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Equity-Based Awards (Tables) | 12 Months Ended
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Dec. 31, 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 years indicated:
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Equity-classified awards: |  |  |  |  |  |  |  |  |
Phantom unit awards |  | $ | 178 |  |  | $ | 166 |  |  | $ | 153 |
Profits interest awards |  |  | 10 |  |  |  | 6 |  |  |  | 4 |
Total |  | $ | 188 |  |  | $ | 172 |  |  | $ | 157 |
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, 2021 |  |  | 17,170,919 |  |  | $ | 24.31 |
Granted (2) |  |  | 7,968,880 |  |  | $ | 24.11 |
Vested |  |  | (6,616,741 | ) |  | $ | 25.08 |
Forfeited |  |  | (540,113 | ) |  | $ | 23.92 |
Phantom unit awards at December 31, 2022 |  |  | 17,982,945 |  |  | $ | 23.94 |
Granted (3) |  |  | 8,904,445 |  |  | $ | 25.80 |
Vested |  |  | (6,786,085 | ) |  | $ | 24.81 |
Forfeited |  |  | (544,054 | ) |  | $ | 24.52 |
Phantom unit awards at December 31, 2023 |  |  | 19,557,251 |  |  | $ | 24.47 |
Granted (4) |  |  | 8,881,820 |  |  | $ | 26.25 |
Vested |  |  | (7,304,071 | ) |  | $ | 24.51 |
Forfeited |  |  | (542,749 | ) |  | $ | 25.39 |
Phantom unit awards at December 31, 2024 |  |  | 20,592,251 |  |  | $ | 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 2022 was $192 million based on a grant date market price of the Partnership’s common units ranging from $24.10 to $26.62 per unit. An estimated annual forfeiture rate of 2.1% was applied to these awards.
(3) | The aggregate grant date fair value of phantom unit awards issued during 2023 was $230 million based on a grant date market price of the Partnership’s common units ranging from $25.80 to $26.70 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
(4) | 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 $29.64 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 years indicated:
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cash payments made in connection with DERs |  | $ | 43 |  |  | $ | 38 |  |  | $ | 34 |
Total intrinsic value of phantom unit awards that vested during period |  | $ | 199 |  |  | $ | 182 |  |  | $ | 160 |

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