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Net Earnings per Common Unit (Tables)
9 Months Ended
Sep. 30, 2017
Earnings Per Unit [Abstract]  
Schedule of calculation for net earnings per common unit
The following table provides a calculation for net earnings per common unit for the three and nine months ended September 30, 2017 and 2016:
 
Three months ended 
 September 30,
 
Nine months ended 
 September 30,
 
2017
 
2016
 
2017
 
2016
 
(in millions, except per unit amounts)
Basic earnings per common unit:
 
 
 
 
 

 
 

Net earnings
$
22.8

 
$
28.8

 
$
104.5

 
$
165.2

Less distributions declared to:
 
 
 
 
 
 
 
Common units
25.1

 
32.7

 
72.6

 
108.4

Class B common units
0.3

 
0.5

 
0.9

 
1.6

General partner interest
8.4

 
15.8

 
22.5

 
57.3

(Distributions in excess of earnings) undistributed earnings
$
(11.0
)
 
$
(20.2
)
 
$
8.5

 
$
(2.1
)
 
 
 
 
 
 
 
 
Allocation of (distributions in excess of earnings) undistributed earnings to (1):
 
 
 
 
 
 
 
Common units
$
(8.1
)
 
$
(13.5
)
 
$
10.6

 
$
(2.8
)
Class B common units
(0.1
)
 
(0.2
)
 
0.1

 

General partner interest
(2.8
)
 
(6.5
)
 
(2.2
)
 
0.7

Total (distributions in excess of earnings) undistributed earnings
$
(11.0
)
 
$
(20.2
)
 
$
8.5

 
$
(2.1
)
 
 
 
 
 
 
 
 
Net earnings allocable to General Partner (2)
$
5.6

 
$
9.3

 
$
20.3

 
$
58.0

Net earnings allocable to Class B common units
$
0.2

 
$
0.3

 
$
1.0

 
$
1.6

 
 
 
 
 
 
 
 
Net earnings allocable to common units
$
17.0

 
$
19.2

 
$
83.2

 
$
105.6

Weighted-average common units outstanding
18.5

 
18.5

 
18.5

 
18.5

Net earnings per common unit
$
0.92

 
$
1.04

 
$
4.49

 
$
5.71


(1) 
In accordance with our agreement of limited partnership, undistributed earnings (distributions in excess of earnings) are allocated in the same percentage that Available Cash for such period was declared among the General Partner (including with respect to the embedded incentive distribution rights) and limited partners. The allocation percentages were as follows:
 
Three months ended 
 September 30,
 
2017
 
2016
 
 
 
 
Allocation percentage for undistributed earnings or distributions in excess of earnings:
 
 
 
Common units
74.39
%
 
66.81
%
Class B common units
0.97
%
 
0.97
%
General partner interest
24.64
%
 
32.22
%
In accordance with our agreement of limited partnership, undistributed earnings (distributions in excess of earnings) for the year-to-date periods presented consist of the undistributed earnings (distributions in excess of earnings) from the quarterly allocation of earnings for the preceding quarters of each year.
(2) 
Net earnings allocable to the General Partner include net earnings allocated to the General Partner and TLPH from the Operating Partnership of $0.2 million and $1.0 million for the three and nine months ended September 30, 2017, respectively, and $0.3 million and $1.7 million for the three and nine months ended September 30, 2016, respectively.