Net Income Per Limited Partner Unit (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Distributions

The following table details the distributions declared and/or paid for the periods presented:

Three Months Ended	Date Paid or to be Paid	General Partner	Limited Partners' Common Units	Limited Partners' Subordinated Units	Total	Distributions per Limited Partner Unit (in dollars)
December 31, 2019	February 13, 2020	1.2	18.2	18.2	37.6	0.3475
March 31, 2020	May 14, 2020	1.2	18.2	18.2	37.6	0.3475
December 31, 2020	February 11, 2021	1.2	18.2	18.2	37.6	0.3475
March 31, 2021	May 13, 2021	1.2	36.4	—	37.6	0.3475

Schedule of Earnings Per Share

The following tables show the allocation of net income to arrive at net income per limited partner unit for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Net income attributable to the Partnership	$	42.0	$	41.7
Less:
Incentive distribution rights currently held by the General Partner	1.2		1.2
Limited partners' distribution declared on common units	36.4		18.2
Limited partners' distribution declared on subordinated units	—		18.2
Net income attributable to the Partnership in excess of distributions	$	4.4	$	4.1

	Three Months Ended March 31, 2021
	General Partner		Limited Partners' Common Units		Limited Partners' Subordinated Units		Total
Distributions declared	$	1.2	$	36.4	$	—	$	37.6
Net income attributable to the Partnership in excess of distributions	—		(5.1)		9.5		4.4
Net income attributable to the Partnership	$	1.2	$	31.3	$	9.5	$	42.0
Weighted average units outstanding:
Basic and Diluted(1)			80.4		52.4
Net income per limited partner unit (in dollars):
Basic and Diluted(1)			$	0.39	$	0.18

(1)The 52.4 million weighted average subordinated units outstanding and $0.18 net income per limited partner unit have been calculated only for the period prior to conversion. All of the subordinated units were converted into common units on February 12, 2021.

On April 15, 2021, the Partnership declared a cash distribution of $0.3475 per limited partner unit to unitholders of record on April 29, 2021, for the three months ended March 31, 2021. All of the subordinated units were converted into common units on February 12, 2021. As a result, on the date of record, there were no subordinated units outstanding, and therefore, no portion of the cash distribution has been allocated to the limited partners' subordinated units. However, pursuant to the requirements of the two-class method, and as stated above, the net income per unit amount applicable to the subordinated units has been calculated for the period of time the units were outstanding prior to their conversion.

	Three Months Ended March 31, 2020
	General Partner		Limited Partners' Common Units		Limited Partners' Subordinated Units		Total
Distributions declared	$	1.2	$	18.2	$	18.2	$	37.6
Net income attributable to the Partnership in excess of distributions	—		2.1		2.0		4.1
Net income attributable to the Partnership	$	1.2	$	20.3	$	20.2	$	41.7
Weighted average units outstanding:
Basic and Diluted			52.4		52.4
Net income per limited partner unit (in dollars):
Basic and Diluted			$	0.39	$	0.39

Distributions declared to BP Holdco for the three months ended March 31, 2021 totaled $21.0 million, including $1.2 million for IDRs distributed to our Parent in respect of its ownership of our common units and IDRs. Distributions declared to BP Holdco for the three months ended March 31, 2020 totaled $21.0 million, including $1.2 million for IDRs distributed to our Parent in respect of its ownership of our common units, subordinated units and IDRs.