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Consolidated Statement of Changes in Members' Equity - USD ($)
$ in Millions
Total
Series B Preferred Stock
Repurchase of Series C Preferred Units
Common Units
Common Units
Series B Preferred Stock
Accumulated Other Comprehensive Income (Loss)
Non-Controlling Interest
Non-Controlling Interest
Series B Preferred Stock
Non-Controlling Interest
Repurchase of Series C Preferred Units
Member equity, beginning balance at Dec. 31, 2022 $ 2,912.7     $ 1,306.4   $ 0.0 $ 1,606.3    
Units outstanding, beginning balance (in shares) at Dec. 31, 2022       469,000,000.0          
Increase (Decrease) in Members' Equity                  
Conversion of unit-based awards for common units, net of units withheld for taxes (16.9)     $ (16.9)          
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)       2,600,000          
Unit-based compensation 8.5     $ 8.5          
Contributions from non-controlling interests 22.1           22.1    
Distributions (202.7)     (120.2)     (82.5)    
Unrealized gain on designated cash flow hedge [2] 4.5 [1]         4.5      
Adjustment related to the redemption of the mandatorily redeemable non-controlling interest [3] 0.8     0.8          
Loss on exchange of Series B Preferred Units / Repurchase of Series C Preferred Units     $ (3.9)           $ (3.9)
Common units repurchased $ (107.5)     $ (107.5)          
Common units repurchased (in shares) (9,585,796)     (9,600,000)          
Accrued common unit repurchase [4] $ (27.5)     $ (27.5)          
Net income 184.1     112.5     71.6    
Member equity, end balance at Jun. 30, 2023 2,774.2     $ 1,156.1   4.5 1,613.6    
Units outstanding, ending balance (in shares) at Jun. 30, 2023       462,000,000.0          
Member equity, beginning balance at Mar. 31, 2023 2,841.9     $ 1,238.7   (1.2) 1,604.4    
Units outstanding, beginning balance (in shares) at Mar. 31, 2023       467,100,000          
Increase (Decrease) in Members' Equity                  
Conversion of unit-based awards for common units, net of units withheld for taxes (0.1)     $ (0.1)          
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)       100,000          
Unit-based compensation 4.5     $ 4.5          
Contributions from non-controlling interests 13.7           13.7    
Distributions (98.6)     (58.5)     (40.1)    
Unrealized gain on designated cash flow hedge [5] 5.7 [1]         5.7      
Adjustment related to the redemption of the mandatorily redeemable non-controlling interest [6] 0.8     0.8          
Common units repurchased $ (56.1)     $ (56.1)          
Common units repurchased (in shares) (5,141,381)     (5,200,000)          
Accrued common unit repurchase [7] $ (27.5)     $ (27.5)          
Net income 89.9     54.3     35.6    
Member equity, end balance at Jun. 30, 2023 2,774.2     $ 1,156.1   4.5 1,613.6    
Units outstanding, ending balance (in shares) at Jun. 30, 2023       462,000,000.0          
Member equity, beginning balance at Dec. 31, 2023 $ 2,635.1     $ 1,000.5   0.7 1,633.9    
Units outstanding, beginning balance (in shares) at Dec. 31, 2023 451,614,086     451,600,000          
Increase (Decrease) in Members' Equity                  
Conversion of unit-based awards for common units, net of units withheld for taxes $ (17.1)     $ (17.1)          
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)       2,800,000          
Unit-based compensation 10.8     $ 10.8          
Contributions from non-controlling interests 13.8           13.8    
Distributions (204.4)     (122.5)     (81.9)    
Unrealized gain on designated cash flow hedge [8] 3.1 [1]         3.1      
Exchange of Series B Preferred Units   $ 5.2     $ 95.1     $ (89.9)  
Exchange of Series B Preferred Units (in shares)         7,000,000.0        
Loss on exchange of Series B Preferred Units / Repurchase of Series C Preferred Units   (5.2)     $ (5.2)        
Common units repurchased [9] $ (77.1)     $ (77.1)          
Common units repurchased (in shares) (9,345,294)     (9,300,000) [9]          
Accrued common unit repurchase [10] $ (22.9)     $ (22.9)          
Net income 117.0     52.6     64.4    
Member equity, end balance at Jun. 30, 2024 $ 2,458.3     $ 914.2   3.8 1,540.3    
Units outstanding, ending balance (in shares) at Jun. 30, 2024 452,144,847     452,100,000          
Member equity, beginning balance at Mar. 31, 2024 $ 2,539.1     $ 892.5   3.7 1,642.9    
Units outstanding, beginning balance (in shares) at Mar. 31, 2024       448,800,000          
Increase (Decrease) in Members' Equity                  
Conversion of unit-based awards for common units, net of units withheld for taxes (1.6)     $ (1.6)          
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)       200,000          
Unit-based compensation 5.2     $ 5.2          
Contributions from non-controlling interests 0.8           0.8    
Distributions (102.5)     (60.1)     (42.4)    
Unrealized gain on designated cash flow hedge [11] 0.1 [1]         0.1      
Exchange of Series B Preferred Units   5.2     $ 95.1     $ (89.9)  
Exchange of Series B Preferred Units (in shares)         7,000,000.0        
Loss on exchange of Series B Preferred Units / Repurchase of Series C Preferred Units   $ (5.2)     $ (5.2)        
Common units repurchased $ (50.0)     $ (50.0)          
Common units repurchased (in shares) (3,897,852)     (3,900,000)          
Accrued common unit repurchase [12],[13] $ (0.2)     $ (0.2)          
Net income 67.0     38.1     28.9    
Member equity, end balance at Jun. 30, 2024 $ 2,458.3     $ 914.2   $ 3.8 $ 1,540.3    
Units outstanding, ending balance (in shares) at Jun. 30, 2024 452,144,847     452,100,000          
[1] Includes tax expense of $0.2 million and $1.1 million for the three and six months ended June 30, 2024, respectively, and tax expense of $1.8 million and $1.4 million for the three and six months ended June 30, 2023, respectively.
[2] Includes tax expense of $1.4 million for the six months ended June 30, 2023.
[3] Relates to book-to-tax differences recorded upon the settlement of the mandatorily redeemable non-controlling interest.
[4] Relates to the repurchase of ENLC common units held by GIP, which are contractually subject to repurchase by ENLC at the end of each quarter and settled in the subsequent quarter. For additional information, see “Note 8—Members’ Equity.”
[5] Includes tax expense of $1.8 million for the three months ended June 30, 2023.
[6] Relates to book-to-tax differences recorded upon the settlement of the mandatorily redeemable non-controlling interest.
[7] Relates to the change in the repurchase accrual of ENLC common units held by GIP, which are contractually subject to repurchase by ENLC at the end of each quarter and settled in the subsequent quarter. For additional information, see “Note 8—Members’ Equity.”
[8] Includes tax expense of $1.1 million for the six months ended June 30, 2024.
[9] Excludes the $41.5 million repurchase of ENLC common units held by GIP on February 19, 2024, which was accrued at December 31, 2023.
[10] Relates to the repurchase of ENLC common units held by GIP, which are contractually subject to repurchase by ENLC at the end of each quarter and settled in the subsequent quarter. For additional information, see “Note 8—Members’ Equity.”
[11] Includes tax expense of $0.2 million for the three months ended June 30, 2024.
[12] Excludes the $23.1 million repurchase of ENLC common units held by GIP on April 29, 2024, which was accrued at March 31, 2024.
[13] Relates to the change in the repurchase accrual of ENLC common units held by GIP, which are contractually subject to repurchase by ENLC at the end of each quarter and settled in the subsequent quarter. For additional information, see “Note 8—Members’ Equity.”