NET INCOME PER COMMON UNIT (Tables)

3 Months Ended

Mar. 31, 2017

NET INCOME PER COMMON UNIT

Schedule of net income per common unit

(unaudited)	Three months ended March 31,
(millions of dollars, except per common unit amounts)	2017			2016
Net income attributable to controlling interests	75			73
Net income attributable to the General Partner	(1		)	(1		)
Incentive distributions attributable to the General Partner (a)	(2		)	(1		)
Net income attributable to common units	72			71
Weighted average common units outstanding (millions) — basic and diluted (b)	68.3			64.4
Net income per common unit — basic and diluted	$	1.05		$	1.10

(a) Under the terms of the Partnership Agreement, for any quarterly period, the participation of the incentive distribution rights (IDRs) is limited to the available cash distributions declared. Accordingly, incentive distributions allocated to the General Partner are based on the Partnership’s available cash during the current reporting period, but declared and paid in the subsequent reporting period.

(b) Includes the common units subject to rescission. These units are treated as outstanding for financial reporting purposes. Refer to Note 6.