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Net Income Per Common Unit (Tables)
 3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Computation of basic and diluted net income per common unit
The following table sets forth the computation of basic and diluted net income per common unit (in millions, except per unit data):
 
Three Months Ended
March 31,
 
2019
 
2018
Basic Net Income per Common Unit
 

 
 

Net income
$
970

 
$
288

Distributions to Series A preferred unitholders
(37
)
 
(37
)
Distributions to Series B preferred unitholders
(12
)
 
(12
)
Distributions to participating securities
(1
)
 
(1
)
Other
(3
)
 
(1
)
Net income allocated to common unitholders (1)
$
917

 
$
237

 
 
 
 
Basic weighted average common units outstanding
727

 
725

 
 
 
 
Basic net income per common unit
$
1.26

 
$
0.33

 
 
 
 
Diluted Net Income per Common Unit
 

 
 

Net income
$
970

 
$
288

Distributions to Series A preferred unitholders
—

 
(37
)
Distributions to Series B preferred unitholders
(12
)
 
(12
)
Distributions to participating securities
(1
)
 
(1
)
Other
—

 
(1
)
Net income allocated to common unitholders (1)
$
957

 
$
237

 
 
 
 
Basic weighted average common units outstanding
727

 
725

Effect of dilutive securities:
 
 
 
Series A preferred units
71

 
—

Equity-indexed compensation plan awards
2

 
2

Diluted weighted average common units outstanding
800

 
727

 
 
 
 
Diluted net income per common unit
$
1.20

 
$
0.33

 
(1) 
We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income (whether paid in cash or in-kind). After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.