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Equity-Based Awards (Tables) | 3 Months Ended
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Mar. 31, 2025
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, |
|  | 2025 |  |  | 2024 |
Equity-classified awards: |  |  |  |  |  |
Phantom unit awards |  | $ | 49 |  |  | $ | 46 |
Profits interest awards |  |  | – |  |  |  | 10 |
Total |  | $ | 49 |  |  | $ | 56 |
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, 2024 |  |  | 20,592,251 |  |  | $ | 25.21 |
Granted (2) |  |  | 7,792,090 |  |  | $ | 33.12 |
Vested |  |  | (7,328,067 | ) |  | $ | 24.21 |
Forfeited |  |  | (59,680 | ) |  | $ | 27.59 |
Phantom unit awards at March 31, 2025 |  |  | 20,996,594 |  |  | $ | 28.48 |
(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 2025 was $258 million based on a grant date market price of the Partnership’s common units ranging from $33.12 to $33.21 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, |
|  | 2025 |  |  | 2024 |
Cash payments made in connection with DERs |  | $ | 11 |  |  | $ | 10 |
Total intrinsic value of phantom unit awards that vested during period |  |  | 247 |  |  |  | 187 |

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