Net Income Per Limited Partner Unit (Tables)

3 Months Ended

Mar. 31, 2021

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
March 31,

2021 (1)

2020

Net income

142

Less:

Net income attributable to noncontrolling interests

Net income attributable to the Partnership

138

Less:

General partner’s distribution declared

Preferred unitholder’s interest in net income

—

Limited partners’ distribution declared on common units

107

Income less than distributions

(24)

(1) 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 March 31, 2021.

Schedule of Basic and Diluted Net Income Per Unit


	Three Months Ended March 31, 2021
	Limited Partners’ Common Units
	(in millions of dollars, except per unit data)
Net income attributable to the Partnership’s common unitholders (basic)	$	151
Dilutive effect of preferred units	12
Net income attributable to the Partnership’s common unitholders (diluted)	$	163

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	$	0.38
Diluted	$	0.37


	Three Months Ended March 31, 2020
	General Partner		Limited Partners’ Common Units		Total

	(in millions of dollars, except per unit data)
Distributions declared	$	55	$	107	$	162
Distributions in excess of net income	—		(24)		(24)
Net income attributable to the Partnership	$	55	$	83	$	138
Weighted average units outstanding:
Basic and diluted			233.3
Net income per limited partner unit:
Basic and diluted			$	0.36