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Equity-Based Awards (Tables)
 12 Months Ended
Dec. 31, 2020
Equity-based Awards [Abstract]  
Equity-based Award Expense
An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA.  The following table summarizes compensation expense we recognized in connection with equity-based awards for the years indicated:

 
  
For the Year Ended December 31,
  
 
  
2020
    
2019
    
2018
  
Equity-classified awards:
                  
Phantom unit awards
  
$
150.3
    
$
132.2
    
$
99.7
  
Profits interest awards
    
8.7
      
11.6
      
6.1
  
Liability-classified awards
    
0.1
      
0.1
      
0.3
  
Total
  
$
159.1
    
$
143.9
    
$
106.1
  
Other Share-based Compensation Plans
The following table presents phantom unit award activity for the years indicated:

 
  
Number of
Units
    
Weighted-
Average Grant
Date Fair Value
per Unit (1)
  
Phantom unit awards at December 31, 2017
    
9,289,501
    
$
27.65
  
Granted (2)
    
5,006,181
    
$
26.82
  
Vested
    
(3,479,958
)
  
$
28.57
  
Forfeited
    
(482,447
)
  
$
26.88
  
Phantom unit awards at December 31, 2018
    
10,333,277
    
$
26.97
  
Granted (3)
    
6,854,920
    
$
27.75
  
Vested
    
(3,895,049
)
  
$
27.53
  
Forfeited
    
(318,464
)
  
$
27.21
  
Phantom unit awards at December 31, 2019
    
12,974,684
    
$
27.21
  
Granted (4)
    
7,405,245
    
$
25.71
  
Vested
    
(4,532,269
)
  
$
26.35
  
Forfeited
    
(178,218
)
  
$
26.73
  
Phantom unit awards at December 31, 2020
    
15,669,442
    
$
26.76
  

(1)
Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2)
The aggregate grant date fair value of phantom unit awards issued during 2018 was $134.3 million based on a grant date market price of EPD common units ranging from $25.40 to $29.22 per unit.  An estimated annual forfeiture rate of 3.2% was applied to these awards.
(3)
The aggregate grant date fair value of phantom unit awards issued during 2019 was $190.2 million based on a grant date market price of EPD common units ranging from $26.32 to $29.29 per unit.  An estimated annual forfeiture rate of 3.0% was applied to these awards.
(4)
The aggregate grant date fair value of phantom unit awards issued during 2020 was $190.4 million based on a grant date market price of EPD common units ranging from $16.95 to $25.76 per unit.  An estimated annual forfeiture rate of 2.4% was applied to these awards.

The following table presents supplemental information regarding phantom unit awards for the years indicated:
 
 
  
For the Year Ended December 31,
  
 
  
2020
    
2019
    
2018
  
Cash payments made in connection with DERs
  
$
27.1
    
$
22.1
    
$
17.7
  
Total intrinsic value of phantom unit awards that vested during period
  
$
114.8
    
$
111.1
    
$
90.7
  

The following table summarizes key elements of each Employee Partnership as of December 31, 2020:

Employee
Partnership
Partnership
Common Units
Contributed by
EPCO Holdings
Class A
Capital
     Base (1)
Class A
Preference
Return
Expected
Vesting/
Liquidation
Date
Estimated
Fair Value of
Profits Interest
  Awards (2)
Unrecognized
Compensation
  Cost (3)
PubCo II
2,834,198
$66.3 million
$0.3900
February 2023
$2.5 million
$2.3 million
PrivCo I
1,111,438
$26.0 million
$0.3900
February 2023
$0.9 million
$0.2 million
EPD IV
6,400,000
$172.9 million
$0.4325
December 2023
$26.7 million
$13.6 million
EPCO II
1,600,000
$43.2 million
$0.4325
December 2023
$6.6 million
$0.3 million

(1)
Represents the fair market value of EPD common units contributed to each Employee Partnership at the applicable contribution date.
(2)
Represents the total fair value of the profits interest awards awarded to the Class B limited partners of each Employee Partnership irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates.  The fair value is as of the grant date or as of the plan modification date, as applicable.
(3)
Represents our expected share of the unrecognized compensation cost at December 31, 2020. We expect to recognize our share of the unrecognized compensation cost for PubCo II, PrivCo I, EPD IV and EPCO II over a weighted-average period of 2.1 years, 2.1 years, 2.9 years and 2.9 years, respectively.

The following table summarizes the assumptions we used in applying a Black-Scholes option pricing model or Monte Carlo model, as applicable, to derive that portion of the estimated fair value of the profits interest awards (at either the grant date or modification date) for each Employee Partnership:
Expected Life
Risk-Free
Expected
Expected Unit
Employee
of Award
Interest
Distribution
Price
Partnership
from Grant Date
Rate
Yield
Volatility
PubCo II
7.0 years
0.1% to 3.0%
5.9% to 7.0%
19% to 40%
PrivCo I
7.0 years
0.1% to 1.6%
6.1% to 6.7%
19% to 40%
EPD IV
5.0 years
2.8%
6.5%
27%
EPCO II
5.0 years
1.6% to 2.8%
6.3% to 6.8%
24% to 27%