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Partners' Capital | 6 Months Ended
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Jun. 30, 2020
Partners' Capital [Abstract] |
Partners' Capital | Partners' Capital As of June 30, 2020, ETO and its subsidiaries owned 28,463,967 common units, which constitutes 34.3% of our outstanding common units, and the public owned 54,576,814 common units. As of June 30, 2020, our consolidated subsidiaries owned all of the 16,410,780 Class C units representing limited partner interests in the Partnership (the “Class C Units”). Common Units The change in our outstanding common units for the six months ended June 30, 2020 is as follows:
| Number of Units
Number of common units at December 31, 2019 | 82,985,941 |
Phantom vested units exercised | 54,840 |
Number of common units at June 30, 2020 | 83,040,781 |
Allocation of Net Income (Loss) Our Partnership Agreement contains provisions for the allocation of net income and loss to the unitholders. For purposes of maintaining partner capital accounts, the Partnership Agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect to incentive cash distributions, which are allocated 100% to ETO. The calculation of net income (loss) allocated to the partners is as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Attributable to Common Units |  |  |  |  |  |  |
Distributions | $ | 69 |  |  | $ | 68 |  |  | $ | 137 |  |  | $ | 136 |
Distributions in excess of net income (loss) | 69 |  |  | (32 | ) |  | (147 | ) |  | (12 | )
Limited partners' interest in net income (loss) | $ | 138 |  |  | $ | 36 |  |  | $ | (10 | ) |  | $ | 124 |
Cash Distributions Our Partnership Agreement sets forth the calculation used to determine the amount and priority of cash distributions that the common unitholders receive. Cash distributions paid or declared during 2020 were as follows:
|  | Limited Partners |  |
Payment Date |  | Per Unit Distribution |  | Total Cash Distribution |  | Distribution to IDR Holders
|  | (in millions, except per unit amounts)
August 19, 2020 |  | $ | 0.8255 |  |  | $ | 69 |  |  | $ | 18 |
May 19, 2020 |  | $ | 0.8255 |  |  | $ | 69 |  |  | $ | 18 |
February 19, 2020 |  | $ | 0.8255 |  |  | $ | 69 |  |  | $ | 18 |

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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