on United States Treasury rates as of the grant date; (ii) a volatility assumption based on the historical realized price volatility of ENLC’s common units and the Designated Peer Companies’ or Peer Companies’ securities as applicable; (iii) an estimated ranking of ENLC among the Designated Peer Companies or Peer Companies, and (iv) the distribution yield. The fair value of the performance unit on the date of grant is expensed over a vesting period of approximately three years.

The following table presents a summary of the grant-date fair value assumptions by performance unit grant date:
Performance Units:March 2023June 2022March 2022 (1)January 2021
Grant-date fair value$11.67 $11.71 $11.90 $4.70 
Beginning TSR price$10.40 $8.54 $8.83 $3.71 
Risk-free interest rate3.76 %3.35 %2.15 %0.17 %
Volatility factor64.00 %76.00 %75.00 %71.00 %
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(1)Excludes certain performance units awarded March 1, 2022 with vesting conditions based on performance metrics. The 88,863 performance units have a grant-date fair value of $8.90 and were scheduled to vest in February 2023. However, this award partially vested in October 2022 and is reflected in the “Vested” row of the summary of the performance units table below.
Summary of Performance Units
The following table presents a summary of the performance units:
Year Ended December 31, 2023
Performance Units:Number of UnitsWeighted Average Grant-Date Fair Value
Unvested, beginning of period2,979,154 $6.44 
Granted420,128 11.67 
Vested (1)(1,091,523)8.30 
Forfeited(71,015)10.97 
Unvested, end of period2,236,744 $6.37 
Aggregate intrinsic value, end of period (in millions)$27.2 
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(1)Vested units included 811,114 ENLC common units withheld for payroll taxes paid on behalf of employees.
A summary of the performance units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the years ended December 31, 2023, 2022, and 2021 is provided below (in millions).
Year Ended December 31,
Performance Units:202320222021
Aggregate intrinsic value of units vested$26.1 $20.4 $0.6 
Fair value of units vested$9.1 $26.2 $4.4