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Long-Term Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

The amounts below do not include adjustments for above-target or below-target performance.


	Performance-Based Awards			Time-Based Awards			Total Awards
	Number of Unit Awards	Weighted Average Fair Value		Number of Unit Awards	Weighted Average Fair Value		Number of Unit Awards	Weighted Average Fair Value
Non-vested units - 1/1/2022	445,925	$	48.66	470,514	$	48.67	916,439	$	48.67
Units granted during 2022	296,236	$	48.76	320,844	$	48.75	617,080	$	48.75
Units vested during 2022	(168,939)	$	61.16	(176,846)	$	61.15	(345,785)	$	61.16
Units forfeited during 2022	(28,619)	$	46.92	(30,024)	$	47.11	(58,643)	$	47.02
Non-vested units - 12/31/2022	544,603	$	44.93	584,488	$	45.02	1,129,091	$	44.97

Total Non-Vested Unit Awards

The table below summarizes the total non-vested unit awards outstanding, including estimated targeted financial performance adjustments, to determine our total equity-based liability accrual.


Awards Description	Non-Vested Unit Awards	Performance Adjustment to Unit Awards	Total Unit Award Accrual	Vesting Date	Unrecognized Compensation Expense (in millions)(a)
Performance-based awards:
2021 awards	264,352	198,264	462,616	12/31/2023	$	4.5
2022 awards	280,251	70,063	350,314	12/31/2024	8.8
Time-based awards:
2023 vesting date	283,002	—	283,002	12/31/2023	2.9
2024 vesting date	301,486	—	301,486	12/31/2024	8.0
Total	1,129,091	268,327	1,397,418		$	24.2

(a) Unrecognized compensation expense will be recognized over the remaining vesting period of the awards.

Weighted-Average Grant Date Fair Values

The weighted average fair value of awards granted during 2020, 2021 and 2022 was as follows:


	Performance-Based Awards			Time-Based Awards
	Number of Unit Awards	Weighted Average Fair Value		Number of Unit Awards	Weighted Average Fair Value
Units granted during 2020	189,632	$	61.16	198,450	$	61.18
Units granted during 2021	281,823	$	40.85	301,873	$	40.99
Units granted during 2022	296,236	$	48.76	320,844	$	48.75

Vested Unit Awards

The table below sets forth the numbers and values of units that vested in each of the three years ended December 31, 2022. The vested common units include adjustments for above or below target financial and market performance.


Vesting Date	Vested Common Units	Fair Value of Unit Awards on Vesting Date (in millions)	Intrinsic Value of Unit Awards on Vesting Date (in millions)
12/31/2020	235,127	$15.2	$10.0
12/31/2021	316,336	$19.3	$14.7
12/31/2022	334,656	$20.2	$16.8

Cash Flow Effects of LTIP Settlements

The difference between the common units issued to the participants and the total number of unit awards vested primarily represents the tax withholdings associated with the award settlement, which we pay in cash.


Settlement Date	Number of Common Units Issued, Net of Tax Withholdings	Tax Withholdings and Other Cash Payments (in millions)	Employer Taxes (in millions)	Total Cash Payments (in millions)
January 2020	275,093	$14.7	$1.3	$16.0
January 2021	150,435	$6.2	$0.7	$6.9
January 2022	200,949	$8.9	$0.8	$9.7

Equity-Based Incentive Compensation Expense

Equity-based incentive compensation expense for 2020, 2021 and 2022, primarily recorded as G&A expense in our consolidated statements of income, was as follows (in millions):


	Year Ended December 31,
	2020		2021		2022
Performance awards	$	3.1	$	11.2	$	23.0
Time-based awards	$	8.9	$	10.6	$	15.5
Total	$	12.0	$	21.8	$	38.5