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Net Income per Unit
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income per Unit Net Income per Common Unit
Net income per common unit is computed by dividing common unitholders’ interest in net income by the weighted average number of outstanding common units. Our net income is allocated to common unitholders in accordance with their respective partnership percentages, after giving effect to any priority income allocations for incentive distributions and distributions on employee unit awards. Earnings in excess of distributions are allocated to common unitholders based on their respective ownership interests. Payments made to our common unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit.
In addition to the common units, we identify the IDRs as participating securities and use the two-class method when calculating net income per unit applicable to limited partners, which is based on the weighted average number of common units outstanding during the period. Diluted net income per unit includes the effects of potentially dilutive units on our common units, consisting of unvested phantom units.
A reconciliation of the numerators and denominators of the basic and diluted per unit computations is as follows:
Year Ended December 31,
 202420232022
Net income$874 $394 $475 
Less:
Net income attributable to noncontrolling interests8 — — 
Incentive distribution rights145 77 72 
Distributions on unvested phantom unit awards5 6 6 
Common unitholders’ interest in net income $716 $311 $397 
Weighted average common units outstanding:   
Basic118,529,390 84,081,083 83,755,378 
Dilutive effect of unvested phantom unit awards812,648 1,012,414 1,048,320 
Diluted119,342,038 85,093,497 84,803,698 
Net income per common unit:   
Basic$6.04 $3.70 $4.74 
Diluted$6.00 $3.65 $4.68