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Equity | 3 Months Ended
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Mar. 31, 2018
Equity [Abstract] |
Equity | Equity The changes in the number of units outstanding during the three months ended March 31, 2018 are summarized below:
(In units) | Common |  | General Partner |  | Total
Balance at December 31, 2017 | 407,130,020 |  |  | 8,308,773 |  |  | 415,438,793 |
Unit-based compensation awards(1) | 150,257 |  |  | 140 |  |  | 150,397 |
Contribution of refining logistics and fuels distribution assets(2) | 111,611,111 |  |  | 2,277,778 |  |  | 113,888,889 |
Conversion of GP economic interests | 275,000,000 |  |  | (10,586,691 | ) |  | 264,413,309 |
Balance at March 31, 2018 | 793,891,388 |  |  | — |  |  | 793,891,388 |
(1) | As a result of the unit-based compensation awards issued during the period, MPLX GP contributed less than $1 million in exchange for 140 general partner units to maintain its two percent GP Interest.
(2) | MPC agreed to waive approximately one-third of the first quarter 2018 distributions on the common units issued in connection with this transaction. As a result of this waiver, MPC will not receive $23.7 million of the distributions that would have otherwise accrued on such common units with respect to the first quarter 2018. See Note 4 for information regarding this acquisition.
GP/IDR Exchange – On February 1, 2018, MPC cancelled its IDRs and converted its economic GP Interest in MPLX LP to a non-economic general partner interest, in exchange for 275 million newly issued MPLX LP common units. These units had a fair value of $10.4 billion as of the transaction date as recorded on the Consolidated Statements of Equity. As a result of this transaction, the general partner units and IDRs were eliminated, are no longer outstanding and no longer participate in distributions of cash from the Partnership. MPC continues to own the non-economic GP Interest in MPLX LP. See Note 7 for more information on the net income per unit calculation. 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 9, and subsequently allocated to the limited partner unitholders in accordance with their respective ownership percentages. Prior to 2018, when distributions related to the IDRs were made, earnings equal to the amount of those distributions were first allocated to the general partner before the remaining earnings were 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, for income statement periods occurring prior to the exchange of the GP economic interests:
| Three Months Ended March 31,
(In millions) | 2017
Net income attributable to MPLX LP | $ | 150 |
Less: Preferred unit distributions | 16 |
General partner's IDRs and other | 61 |
Net income attributable to MPLX LP available to general and limited partners | $ | 73 |
General partner's two percent GP Interest in net income attributable to MPLX LP | $ | 1 |
General partner's IDRs and other | 61 |
General partner's GP Interest in net income attributable to MPLX LP | $ | 62 |
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 and preferred unitholders will receive. In accordance with the Partnership Agreement, on April 25, 2018, the Partnership declared a quarterly cash distribution, based on the results of the first quarter of 2018, totaling $467 million, or $0.6175 per common unit. These distributions will be paid on May 15, 2018 to common unitholders of record on May 7, 2018. The allocation of total quarterly cash distributions to general, limited and preferred unitholders is as follows for the three months ended March 31, 2018 and 2017. 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 March 31,
(In millions) | 2018 |  | 2017
General partner's distributions: |  |  |
General partner's distributions on general partner units | $ | — |  |  | $ | 5 |
General partner's distributions on IDRs | — |  |  | 60 |
Total distribution on general partner units and IDRs | $ | — |  |  | $ | 65 |
Common and preferred unit distributions: |  |  |
Common unitholders, includes common units of general partner | $ | 467 |  |  | $ | 198 |
Preferred unit distributions | 16 |  |  | 16 |
Total cash distributions declared | $ | 483 |  |  | $ | 279 |

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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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