Employee Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2024

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):

	Three Months Ended March 31,
	2024		2023
Cost of unit-based compensation charged to operating expense	$	0.9	$	0.9
Cost of unit-based compensation charged to general and administrative expense	4.7		3.1
Total unit-based compensation expense	$	5.6	$	4.0
Amount of related income tax benefit recognized in net income (1)	$	1.3	$	0.9

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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 6—Income Taxes.”

Summary of Restricted Incentive Unit Activity

A summary of the restricted incentive unit activity for the three months ended March 31, 2024 is provided below:

	Three Months Ended March 31, 2024
Restricted Incentive Units:	Number of Units		Weighted Average Grant-Date Fair Value
Unvested, beginning of period	5,445,980		$	7.27
Granted (1)	1,343,217		12.36
Vested (1)(2)	(2,309,954)		3.94
Forfeited	(5,397)		9.96
Unvested, end of period	4,473,846		$	10.51
Aggregate intrinsic value, end of period (in millions)	$	61.0

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(1)Beginning in 2024, restricted incentive units awarded typically vest on a graded vesting schedule over three years. Prior to 2024, restricted incentive units awarded typically vested at the end of three years.

(2)Vested units included 680,384 ENLC common 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, ENLC

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 three months ended March 31, 2024 and 2023 is provided below (in millions):

	Three Months Ended March 31,
Restricted Incentive Units:	2024		2023
Aggregate intrinsic value of units vested	$	28.1	$	27.1
Fair value of units vested	$	9.1	$	13.4

Summary of Performance Units, ENLC

The following table presents a summary of the performance units:

	Three Months Ended March 31, 2024
Performance Units:	Number of Units		Weighted Average Grant-Date Fair Value
Unvested, beginning of period	2,236,744		$	6.37
Granted	508,586		12.92
Vested (1)	(1,061,232)		4.77
Forfeited	(39,052)		11.84
Unvested, end of period	1,645,046		$	9.30
Aggregate intrinsic value, end of period (in millions)	$	22.4

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(1)Vested units included 576,040 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 three months ended March 31, 2024 and 2023 is provided below (in millions).

	Three Months Ended March 31,
Performance Units:	2024		2023
Aggregate intrinsic value of units vested	$	19.2	$	22.0
Fair value of units vested	$	5.1	$	8.1

Summary of Grant-Date Fair Values

The following table presents a summary of the grant-date fair value assumptions by performance unit grant date:

Performance Units:	February 2024
Grant-date fair value	$	12.92
Beginning TSR Price	$	12.74
Risk-free interest rate	4.46		%
Volatility factor	41.51		%