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Equity-Based Awards | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Equity-Based Awards | Note 13. Equity-Based Awards 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 September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Equity-classified awards: |  |  |  |  |  |  |
Phantom unit awards | $ | 50 |  |  | $ | 44 |  |  | $ | 149 |  |  | $ | 135 |
Profits interest awards | – |  |  | – |  |  | – |  |  | 10 |
Total | $ | 50 |  |  | $ | 44 |  |  | $ | 149 |  |  | $ | 145 |
The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of the Partnership’s common units upon vesting. Phantom Unit Awards 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 | (7,786,401) |  | $ | 24.45 |
Forfeited | (514,233) |  | $ | 28.40 |
Phantom unit awards at September 30, 2025 | 20,083,707 |  | $ | 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. Each phantom unit award includes a DER, which entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid by the Partnership to its common unitholders. Cash payments made in connection with DERs are charged to partners’ equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed. The following table presents supplemental information regarding phantom unit awards for the periods indicated:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cash payments made in connection with DERs | $ | 11 |  |  | $ | 11 |  |  | $ | 33 |  |  | $ | 32 |
Total intrinsic value of phantom unit awards that vested during period | 5 |  |  | 3 |  |  | 261 |  |  | 197 |
For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $267 million at September 30, 2025, of which our share of such cost is currently estimated to be $212 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.3 years.

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