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Equity-Based Awards (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Equity-classified awards: |  |  |  |  |  |  |  |  |  |  |  |
Phantom unit awards |  | $ | 45 |  |  | $ | 44 |  |  | $ | 91 |  |  | $ | 84 |
Profits interest awards |  |  | – |  |  |  | 1 |  |  |  | 10 |  |  |  | 2 |
Total |  | $ | 45 |  |  | $ | 45 |  |  | $ | 101 |  |  | $ | 86 |
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, 2023 |  |  | 19,557,251 |  |  | $ | 24.47 |
Granted (2) |  |  | 8,871,820 |  |  | $ | 26.25 |
Vested |  |  | (7,101,532 | ) |  | $ | 24.49 |
Forfeited |  |  | (272,425 | ) |  | $ | 25.36 |
Phantom unit awards at June 30, 2024 |  |  | 21,055,114 |  |  | $ | 25.21 |
(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 2024 was $233 million based on a grant date market price of the Partnership’s common units ranging from $26.25 to $28.05 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 June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cash payments made in connection with DERs |  | $ | 11 |  |  | $ | 10 |  |  | $ | 21 |  |  | $ | 19 |
Total intrinsic value of phantom unit awards that vested during period |  |  | 7 |  |  |  | 5 |  |  |  | 194 |  |  |  | 176 |

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