Net Income Per Limited Partner Unit (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Allocation of Net Income Attributable to the Partnership to Arrive at Net Income Per Limited Partner Unit

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Net income	$	144	$	119	$	286	$	256
Less:
Net income attributable to noncontrolling interests	3		4		7		9
Net income attributable to the Partnership	141		115		279		247
Less:
General partner’s distribution declared⁽¹⁾	—		31		55		57
Preferred unitholder’s interest in net income	12		—		12		—
Limited partners’ distribution declared on common units ⁽²⁾	161		100		268		193
Distributions in excess of net income	$	(32)	$	(16)	$	(56)	$	(3)

⁽¹⁾ For the three and six months ended June 30, 2019, this includes the impact of waived distributions to the holders of the IDRs. See Note 3 –Related Party Transactions for additional information.

⁽²⁾ For the three and six months ended June 30, 2020, this includes the impact of waived distributions to SPLC. See Note 3 – Related Party Transactions for additional information.

Schedule of Basic and Diluted Net Income Per Unit


	Three Months Ended June 30, 2020
	General Partner		Limited Partners’ Common Units		Total

	(in millions of dollars, except per unit data)
Distributions declared	$	—	$	161	$	161
Distributions in excess of net income	—		(32)		(32)
Net income attributable to the Partnership's common unitholders (basic)	$	—	129		$	129
Dilutive effect of preferred units			12
Net income attributable to the Partnership's common unitholders (diluted)			$	141

Weighted average units outstanding - Basic			393.3
Dilutive effect of preferred units			50.8
Weighted average units outstanding - Diluted			444.1
Net income per limited partner unit:
Basic			$	0.33
Diluted			$	0.32


	Six Months Ended June 30, 2020
	General Partner		Limited Partners’ Common Units		Total

	(in millions of dollars, except per unit data)
Distributions declared	$	55	$	268	$	323
Distributions in excess of net income	—		(56)		(56)
Net income attributable to the Partnership's common unitholders (basic)	$	55	212		$	267
Dilutive effect of preferred units			12
Net income attributable to the Partnership's common unitholders (diluted)			$	224

Weighted average units outstanding - Basic			313.3
Dilutive effect of preferred units			25.4
Weighted average units outstanding - Diluted			338.7
Net income per limited partner unit:
Basic			$	0.68
Diluted			$	0.66


	Three Months Ended June 30, 2019
	General Partner		Limited Partners’ Common Units		Total

	(in millions of dollars, except per unit data)
Distributions declared⁽¹⁾	$	31	$	100	$	131
Distributions in excess of net income	(1)		(15)		(16)
Net income attributable to the Partnership	$	30	$	85	$	115
Weighted average units outstanding:
Basic and diluted			226.4
Net income per limited partner unit:
Basic and diluted			$	0.38

⁽¹⁾ This includes the impact of waived distributions to the holders of the IDRs. See Note 3 – Related Party Transactions for additional information.


	Six Months Ended June 30, 2019
	General Partner		Limited Partners’ Common Units		Total

	(in millions of dollars, except per unit data)
Distributions declared ⁽¹⁾	$	57	$	193	$	250
Distributions in excess of net income	—		(3)		(3)
Net income attributable to the Partnership	$	57	$	190	$	247
Weighted average units outstanding:
Basic and diluted			225.1
Net income per limited partner unit:
Basic and diluted			$	0.84

⁽¹⁾ This includes the impact of waived distributions to the holders of the IDRs. See Note 3 – Related Party Transactions for additional information.