Net Income Per Limited Partner Unit (Tables)

9 Months Ended

Sep. 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 September 30,			Nine Months Ended September 30,
	2020 (3)	2019		2020		2019
Net income	*	$	146	$	423	$	402
Less:
Net income attributable to noncontrolling interests	*	5		9		14
Net income attributable to the Partnership	*	141		414		388
Less:
General partner’s distribution declared (1)	*	36		55		93
Preferred unitholder’s interest in net income	*	—		24		—
Limited partners’ distribution declared on common units (2)	*	104		429		297
Income in excess of / (less than) distributions	*	$	1	$	(94)	$	(2)

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

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

(3) Effective April 1, 2020, the classes of participating securities included only common units, as the general partner units and the IDRs were eliminated and the Series A Preferred Units are not considered a participating security. Therefore, the allocation of net income attributable to the Partnership to arrive at net income per limited partner unit is not applicable for the three months ended September 30, 2020.

Schedule of Basic and Diluted Net Income Per Unit


	Three Months Ended September 30, 2020
	Limited Partners’ Common Units

	(in millions of dollars, except per unit data)
Net income attributable to the Partnership's common unitholders (basic)	$	123
Dilutive effect of preferred units	12
Net income attributable to the Partnership's common unitholders (diluted)	$	135

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	$	0.31
Diluted	$	0.30


	Nine Months Ended September 30, 2020
	General Partner		Limited Partners’ Common Units		Total

	(in millions of dollars, except per unit data)
Distributions declared	$	55	$	429	$	484
Distributions in excess of net income	—		(94)		(94)
Net income attributable to the Partnership's common unitholders (basic)	$	55	335		$	390
Dilutive effect of preferred units			24
Net income attributable to the Partnership's common unitholders (diluted)			$	359

Weighted average units outstanding - Basic			340.1
Dilutive effect of preferred units			33.9
Weighted average units outstanding - Diluted			374.0
Net income per limited partner unit:
Basic			$	0.98
Diluted			$	0.96


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

	(in millions of dollars, except per unit data)
Distributions declared (1)	$	36	$	104	$	140
Income in excess of distributions	—		1		1
Net income attributable to the Partnership	$	36	$	105	$	141
Weighted average units outstanding:
Basic and diluted			233.3
Net income per limited partner unit:
Basic and diluted			$	0.45

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


	Nine Months Ended September 30, 2019
	General Partner		Limited Partners’ Common Units		Total

	(in millions of dollars, except per unit data)
Distributions declared (1)	$	93	$	297	$	390
Distributions in excess of net income	—		(2)		(2)
Net income attributable to the Partnership	$	93	$	295	$	388
Weighted average units outstanding:
Basic and diluted			227.9
Net income per limited partner unit:
Basic and diluted			$	1.30

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