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Long-Term Incentive Plans | 12 Months Ended
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Dec. 31, 2025
Long-Term Incentive Plans |
Long-Term Incentive Plans | Note 19. Long-Term Incentive Plans The Partnership has a Long-Term Incentive Plan, as amended (the “LTIP”), whereby a total of 4,300,000 common units were authorized for delivery with respect to awards under the LTIP. The LTIP provides for awards to employees, consultants and directors of the General Partner and employees and consultants of affiliates of the Partnership who perform services for the Partnership. The LTIP allows for the award of options, unit appreciation rights, restricted units, phantom units, distribution equivalent rights (“DERs”), unit awards and substitute awards. Awards granted pursuant to the LTIP vest pursuant to the terms of the grant agreements. A total of 1,883,139 units were available for issuance under the LTIP as of December 31, 2025. 2025 Phantom Unit Awards – Executive Officers 2025 Service-Based Phantom Unit Award–On February 26, 2025, the Compensation Committee of the board of directors of the General Partner (the “Compensation Committee”) granted 2025 service-based awards of phantom units and associated DERs under the LTIP to certain executives of the General Partner. The phantom units granted under the 2025 service-based awards vested or will vest in approximate one-third installments over a three-year period, commencing on January 6, 2026, provided that the executive remains continuously employed from the grant date through the applicable vesting date. The DERs that were granted in tandem with the phantom units will vest and become, or vested and became, payable simultaneously with the vesting of the phantom units. 2025 Performance Phantom Unit Award–On February 26, 2025, the Compensation Committee granted performance-based awards of phantom units and associated DERs under the LTIP to certain executives of the General Partner. These awards represent the right to receive common units of the Partnership (or cash equivalent) in an amount up to 200% of the “Target Phantom Units” (as defined in each executive’s award agreement), subject to performance-based vesting and provided that the executive remains continuously employed from the grant date through December 31, 2027. The performance period for these grants is the three-year period commencing on January 1, 2025 and continuing through December 31, 2027 (the “2025 Award Performance Period”). The number of earned common units of the Partnership will be determined by the Compensation Committee following completion of the 2025 Award Performance Period. The DERs that were granted in tandem with the performance phantom units will vest and become payable simultaneously with the vesting of the phantom units. 2024 Phantom Unit Awards – Executive Officers 2024 Service-Based Phantom Unit Award–On March 25, 2024, the Compensation Committee granted 2024 service-based awards of phantom units and associated DERs under the LTIP to certain executives of the General Partner. The phantom units granted under the 2024 service-based awards vested or will vest in approximate one-third installments over a three-year period, commencing on January 6, 2025, provided that the executive remains continuously employed from the grant date through the applicable vesting date. The DERs that were granted in tandem with the phantom units will vest and become, or vested and became, payable simultaneously with the vesting of the phantom units. On March 25, 2024, the Compensation Committee granted a supplemental grant of service-based awards and associated DERs under the LTIP to certain executives of the General Partner. The phantom units granted under these awards vested on March 24, 2025. The DERs that were granted in tandem with these phantom units vested and became payable simultaneously with the vesting of the phantom units. 2024 Performance Phantom Unit Award–On March 25, 2024, the Compensation Committee granted performance-based awards of phantom units and associated DERs under the LTIP to certain executives of the General Partner. These awards represent the right to receive common units of the Partnership (or cash equivalent) in an amount up to 200% of the “Target Phantom Units” (as defined in each executive’s award agreement), subject to performance-based vesting and provided that the executive remains continuously employed from the grant date through December 31, 2026. The performance period for these grants is the three-year period commencing on January 1, 2024 and continuing through December 31, 2026 (the “2024 Award Performance Period”). The number of earned common units of the Partnership will be determined by the Compensation Committee following completion of the 2024 Award Performance Period. The DERs that were granted in tandem with the performance phantom units will vest and become payable simultaneously with the vesting of the phantom units. 2023 Phantom Unit Awards – Executive Officers 2023 Service-Based Phantom Unit Award–On March 3, 2023, the Compensation Committee granted 2023 service-based awards of phantom units and associated DERs under the LTIP to certain executives of the General Partner. The phantom units granted under the 2023 service-based awards vested or will vest in approximate one-third installments over a three-year period, commencing on January 5, 2024, provided that the executive remains continuously employed from the grant date through the applicable vesting date. The DERs that were granted in tandem with the phantom units will vest and become, or vested and became, payable simultaneously with the vesting of the phantom units. 2023 Performance Phantom Unit Award–On August 22, 2023, the Compensation Committee granted performance-based awards of phantom units and associated DERs under the LTIP to certain executives of the General Partner. These awards represent the right to receive common units of the Partnership (or cash equivalent) in an amount up to 200% of the “Target Phantom Units” (as defined in each executive’s award agreement), subject to performance-based vesting and provided that the executive remains continuously employed from the grant date through December 31, 2025. The performance period for these grants was the three-year period commencing on January 1, 2023 and continued through December 31, 2025 (the “2023 Award Performance Period”). The number of earned common units of the Partnership will be determined by the Compensation Committee following completion of the 2023 Award Performance Period. The DERs that were granted in tandem with the performance phantom units vested and became payable simultaneously with the vesting of the phantom units. 2023 Supplemental Discretionary Phantom Unit Awards– On February 23, 2023, the Compensation Committee granted a supplemental bonus to certain executives of the General Partner, such bonuses to be paid 50% in cash at the time of the grant, and 50% through service-based awards of phantom units and associated DERs under the LTIP. The phantom units granted under these awards cliff vested on February 23, 2024. The DERs that were granted in tandem with the phantom units vested and became payable simultaneously with the vesting of the phantom units. On May 3, 2023, the Compensation Committee granted a second supplemental grant of service-based awards and associated DERs under the LTIP to certain executives of the General Partner. The phantom units granted under these awards vested on May 3, 2025. The DERs that were granted in tandem with these phantom units vested and became payable simultaneously with the vesting of the phantom units. Phantom Unit Award – Non-Employee Directors On February 26, 2025, the Compensation Committee granted awards of phantom units and associated DERs under the LTIP to the non-employee independent directors of the General Partner. The phantom awards vested on January 6, 2026 and became payable on a one-for-one basis in common units of the Partnership (or cash equivalent). The DERs that were granted in tandem with the phantom units also vested and became payable simultaneously with the vesting of the phantom units. On March 25, 2024, the Compensation Committee granted awards of phantom units and associated DERs under the LTIP to the non-employee independent directors of the General Partner. The phantom awards vested on January 6, 2025 and became payable on a one-for-one basis in common units of the Partnership (or cash equivalent). The DERs that were granted in tandem with the phantom units also vested and became payable simultaneously with the vesting of the phantom units. On August 22, 2023, the Compensation Committee granted awards of phantom units and associated DERs under the LTIP to the non-employee independent directors of the General Partner. The phantom awards vested on January 5, 2024 and became payable on a one-for-one basis in common units of the Partnership (or cash equivalent). The DERs that were granted in tandem with the phantom units also vested and became payable simultaneously with the vesting of the phantom units. The following table presents a summary of the non-vested phantom units granted under the LTIP: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-Vested Phantom Units | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​
​ | ​ | Service- | ​ | Performance- | ​ | Average | ​ | ​ | ​ |
​ | ​ | Based | ​ | Based | ​ | Grant Date | ​ | Fair Value |
​ | ​ | Awards | ​ | Awards | ​ | Fair Value ($) | ​ | (in thousands) |
Outstanding non-vested units at December 31, 2023 |  | 368,902 | ​ | 475,318 | ​ | 30.33 | ​ | $ | 25,602 | ​
Granted | ​ | 179,800 | ​ | 147,671 | ​ | 44.37 | ​ | ​ | 14,531 | ​
Vested |  | (137,213) | ​ | — | ​ | 31.63 | ​ | ​ | (4,340) | ​
Outstanding non-vested units at December 31, 2024 |  | 411,489 | ​ | 622,989 | ​ | 34.60 | ​ | $ | 35,793 | ​
Granted | ​ | 109,756 | ​ | 101,159 | ​ | 57.30 | ​ | ​ | 12,085 | ​
Vested |  | (292,383) | ​ | (258,386) | ​ | 30.62 | ​ | ​ | (16,863) | ​
Outstanding non-vested units at December 31, 2025 |  | 228,862 | ​ | 465,762 | ​ | 44.65 | ​ | $ | 31,015 | ​
​ Accounting guidance for share-based compensation requires that a non-vested equity share unit awarded to an employee is to be measured at its fair value as if it were vested and issued on the grant date. Compensation cost for an award of share-based employee compensation classified as equity is recognized over the requisite service period. The requisite service period for the Partnership is from the grant date through the vesting dates described in the grant agreement. The Partnership recognizes as compensation expense for the awards granted to employees and non-employee directors the value of the portion of the award that is ultimately expected to vest over the requisite service period on a straight-line basis. Compensation cost and granted units associated with performance-based awards are recognized based on the probability of the performance target being achieved. The Partnership recognizes forfeitures as they occur. The Partnership recorded total compensation expense related to the outstanding LTIP awards of $13.4 million, $15.3 million and $10.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. The total compensation cost related to the non-vested awards not yet recognized at December 31, 2025 was $12.1 million and is expected to be recognized ratably over the remaining requisite service periods. Repurchase Program In May 2009, the board of directors of the General Partner authorized the repurchase of the Partnership’s common units (the “Repurchase Program”) for the purpose of meeting the General Partner’s anticipated obligations to deliver common units under the LTIP and meeting the General Partner’s obligations under existing employment agreements and other employment related obligations of the General Partner (collectively, the “General Partner’s Obligations”). Since the Repurchase Program was implemented and through December 31, 2025, the General Partner repurchased 1,734,658 common units pursuant to the Repurchase Program for $59.4 million, of which $10.0 million were repurchased in 2025. As of February 27, 2026, the General Partner is authorized to acquire up to an additional 865,929 common units in the aggregate over an extended period of time, consistent with the General Partner’s Obligations. Common units may be repurchased from time to time in open market transactions, including block purchases, or in privately negotiated transactions. Such authorized unit repurchases may be modified, suspended or terminated at any time and are subject to price and economic and market conditions, applicable legal requirements and available liquidity. In June 2009, the Partnership and the General Partner entered into the Global GP LLC Compensation Funding Agreement (the “Agreement”) whereby the Partnership and the General Partner established obligations and protocol for (i) the funding, management and administration of a compensation funding account and underlying General Partner’s Obligations, and (ii) the holding and disposition by the General Partner of common units acquired in accordance with the Agreement for such purposes as otherwise set forth in the Agreement. The Agreement requires the Partnership to fund costs that the General Partner incurs in connection with performance of the Agreement. There were no such costs for the years ended December 31, 2025, 2024 and 2023.

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482969/710-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent + Details
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