Net Income Per Limited Partner Unit (Tables)

12 Months Ended

Dec. 31, 2021

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:

 

	2021 (1)	2020		2019
Net income	*	$	556	$	546
Less:
Net income attributable to noncontrolling interests	*	13		18
Net income attributable to the Partnership	*	543		528
Less:
General partner’s distribution declared (2)	*	55		148
Preferred unitholder’s interest in net income	*	36		—
Limited partners’ distribution declared on common units (3)	*	590		404
Distributions in excess of income	*	$	(138)	$	(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 year ended December 31, 2021.

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

(3) 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

		2021
		Limited Partners’ Common Units
	(in millions of dollars, except per unit data)
Net income attributable to the Partnership’s common unitholders (basic)		$	508
Dilutive effect of preferred units		48
Net income attributable to the Partnership’s common unitholders (diluted)		$	556
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		$	1.29
Diluted		$	1.25

	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 - Dilutive			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.