Net Income per Common Unit (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Net Income per Common Unit

The following table provides a reconciliation of net income and the allocation of net income to the common units, the subordinated units, the general partner units and IDRs for purposes of computing basic and diluted net income per unit (in millions, except per unit data).

	Total		Limited Partner Common Units		General Partner Units		IDR
Three Months Ended March 31, 2024
Net income	$	682
Declared distributions	501		392		10		99
Assumed allocation of undistributed net income (1)	$	181	177		4		—
Assumed allocation of net income			$	569	$	14	$	99
Weighted average units outstanding			484.0
Basic and diluted net income per unit			$	1.18
Three Months Ended March 31, 2023
Net income	$	1,935
Declared distributions	714		499		14		201
Assumed allocation of undistributed net income (1)	$	1,221	1,197		24		—
Assumed allocation of net income			$	1,696	$	38	$	201
Weighted average units outstanding			484.0
Basic and diluted net income per unit			$	3.50

(1)Under our partnership agreement, the IDRs participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income.