v3.5.0.2
Equity Net Earnings per Unit (Tables)
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
NET EARNINGS PER UNIT (in millions, except per unit amounts)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Net earnings
$
81

 
$
66

 
$
172

 
$
135

Net earnings attributable to noncontrolling interest
—

 
(6
)
 
—

 
(16
)
Net earnings, excluding noncontrolling interest
81

 
60

 
172

 
119

General partner’s distributions
(2
)
 
(2
)
 
(4
)
 
(3
)
General partner’s IDRs (a)
(36
)
 
(15
)
 
(66
)
 
(28
)
Limited partners’ distributions on common units
(85
)
 
(64
)
 
(161
)
 
(120
)
Distributions greater than earnings
$
(42
)
 
$
(21
)
 
$
(59
)
 
$
(32
)
General partner’s earnings:
 
 
 
 
 
 
 
Distributions
$
2

 
$
2

 
$
4

 
$
3

General partner’s IDRs (a)
36

 
15

 
66

 
28

Allocation of distributions greater than earnings (b)
(3
)
 
(6
)
 
(4
)
 
(11
)
Total general partner’s earnings
$
35

 
$
11

 
$
66

 
$
20

Limited partners’ earnings on common units:
 
 
 
 
 
 
 
Distributions
$
85

 
$
64

 
$
161

 
$
120

Allocation of distributions greater than earnings
(39
)
 
(15
)
 
(55
)
 
(21
)
Total limited partners’ earnings on common units
$
46

 
$
49

 
$
106

 
$
99

Weighted average limited partner units outstanding
 
 
 
 
 
 
 
Common units - basic
95.2

 
80.7

 
94.4

 
80.5

Common units - diluted
95.2

 
80.8

 
94.4

 
80.6

Net earnings per limited partner unit:
 
 
 
 
 
 
 
Common - basic
$
0.48

 
$
0.60

 
$
1.12

 
$
1.23

Common - diluted
$
0.48

 
$
0.60

 
$
1.12

 
$
1.23


(a)
IDRs entitle the general partner to receive increasing percentages, up to 50%, of quarterly distributions in excess of $0.3881 per unit per quarter. The amount above reflects earnings distributed to our general partner net of $2 million and $5 million of IDRs for the three and six months ended June 30, 2015, respectively, waived by TLGP. See Note 12 of our Annual Report on Form 10-K for the year ended December 31, 2015, for further discussion related to IDRs.
(b)
We have revised the historical allocation of general partner earnings to include the Predecessor losses of $3 million and $4 million for the three and six months ended June 30, 2016, respectively, and $6 million and $11 million for the three and six months ended June 30, 2015, respectively.