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Equity-Based Awards (Tables) | 3 Months Ended
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Mar. 31, 2023
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, |
|  | 2023 |  |  | 2022 |
Equity-classified awards: |  |  |  |  |  |
Phantom unit awards |  | $ | 40 |  |  | $ | 38 |
Profits interest awards |  |  | 1 |  |  |  | 1 |
Total |  | $ | 41 |  |  | $ | 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, 2022 |  |  | 17,982,945 |  |  | $ | 23.94 |
Granted (2) |  |  | 8,888,370 |  |  | $ | 25.80 |
Vested |  |  | (6,380,843 | ) |  | $ | 24.83 |
Forfeited |  |  | (154,484 | ) |  | $ | 24.29 |
Phantom unit awards at March 31, 2023 |  |  | 20,335,988 |  |  | $ | 24.47 |
(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 2023 was $229 million based on a grant date market price of the Partnership’s common units ranging from $25.80 to $25.95 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, |
|  | 2023 |  |  | 2022 |
Cash payments made in connection with DERs |  | $ | 9 |  |  | $ | 8 |
Total intrinsic value of phantom unit awards that vested during period |  |  | 171 |  |  |  | 141 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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