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Equity-Based Awards (Tables) | 3 Months Ended
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Mar. 31, 2022
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 periods indicated:
|  | For the Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Equity-classified awards: |  |  |  |  |  |
Phantom unit awards |  | $ | 38 |  |  | $ | 38 |
Profits interest awards |  |  | 1 |  |  |  | 1 |
Total |  | $ | 39 |  |  | $ | 39 |
Other Share-based Compensation Plans | Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire the Partnership’s common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). The following table presents phantom unit award activity for the period indicated:
|  | Number of Units |  |  | Weighted- Average Grant Date Fair Value per Unit (1) |
Phantom unit awards at December 31, 2021 |  |  | 17,170,919 |  |  | $ | 24.31 |
Granted (2) |  |  | 7,948,380 |  |  | $ | 24.10 |
Vested |  |  | (5,891,941 | ) |  | $ | 25.20 |
Forfeited |  |  | (181,820 | ) |  | $ | 23.95 |
Phantom unit awards at March 31, 2022 |  |  | 19,045,538 |  |  | $ | 23.95 |
(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 2022 was $192 million based on a grant date market price of the Partnership’s common units ranging from $24.10 to $24.42 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
The following table presents supplemental information regarding phantom unit awards for the periods indicated:
|  | For the Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Cash payments made in connection with DERs |  | $ | 8 |  |  | $ | 7 |
Total intrinsic value of phantom unit awards that vested during period |  |  | 141 |  |  |  | 113 |

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