v3.19.2

Equity (Tables) | 6 Months Ended
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Jun. 30, 2019
Equity [Abstract] |
Schedule of partners' capital | Changes to Equity (in millions)
| Three and Six Months Ended June 30, 2019
| Common |  | Preferred |  | Total
Balance at December 31, 2018 | $ | 4,070 |  |  | $ | 604 |  |  | $ | 4,674 |
Distributions to common and preferred unitholders (a) | (240 | ) |  | (21 | ) |  | (261 | )
Net earnings attributable to partners | 147 |  |  | 10 |  |  | 157 |
Contributions (b) | 19 |  |  | — |  |  | 19 |
Other | 1 |  |  | — |  |  | 1 |
Balance at March 31, 2019 | 3,997 |  |  | 593 |  |  | 4,590 |
Distributions to common unitholders (a) | (241 | ) |  | — |  |  | (241 | )
Net earnings attributable to partners | 150 |  |  | 10 |  |  | 160 |
Contributions (b) | 25 |  |  | — |  |  | 25 |
Balance at June 30, 2019 | $ | 3,931 |  |  | $ | 603 |  |  | $ | 4,534 |
| Three and Six Months Ended June 30, 2018
| Equity of Predecessors (c) |  | Andeavor Logistics |  | Total
|  | Common |  | Preferred |
Balance at December 31, 2017 | $ | 1,292 |  |  | $ | 2,925 |  |  | $ | 589 |  |  | $ | 4,806 |
Sponsor contributions of assets to the Predecessors | 197 |  |  | — |  |  | — |  |  | 197 |
Loss attributable to the Predecessors | (8 | ) |  | — |  |  | — |  |  | (8 | )
Distributions to common and preferred unitholders (a) | — |  |  | (205 | ) |  | (8 | ) |  | (213 | )
Net earnings attributable to partners | — |  |  | 125 |  |  | 14 |  |  | 139 |
Contributions (b) | — |  |  | 16 |  |  | — |  |  | 16 |
Cumulative effect of accounting standard adoption | — |  |  | (22 | ) |  | — |  |  | (22 | )
Other | — |  |  | — |  |  | (1 | ) |  | (1 | )
Balance at March 31, 2018 | 1,481 |  |  | 2,839 |  |  | 594 |  |  | 4,914 |
Sponsor contributions of assets to the Predecessors | 139 |  |  | — |  |  | — |  |  | 139 |
Loss attributable to the Predecessors | (16 | ) |  | — |  |  | — |  |  | (16 | )
Distributions to common unitholders (a) | — |  |  | (206 | ) |  | — |  |  | (206 | )
Net earnings attributable to partners | — |  |  | 138 |  |  | 10 |  |  | 148 |
Contributions (b) | — |  |  | 7 |  |  | — |  |  | 7 |
Other | — |  |  | 1 |  |  | — |  |  | 1 |
Balance at June 30, 2018 | $ | 1,604 |  |  | $ | 2,779 |  |  | $ | 604 |  |  | $ | 4,987 |
(a) | Represents cash distributions declared and paid during the period.
(b) | Includes Marathon and TLGP contributions to us primarily related to reimbursements for capital spending pursuant predominantly to the Amended Omnibus Agreement and the Carson Assets Indemnity Agreement.
(c) | Adjusted to include the historical results of the Predecessors. See Note 1 for further discussion.
Schedule of quarterly distributions | Quarterly Distributions on Common Units
Quarter Ended | Quarterly Distribution Per Common Unit |  | Total Cash Distribution (in millions) |  | Date of Distribution |  | Unitholders Record Date
December 31, 2018 (a) | $ | 1.03 |  |  | $ | 238 |  |  | February 14, 2019 |  | February 5, 2019
March 31, 2019 (a) | 1.03 |  |  | 240 |  |  | May 15, 2019 |  | May 9, 2019
(a) This distribution is net of $12.5 million waived with respect to units held by our Sponsor and its affiliates for the three months ended March 31, 2019 and $15 million for the three months ended December 31, 2018. These distribution waivers were instituted in 2017 under the terms of our partnership agreement.
Schedule of Earnings Per Share, Basic and Diluted | Net Earnings per Unit (in millions, except per unit amounts)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 (a) |  | 2019 |  | 2018 (a)
Net earnings | $ | 160 |  |  | $ | 132 |  |  | $ | 317 |  |  | $ | 263 |
Distributions on Preferred Units (b) | — |  |  | (10 | ) |  | — |  |  | (20 | )
Net earnings attributable to common units | 160 |  |  | 122 |  |  | 317 |  |  | 243 |
Limited partners’ distributions on common units (c) | — |  |  | (209 | ) |  | (240 | ) |  | (414 | )
Distributions on common units less (greater) than earnings | $ | 160 |  |  | $ | (87 | ) |  | $ | 77 |  |  | $ | (171 | )
General partner’s earnings: |  |  |  |  |  |  |
Allocation of distributions greater than earnings (d) | $ | — |  |  | $ | (16 | ) |  | $ | — |  |  | $ | (24 | )
Total general partner’s loss | $ | — |  |  | $ | (16 | ) |  | $ | — |  |  | $ | (24 | )
Limited partners’ earnings on common units: |  |  |  |  |  |  |
Distributions (c)(e) | $ | — |  |  | $ | 209 |  |  | $ | 240 |  |  | $ | 414 |
Allocation of distributions less (greater) than earnings | 160 |  |  | (71 | ) |  | 77 |  |  | (147 | )
Total limited partners’ earnings on common units | $ | 160 |  |  | $ | 138 |  |  | $ | 317 |  |  | $ | 267 |
Weighted average limited partner units outstanding: |  |  |  |  |  |  |
Common units - basic | 245.6 |  |  | 217.2 |  |  | 245.6 |  |  | 217.2 |
Common units - diluted (f) | 245.7 |  |  | 217.3 |  |  | 245.7 |  |  | 217.3 |
Net earnings per limited partner unit: (g) |  |  |  |  |  |  |
Common - basic | $ | 0.65 |  |  | $ | 0.63 |  |  | $ | 1.29 |  |  | $ | 1.23 |
Common - diluted | $ | 0.65 |  |  | $ | 0.63 |  |  | $ | 1.29 |  |  | $ | 1.23 |
(a) | Adjusted to include the historical results of the Predecessors. See Note 1 for further discussion.
(b) | The Preferred Units entitle unitholders to receive preferred distributions on a semi-annual basis. Due to the MPLX Merger, we did not declare a distribution for the first half of 2019.
(c) | We did not declare a distribution for the second quarter of 2019 due to the MPLX Merger.
(d) | We have revised the historical allocation of general partner earnings to include the Predecessors’ losses of $16 million and $24 million for the three and six months ended June 30, 2018, respectively.
(e) | Distributions of earnings for limited partners’ common units for the three months ended June 30, 2018 is net of a $15 million waiver and the six months ended June 30, 2019 and 2018 are net of a $12.5 million and $30 million waiver, respectively, from our Sponsor. There was no waiver for the three months ended June 30, 2019 because we did not declare a distribution for the second quarter of 2019 due to the MPLX Merger.
(f) | Diluted net earnings per unit include the effects of potentially dilutive units on our common units, which consist of unvested phantom units.
(g) Amounts may not recalculate due to rounding of dollar and unit information.

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