Net Income Per Limited Partner Unit (Tables)

12 Months Ended

Dec. 31, 2020

Partners' Capital Notes [Abstract]

Schedule of Allocation of Net Income 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:

	2020		2019		2018
Net income	$	556	$	546	$	482
Less:
Net income attributable to noncontrolling interests	13		18		18
Net income attributable to the Partnership	543		528		464
Less:
General partner’s distribution declared (1)	55		148		135
Preferred unitholder’s interest in net income	36		—		—
Limited partners’ distribution declared on common units (2)	590		404		334
Distributions in excess of income	$	(138)	$	(24)	$	(5)

(1) For 2019, this includes the impact of waived distributions to the holders of the IDRs. See Note 4 — Related Party Transactions for additional information.

(2) For 2020, this includes the impact of waived distributions to SPLC. See Note 4 — Related Party Transactions for additional information.

Schedule of Basic and Diluted Net Income Per Unit

	2020
	General Partner		Limited Partners’ Common Units		Total
	(in millions of dollars, except per unit data)
Distributions declared (1)	$	55	$	590	$	645
Distributions in excess of income	—		(138)		(138)
Net income attributable to the Partnership’s common unitholders (basic)	$	55	$	452	$	507
Dilutive effect of preferred units			36
Net income attributable to the Partnership’s common unitholders (diluted)			$	488
Weighted average units outstanding - Basic			353.5
Dilutive effect of preferred units			38.2
Weighted average units outstanding - Diluted			391.7
Net income per limited partner unit:
Basic			$	1.28
Diluted			$	1.25

(1) This includes the impact of waived distributions to SPLC. See Note 4 — Related Party Transactions for additional information.

	2019
	General Partner		Limited Partners’ Common Units		Total
	(in millions of dollars, except per unit data)
Distributions declared (1)	$	148	$	404	$	552
Distributions in excess of income	(1)		(23)		(24)
Net income attributable to the Partnership	$	147	$	381	$	528
Weighted average units outstanding:
Basic and diluted			229.2
Net income per limited partner unit:
Basic and diluted			$	1.66

(1) This includes the impact of waived distributions to the holders of the IDRs. See Note 4 — Related Party Transactions for additional information.

	2018
	General Partner		Limited Partners’ Common Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	135	$	334	$	469
Distributions in excess of income	(1)		(4)		(5)
Net income attributable to the Partnership	$	134	$	330	$	464
Weighted average units outstanding:
Basic and diluted			220.3
Net income per limited partner unit:
Basic and diluted			$	1.50