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Equity-Based Awards (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Equity-Based Award Compensation Expense | 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Equity-classified awards: |  |  |  |  |  |  |
Phantom unit awards | $ | 50 |  |  | $ | 45 |  |  | $ | 99 |  |  | $ | 91 |
Profits interest awards | – |  |  | – |  |  | – |  |  | 10 |
Total | $ | 50 |  |  | $ | 45 |  |  | $ | 99 |  |  | $ | 101 |
Schedule of Phantom Unit Award Activity | 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 | (7,630,601) |  | $ | 24.37 |
Forfeited | (407,883) |  | $ | 28.32 |
Phantom unit awards at June 30, 2025 | 20,345,857 |  | $ | 28.49 |
(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 June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cash payments made in connection with DERs | $ | 11 |  |  | $ | 11 |  |  | $ | 22 |  |  | $ | 21 |
Total intrinsic value of phantom unit awards that vested during period | 9 |  |  | 7 |  |  | 256 |  |  | 194 |

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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