v3.7.0.1
Equity Net Earnings per Unit (Tables)
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
NET EARNINGS PER UNIT (in millions, except per unit amounts)
 
Three Months Ended March 31,
 
2017
 
2016
Net earnings
$
92

 
$
85

Special allocations of net earnings (“Special Allocations”) (a)
1

 
—

Net earnings, including Special Allocations
93

 
85

General partner’s distributions
(3
)
 
(2
)
General partner’s IDRs (b)
(36
)
 
(30
)
Limited partners’ distributions on common units
(101
)
 
(76
)
Distributions greater than earnings
$
(47
)
 
$
(23
)
General partner’s earnings:
 
 
 
Distributions
$
3

 
$
2

General partner’s IDRs (b)
36

 
30

Allocation of distributions greater than earnings (c)
(1
)
 
(7
)
Total general partner’s earnings
$
38

 
$
25

Limited partners’ earnings on common units:
 
 
 
Distributions
$
101

 
$
76

Special Allocations (a)
(1
)
 
—

Allocation of distributions greater than earnings
(46
)
 
(16
)
Total limited partners’ earnings on common units
$
54

 
$
60

Weighted average limited partner units outstanding:
 
 
 
Common units - basic
104.8

 
93.6

Common units - diluted
104.9

 
93.6

Net earnings per limited partner unit:
 
 
 
Common - basic
$
0.51

 
$
0.64

Common - diluted
$
0.51

 
$
0.64

 
(a)
Normal allocations according to percentage interests are made after giving effect, if any, to priority income allocations in an amount equal to incentive cash distributions fully allocated to the general partner and any special allocations. The adjustment reflects the special allocation to common units held by TLGP for the interest incurred in connection with borrowings on the Revolving Credit Facility in lieu of using all cash on hand to fund the North Dakota Gathering and Processing Assets acquisition during the three months ended March 31, 2017.
(b)
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 $12.5 million of IDRs waived by TLGP for the three months ended March 31, 2017. See Note 12 of our Annual Report on Form 10-K for the year ended December 31, 2016 for further discussion related to IDRs.
(c)
We have revised the historical allocation of general partner earnings to include the Predecessors’ losses of $7 million for the three months ended March 31, 2016. There were no Predecessor losses for the three months ended March 31, 2017.