Earnings Per Unit (Tables)

3 Months Ended

Mar. 31, 2024

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 periods indicated:

	For the Three Months Ended March 31,
	2024			2023
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,456		$	1,390
Earnings allocated to phantom unit awards (1)		(14	)		(13	)
Net income allocated to common unitholders	$	1,442		$	1,377
Basic weighted-average number of common units outstanding		2,170			2,173
Basic earnings per common unit	$	0.66		$	0.63
DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,456		$	1,390
Net income attributable to preferred units		1			1
Net income attributable to limited partners	$	1,457		$	1,391
Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,170			2,173
Phantom units (2)		21			20
Preferred units (2)		2			2
Total		2,193			2,195
Diluted earnings per common unit	$	0.66		$	0.63

(1)	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding our phantom units.
(2)	We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding.  See Note 12 for information regarding phantom unit awards.  See Note 8 for information regarding preferred units.