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Equity-Based Awards (Tables) | 12 Months Ended
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Dec. 31, 2019
Equity-based Awards [Abstract] |
Equity-based Award Expense | An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the years indicated:
|  | For the Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Equity-classified awards: |  |  |  |  |  |  |  |  |
Phantom unit awards |  | $ | 132.2 |  |  | $ | 99.7 |  |  | $ | 92.8 |
Profits interest awards |  |  | 11.6 |  |  |  | 6.1 |  |  |  | 6.0 |
Restricted common unit awards |  |  | – |  |  |  | – |  |  |  | 0.5 |
Liability-classified awards |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.4 |
Total |  | $ | 143.9 |  |  | $ | 106.1 |  |  | $ | 99.7 |
Other Share-based Compensation Plans | The following table presents phantom unit award activity for the years indicated:
|  | Number of Units |  |  | Weighted- Average Grant Date Fair Value per Unit (1) |
Phantom unit awards at December 31, 2016 |  |  | 7,767,501 |  |  | $ | 27.20 |
Granted (2) |  |  | 4,268,920 |  |  | $ | 28.83 |
Vested |  |  | (2,490,081 | ) |  | $ | 28.30 |
Forfeited |  |  | (256,839 | ) |  | $ | 27.60 |
Phantom unit awards at December 31, 2017 |  |  | 9,289,501 |  |  | $ | 27.65 |
Granted (3) |  |  | 5,006,181 |  |  | $ | 26.82 |
Vested |  |  | (3,479,958 | ) |  | $ | 28.57 |
Forfeited |  |  | (482,447 | ) |  | $ | 26.88 |
Phantom unit awards at December 31, 2018 |  |  | 10,333,277 |  |  | $ | 26.97 |
Granted (4) |  |  | 6,854,920 |  |  | $ | 27.75 |
Vested |  |  | (3,895,049 | ) |  | $ | 27.53 |
Forfeited |  |  | (318,464 | ) |  | $ | 27.21 |
Phantom unit awards at December 31, 2019 |  |  | 12,974,684 |  |  | $ | 27.21 |
(1) | Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2) | The aggregate grant date fair value of phantom unit awards issued during 2017 was $123.1 million based on a grant date market price of EPD common units ranging from $24.55 to $28.87 per unit. An estimated annual forfeiture rate of 3.8% was applied to these awards.
(3) | The aggregate grant date fair value of phantom unit awards issued during 2018 was $134.3 million based on a grant date market price of EPD common units ranging from $25.40 to $29.22 per unit. An estimated annual forfeiture rate of 3.2% was applied to these awards.
(4) | The aggregate grant date fair value of phantom unit awards issued during 2019 was $190.2 million based on a grant date market price of EPD common units ranging from $26.32 to $29.29 per unit. An estimated annual forfeiture rate of 3.0% was applied to these awards.
The following table summarizes key elements of each Employee Partnership as of December 31, 2019:
Employee Partnership | EPD Common Units Contributed to Employee Partnership by EPCO Holdings | Class A Capital Base (1) | Class A Preference Return | Expected Vesting/ Liquidation Date | Estimated Grant Date Fair Value of Profits Interest Awards (2) | Unrecognized Compensation Cost (3)
PubCo I | 2,723,052 | $63.7 million | 0.3900 | February 2020 | $12.9 million | $0.8 million
PubCo II | 2,834,198 | $66.3 million | 0.3900 | February 2021 | $14.9 million | $4.0 million
PrivCo I | 1,111,438 | $26.0 million | 0.3900 | February 2021 | $5.8 million | $0.3 million
EPD IV | 6,400,000 | $172.9 million | 0.4325 | December 2023 | $26.7 million | $18.4 million
EPCO II | 1,600,000 | $43.2 million | 0.4325 | December 2023 | $6.6 million | $0.5 million
(1) | Represents the fair market value of EPD common units contributed to each Employee Partnership at the applicable contribution date.
(2) | Represents the total grant date fair value of the profits interest awards awarded to the Class B limited partners of each Employee Partnership irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates.
(3) | Represents our expected share of the unrecognized compensation cost at December 31, 2019. We expect to recognize our share of the unrecognized compensation cost for PubCo II, PrivCo I, EPD IV and EPCO II over a weighted-average period of 1.1 years, 1.1 years, 3.9 years and 3.9 years, respectively. The Class B limited partner interests of PubCo I vested on February 22, 2020.
The following table summarizes the assumptions we used in applying a Black-Scholes option pricing model to derive that portion of the estimated grant date fair value of the profits interest awards for each Employee Partnership:
| Expected | Risk-Free | Expected | Expected Unit
Employee | Life | Interest | Distribution | Price
Partnership | of Award | Rate | Yield | Volatility
PubCo I | 4.0 years | 0.9% to 2.7% | 5.9% to 7.0% | 15% to 40%
PubCo II | 5.0 years | 1.1% to 3.0% | 5.9% to 7.0% | 19% to 40%
PrivCo I | 5.0 years | 1.2% to 1.6% | 6.1% to 6.7% | 28% to 40%
EPD IV | 5.0 years | 2.8% | 6.5% | 27%
EPCO II | 5.0 years | 1.6% to 2.8% | 6.3% to 6.8% | 24% to 27%
Supplemental Information Regarding Phantom Unit Awards | The following table presents supplemental information regarding phantom unit awards for the years indicated:
|  | For the Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Cash payments made in connection with DERs |  | $ | 22.1 |  |  | $ | 17.7 |  |  | $ | 15.1 |
Total intrinsic value of phantom unit awards that vested during period |  | $ | 111.1 |  |  | $ | 90.7 |  |  | $ | 69.8 |

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