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Equity | 6 Months Ended
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Jun. 30, 2017
Equity [Abstract] |
Equity | Equity The changes in the number of units outstanding during the six months ended June 30, 2017 are summarized below:
(In units) | Common |  | Class B(1) |  | General Partner |  | Total
Balance at December 31, 2016 | 357,193,288 |  |  | 3,990,878 |  |  | 7,371,105 |  |  | 368,555,271 |
Unit-based compensation awards(2) | 168,622 |  |  | — |  |  | 3,441 |  |  | 172,063 |
Issuance of units under the ATM Program(3) | 12,662,663 |  |  | — |  |  | 258,422 |  |  | 12,921,085 |
Contribution of HST/WHC/MPLXT(4) | 12,960,376 |  |  | — |  |  | 264,497 |  |  | 13,224,873 |
Balance at June 30, 2017 | 382,984,949 |  |  | 3,990,878 |  |  | 7,897,465 |  |  | 394,873,292 |
(1) | On July 1, 2017, 3,990,878 Class B units converted to 4,350,057 common units and will be eligible to receive the second quarter 2017 distribution.
(2) | As a result of the unit-based compensation awards issued during the period, MPLX GP contributed less than $1 million in exchange for 3,441 general partner units to maintain its two percent GP Interest.
(3) | As a result of common units issued under the ATM Program during the period, MPLX GP contributed $9 million in exchange for 258,422 general partner units to maintain its two percent GP Interest.
(4) | See Note 3 for information regarding the HST, WHC and MPLXT acquisition.
Net Income Allocation – In preparing the Consolidated Statements of Equity, net income (loss) attributable to MPLX LP is allocated to Preferred unitholders based on a fixed distribution schedule, as discussed in Note 8, and subsequently allocated to the general partner and limited partner unitholders. However, when distributions related to the incentive distribution rights are made, earnings equal to the amount of those distributions are first allocated to the general partner before the remaining earnings are allocated to the unitholders, based on their respective ownership percentages. The following table presents the allocation of the general partner’s GP Interest in net income attributable to MPLX LP:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2017 |  | 2016 |  | 2017 |  | 2016
Net income (loss) attributable to MPLX LP | $ | 190 |  |  | $ | 19 |  |  | $ | 340 |  |  | $ | (41 | )
Less: Preferred unit distributions | 17 |  |  | 9 |  |  | 33 |  |  | 9 |
General partner's incentive distribution rights and other | 72 |  |  | 47 |  |  | 133 |  |  | 88 |
Net income (loss) attributable to MPLX LP available to general and limited partners | $ | 101 |  |  | $ | (37 | ) |  | $ | 174 |  |  | $ | (138 | )
General partner's two percent GP Interest in net income (loss) attributable to MPLX LP | $ | 2 |  |  | $ | (1 | ) |  | $ | 3 |  |  | $ | (3 | )
General partner's incentive distribution rights and other | 72 |  |  | 47 |  |  | 133 |  |  | 88 |
General partner's GP Interest in net income attributable to MPLX LP | $ | 74 |  |  | $ | 46 |  |  | $ | 136 |  |  | $ | 85 |
Cash distributions – The partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the common unitholders, Preferred unitholders and general partner will receive. In accordance with the partnership agreement, on July 26, 2017, the Partnership declared a quarterly cash distribution, based on the results of the second quarter of 2017, totaling $294 million, or $0.5625 per common unit. These distributions will be paid on August 14, 2017 to common unitholders of record on August 7, 2017. The allocation of total quarterly cash distributions to general, limited and Preferred unitholders is as follows for the three and six months ended June 30, 2017 and 2016. The Partnership’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period in which the distributions were earned.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2017 |  | 2016 |  | 2017 |  | 2016
General partner's distributions: |  |  |  |  |  |  |
General partner's distributions on general partner units | $ | 6 |  |  | $ | 4 |  |  | $ | 11 |  |  | $ | 8 |
General partner's distributions on incentive distribution rights | 70 |  |  | 46 |  |  | 130 |  |  | 86 |
Total distribution on general partner units and incentive distribution rights | $ | 76 |  |  | $ | 50 |  |  | $ | 141 |  |  | $ | 94 |
Common and preferred unit distributions: |  |  |  |  |  |  |
Common unitholders, includes common units of general partner | $ | 218 |  |  | $ | 172 |  |  | $ | 416 |  |  | $ | 328 |
Preferred unit distributions | 17 |  |  | 9 |  |  | 33 |  |  | 9 |
Total cash distributions declared | $ | 311 |  |  | $ | 231 |  |  | $ | 590 |  |  | $ | 431 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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