Earnings Per Unit (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Unit [Abstract]

Basic and Diluted Earnings Per Unit

The following table presents our calculation of basic and diluted earnings per common unit for the years indicated:

	For the Year Ended December 31,
	2020			2019			2018
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	3,774.7		$	4,591.3		$	4,172.4
Earnings allocated to phantom unit awards (1)		(32.0	)		(27.7	)		(21.5	)
Net income allocated to common unitholders	$	3,742.7		$	4,563.6		$	4,150.9
Basic weighted-average number of common units outstanding		2,185.8			2,188.6			2,176.5
Basic earnings per common unit	$	1.71		$	2.09		$	1.91
DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	3,774.7		$	4,591.3		$	4,172.4
Net income attributable to preferred units		0.9			–			–
Net income attributable to limited partners	$	3,775.6		$	4,591.3		$	4,172.4
Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,185.8			2,188.6			2,176.5
Phantom units (2)		15.7			13.1			10.5
Preferred units (2)		0.7			–			–
Total		2,202.2			2,201.7			2,187.0
Diluted earnings per common unit	$	1.71		$	2.09		$	1.91

(1)	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding our phantom units.
(2)	We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom units and the conversion of preferred units outstanding.  See Note 8 for information regarding the preferred units issued during 2020.