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Equity-Based Awards (Tables)

12 Months Ended

Dec. 31, 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 years indicated:

									For the Year Ended December 31,
															2025						2024						2023
Equity-classified awards:
Phantom unit awards															$	197					$	178					$	166
Profits interest awards															–						10						6
Total															$	197					$	188					$	172

Schedule of Phantom Unit Award Activity

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, 2022			17,982,945						$	23.94
Granted (2)			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 (3)			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
Granted (4)			8,370,315						$	33.08
Vested			(7,815,940)						$	24.46
Forfeited			(564,660)						$	28.44
Phantom unit awards at December 31, 2025			20,581,966						$	28.60

(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 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.

(3)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.

(4)The aggregate grant date fair value of phantom unit awards issued during 2025 was $277 million based on a grant date market price of the Partnership’s common units ranging from $30.56 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 years indicated:

									For the Year Ended December 31,
															2025						2024						2023
Cash payments made in connection with DERs															$	44					$	43					$	38
Total intrinsic value of phantom unit awards that vested during period															262						199						182

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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.

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-Name Accounting Standards Codification
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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.

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