Net Income Per Limited Partner Unit

12 Months Ended

Dec. 31, 2018

Partners' Capital Notes [Abstract]

Net Income Per Limited Partner Unit

Net Income Per Limited Partner Unit

Net income per unit applicable to common limited partner units, and to subordinated limited partner units in periods prior to the expiration of the subordination period, is computed by dividing the respective limited partners’ interest in net income attributable to the partnership for the period by the weighted average number of common units and subordinated units, respectively, outstanding for the period. Because we have more than one class of participating securities, we use the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units, subordinated units, general partner units, and IDR’s. Basic and diluted net income per unit are the same because we do not have any potentially dilutive units outstanding for the period presented.

Our net income includes earnings related to businesses acquired through transactions between entities under common control for periods prior to their acquisition by us. We have allocated these pre-acquisition earnings to our General Partner.  

The following tables show the allocation of net income attributable to the Partnership to arrive at net income per limited partner unit:

	2018		2017		2016
Net income	$	482.4	$	391.8	$	377.5
Less:
Net income attributable to the Parent	—		77.3		102.3
Net income attributable to noncontrolling interests	18.3		19.2		30.3
Net income attributable to the Partnership	464.1		295.3		244.9
Less:
General partner’s distribution declared	134.5		64.6		24.2
Limited partners’ distribution declared on common units	334.6		227.7		109.8
Limited partner’s distribution declared on subordinated units	—		—		69.2
Income (less than)/in excess of distributions	$	(5.0)	$	3.0	$	41.7

	2018
	General Partner		Limited Partners’ Common Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	134.5	$	334.6	$	469.1
Income less than distributions	(0.1)		(4.9)		(5.0)
Net income attributable to the Partnership	$	134.4	$	329.7	$	464.1
Weighted average units outstanding:
Basic and diluted			220.3
Net income per limited partner unit:
Basic and diluted			$	1.50

	2017
	General Partner		Limited Partners’ Common Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	64.6	$	227.7	$	292.3
Income in excess of distributions	—		3.0		3.0
Net income attributable to the Partnership	$	64.6	$	230.7	$	295.3
Weighted average units outstanding:
Basic and diluted			180.4
Net income per limited partner unit:
Basic and diluted			$	1.28