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Net Income per Common Unit (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Net Income per Common Unit

The following table provides a reconciliation of net income and the allocation of net income to the common units, the general partner units and IDRs for purposes of computing basic and diluted net income per unit (in millions, except per unit data). The amounts in the table may not recalculate exactly due to rounding because it is calculated based on whole numbers, not the rounded numbers presented.

						Total						Limited Partner Common Units																		General Partner Units						IDR
Three Months Ended June 30, 2025
Net income						$	553
Less: declared distributions (1)						511						397																		10						104
Assumed allocation of undistributed net income (2)						$	42					42																		1						—
Assumed allocation of net income												$	439																	$	11					$	104
Weighted average units outstanding												484.0
Basic and diluted net income per unit												$	0.91
Three Months Ended June 30, 2024
Net income						$	570
Less: declared distributions (1)						501						392																		10						99
Assumed allocation of undistributed net income (2)						$	69					67																		1						—
Assumed allocation of net income												$	459																	$	11					$	99
Weighted average units outstanding												484.0
Basic and diluted net income per unit												$	0.95
Six Months Ended June 30, 2025
Net income						$	1,194
Less: declared distributions (1)						1,021						794																		20						207
Assumed allocation of undistributed net income (2)						$	173					169																		3						—
Assumed allocation of net income												$	963																	$	23					$	207
Weighted average units outstanding												484.0
Basic and diluted net income per unit												$	1.99
Six Months Ended June 30, 2024
Net income						$	1,252
Less: declared distributions (1)						1,002						784																		20						198
Assumed allocation of undistributed net income (2)						$	250					245																		5						—
Assumed allocation of net income												$	1,029																	$	25					$	198
Weighted average units outstanding												484.0
Basic and diluted net income per unit												$	2.13

(1)Represents distributions declared with respect to earnings of the respective period.

(2)Under our partnership agreement, the IDRs participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income (loss).

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- References

No definition available.

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- Definition

Tabular disclosure of the effect of income (loss) on basic earnings per share.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

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