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Consolidated Statement of Changes in Members' Equity - USD ($)
$ in Millions
Total
Series B Preferred Stock
Series C Preferred Stock
Series C Preferred Stock Redeemed
Series C Preferred Stock Repurchased
Common Units
Common Units
Series B Preferred Stock
Common Units
Series C Preferred Stock Redeemed
Accumulated Other Comprehensive Income (Loss)
Non-Controlling Interest
Non-Controlling Interest
Series B Preferred Stock
Non-Controlling Interest
Series C Preferred Stock
Non-Controlling Interest
Series C Preferred Stock Redeemed
Non-Controlling Interest
Series C Preferred Stock Repurchased
Member equity, beginning balance at Dec. 31, 2022 $ 2,912.7         $ 1,306.4     $ 0.0 $ 1,606.3        
Units outstanding, beginning balance (in shares) at Dec. 31, 2022           469,000,000.0                
Increase (Decrease) in Members' Equity                            
Conversion of unit-based awards for common units, net of units withheld for taxes (19.3)         $ (19.3)                
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)           2,900,000                
Unit-based compensation 14.2         $ 14.2                
Contributions from non-controlling interests 51.5                 51.5        
Distributions (310.8)         (178.6)       (132.2)        
Unrealized (loss) gain on designated cash flow hedge [2] 6.2 [1]               6.2          
Adjustment related to the redemption of the mandatorily redeemable non-controlling interest [3] 0.8         0.8                
Repurchase of Series B Preferred Units /Redemption of Series C Preferred Units /Repurchase of Series C Preferred Units     $ (3.9)                 $ (3.9)    
Common units repurchased $ (162.4)         $ (162.4)                
Common units repurchased (in shares) (14,602,389)         (14,600,000)                
Accrued common unit repurchase [4] $ 23.0         $ 23.0                
Net income 249.9         142.0       107.9        
Member equity, end balance at Sep. 30, 2023 2,715.9         $ 1,080.1     6.2 1,629.6        
Units outstanding, ending balance (in shares) at Sep. 30, 2023           457,300,000                
Member equity, beginning balance at Jun. 30, 2023 2,774.2         $ 1,156.1     4.5 1,613.6        
Units outstanding, beginning balance (in shares) at Jun. 30, 2023           462,000,000.0                
Increase (Decrease) in Members' Equity                            
Conversion of unit-based awards for common units, net of units withheld for taxes (2.4)         $ (2.4)                
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)           300,000                
Unit-based compensation 5.7         $ 5.7                
Contributions from non-controlling interests 29.4                 29.4        
Distributions (108.1)         (58.4)       (49.7)        
Unrealized (loss) gain on designated cash flow hedge [5] 1.7 [1]         0.0     1.7 0.0        
Common units repurchased $ (54.9)         $ (54.9)                
Common units repurchased (in shares) (5,016,593)         (5,000,000.0)                
Accrued common unit repurchase [6] $ 4.5         $ 4.5                
Net income 65.8         29.5       36.3        
Member equity, end balance at Sep. 30, 2023 2,715.9         $ 1,080.1     6.2 1,629.6        
Units outstanding, ending balance (in shares) at Sep. 30, 2023           457,300,000                
Member equity, beginning balance at Dec. 31, 2023 $ 2,635.1         $ 1,000.5     0.7 1,633.9        
Units outstanding, beginning balance (in shares) at Dec. 31, 2023 451,614,086         451,600,000                
Increase (Decrease) in Members' Equity                            
Conversion of unit-based awards for common units, net of units withheld for taxes $ (17.9)         $ (17.9)                
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)           3,000,000.0                
Unit-based compensation 16.5         $ 16.5                
Contributions from non-controlling interests 24.7                 24.7        
Distributions (306.3)         (183.9)       (122.4)        
Unrealized (loss) gain on designated cash flow hedge [7] (1.8) [1]               (1.8)          
Exchange of Series B Preferred Units [8]   $ 0.0         $ 217.5       $ (217.5)      
Exchange of Series B Preferred Units (in shares) [8]             17,000,000.0              
Repurchase of Series B Preferred Units /Redemption of Series C Preferred Units /Repurchase of Series C Preferred Units [8]   (200.0)   $ (364.5) $ (5.0)   $ (9.5) $ (3.8)     (190.5)   $ (360.7) $ (5.0)
Tax impact of exchange and repurchase of Series B Preferred Units   6.3         6.3              
Common units repurchased [9] $ (125.0)         $ (125.0)                
Common units repurchased (in shares) (12,970,921)         (13,000,000.0) [9]                
Accrued common unit repurchase [10] $ 20.4         $ 20.4                
Net income 160.1         66.6       93.5        
Member equity, end balance at Sep. 30, 2024 $ 1,801.8         $ 946.9     (1.1) 856.0        
Units outstanding, ending balance (in shares) at Sep. 30, 2024 458,619,945         458,600,000                
Member equity, beginning balance at Jun. 30, 2024 $ 2,458.3         $ 914.2     3.8 1,540.3        
Units outstanding, beginning balance (in shares) at Jun. 30, 2024           452,100,000                
Increase (Decrease) in Members' Equity                            
Conversion of unit-based awards for common units, net of units withheld for taxes (0.8)         $ (0.8)                
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)           200,000                
Unit-based compensation 5.7         $ 5.7                
Contributions from non-controlling interests 10.9                 10.9        
Distributions (101.9)         (61.4)       (40.5)        
Unrealized (loss) gain on designated cash flow hedge [11] (4.9) [1]               (4.9)          
Exchange of Series B Preferred Units [12]   0.0         $ 127.6       (127.6)      
Exchange of Series B Preferred Units (in shares) [12]             10,000,000.0              
Repurchase of Series B Preferred Units /Redemption of Series C Preferred Units /Repurchase of Series C Preferred Units [12]   (200.0)   $ (364.5) $ (5.0)   $ (9.5) $ (3.8)     $ (190.5)   $ (360.7) $ (5.0)
Tax impact of exchange and repurchase of Series B Preferred Units   $ 6.3         $ 6.3              
Common units repurchased $ (47.9)         $ (47.9)                
Common units repurchased (in shares) (3,625,627)         (3,700,000)                
Accrued common unit repurchase [13] $ 2.5         $ 2.5                
Net income 43.1         14.0       29.1        
Member equity, end balance at Sep. 30, 2024 $ 1,801.8         $ 946.9     $ (1.1) $ 856.0        
Units outstanding, ending balance (in shares) at Sep. 30, 2024 458,619,945         458,600,000                
[1] Includes tax benefit of $1.7 million and $0.6 million for the three and nine months ended September 30, 2024, respectively, and tax expense of $0.5 million and $1.9 million for the three and nine months ended September 30, 2023, respectively.
[2] Includes tax expense of $1.9 million for the nine months ended September 30, 2023.
[3] Relates to book-to-tax differences recorded upon the settlement of the mandatorily redeemable non-controlling interest.
[4]
(3)Relates to the repurchase of ENLC common units held by GIP, which were contractually subject to repurchase by ENLC at the end of each quarter and settled in the subsequent quarter. For additional information, see “Note 8—Members’ Equity.”
[5] Includes tax expense of $0.5 million for the three months ended September 30, 2023.
[6]
(2)Relates to the change in the repurchase accrual of ENLC common units held by GIP, which were contractually subject to repurchase by ENLC at the end of each quarter and settled in the subsequent quarter. For additional information, see “Note 8—Members’ Equity.”
[7]
(1)Includes tax benefit of $0.6 million for the nine months ended September 30, 2024.
[8] For more information regarding the exchange and repurchase of the Series B Preferred Units and the repurchase and redemption of the Series C Preferred Units, see “Note 7—Certain Provisions of the ENLK Partnership Agreement.”
[9] Excludes the $41.5 million repurchase of ENLC common units held by GIP on February 19, 2024, which was accrued at December 31, 2023.
[10] Relates to the repurchase of ENLC common units held by GIP, which were contractually subject to repurchase by ENLC at the end of each quarter and settled in the subsequent quarter. For additional information, see “Note 8—Members’ Equity.”
[11] Includes tax benefit of $1.7 million for the three months ended September 30, 2024.
[12]
(2)For more information regarding the exchange and repurchase of the Series B Preferred Units and the repurchase and redemption of the Series C Preferred Units, see “Note 7—Certain Provisions of the ENLK Partnership Agreement.”
[13] Relates to the change in the repurchase accrual of ENLC common units held by GIP, which were contractually subject to repurchase by ENLC at the end of each quarter and settled in the subsequent quarter. For additional information, see “Note 8—Members’ Equity.”