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Consolidated Statements of Changes in Equity - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling Class B Interests [Member]
Preferred Units [Member]
Preferred Units, Amount [Member]
Capital Units [Member]
Capital Units [Member]
Noncontrolling Class B Interests [Member]
[3]
Capital Units, Amount [Member]
Capital Units, Amount [Member]
Cumulative Effect, Period of Adoption, Adjustment
Capital Units, Amount [Member]
Noncontrolling Class B Interests [Member]
[3]
Accumulated Other Comprehensive Income (Loss)
Non-controlling Interests
Non-controlling Interests
Cumulative Effect, Period of Adoption, Adjustment
Non-controlling Interests
Noncontrolling Class B Interests [Member]
Redeemable Non-controlling Interests
Beginning balance, units outstanding at Dec. 31, 2018       14,000,000   56,100,000                  
Beginning Balance at Dec. 31, 2018 $ 5,538       $ 548     $ 1,804     $ (6) $ 3,192      
Increase (Decrease) in Partners' Capital [Roll Forward]                              
Issuance of units, in units [1]       9,300,000   (9,400,000)                  
Issuance of units - net [1] 42       (365)     407              
Acquisition of subsidiary with noncontrolling ownership interests 462                     462      
Related party note receivable 2                     2      
NET INCOME (LOSS) (404)       17     (88)       (333)      
Other comprehensive income (4)                   (2) (2)      
Related party contributions 23                     23      
Related party distributions (249)                     (249)      
Changes in non-economic ownership interests (12)                     (12)      
Other differential membership investment activity 36                     36      
Sale of Class B noncontrolling interest – net 1,786             (2)       1,788      
Payments to Class B noncontrolling interest investors     $ (23)                     $ (23)  
Distributions to unitholders [2] (132)       (17)     (115)              
Other – net 1             2       (1)      
Ending balance, units outstanding at Dec. 31, 2019       4,700,000   65,500,000                  
Ending Balance at Dec. 31, 2019 7,066       183     2,008     (8) 4,883      
Increase (Decrease) in Partners' Capital [Roll Forward]                              
Issuance of units, in units [1]       (4,700,000)   (10,400,000)                  
Issuance of units - net [1] 360       (183)     543              
Capped call settlement, including deferred taxes 33             33              
Capped call transaction (63)             (63)              
Related party note receivable 2                     2      
NET INCOME (LOSS) (238)       5     (55)       (188)      
Other comprehensive income 2                     2      
Related party contributions 7                     7      
Related party distributions (290)                     (290)      
Changes in non-economic ownership interests (12)                     (12)      
Sale of differential membership interest 176             (3)       179      
Other differential membership investment activity 64                     64      
Sale of Class B noncontrolling interest – net 746             (4)       750      
Payments to Class B noncontrolling interest investors     (45)                     (45)  
Distributions to unitholders [2] (159)       (5)     (154)              
Conversion option of 2020 convertible notes, including deferred taxes 57             57              
Other – net $ 1             0       1      
Ending balance, units outstanding at Dec. 31, 2020 75,900,000     0   75,900,000                  
Ending Balance at Dec. 31, 2020 $ 7,707 $ (56)     0     2,362 $ (57)   (8) 5,353 $ 1   $ 0
Increase (Decrease) in Partners' Capital [Roll Forward]                              
Issuance of units, in units       0   (700,000)                  
Issuance of units - net 56       0     56              
Acquisition of subsidiary with noncontrolling ownership interests 2,494                     2,494     321
Capped call transaction (31)             (31)              
Related party note receivable 2                     2      
NET INCOME (LOSS) 424             137       287      
Other comprehensive income 2                     2      
Related party distributions (424)                     (424)      
Changes in non-economic ownership interests 127                     127      
Sale of differential membership interest 48                     48      
Other differential membership investment activity 39                     39      
Sale of Class B noncontrolling interest – net 890             (3)       893      
Payments to Class B noncontrolling interest investors     (80)                     (80)  
Distributions to unitholders [2] (198)             (198)              
Exercise of Class B noncontrolling interest buyout right, in units           7,300,000 7,300,000                
Exercise of Class B noncontrolling interest buyout right (879)   $ (160) [3]             $ 719       $ (879) [3]  
Other – net $ (2)                     (2)      
Ending balance, units outstanding at Dec. 31, 2021 83,900,000     0   83,900,000                  
Ending Balance at Dec. 31, 2021 $ 10,838       $ 0     $ 2,985     $ (8) $ 7,861     $ 321
[1] In 2020, NEP issued 4.7 million NEP common units upon the conversion of preferred units on a one-for-one basis and issued approximately 5.7 million NEP common units upon the conversion of $300 million of convertible notes (see Note 13 – Preferred Units and Note 12). NEP recognized a deferred tax asset of approximately $59 million related to the issuance of NEP common units. In 2019, NEP converted approximately 9.3 million Series A convertible preferred units into NEP common units on a one-for-one basis and recognized a deferred tax asset of approximately $39 million related to the issuance of NEP common units.
[2] Distributions per common unit were $2.6000, $2.2625 and $1.9675 for the years ended December 31, 2021, 2020 and 2019, respectively.
[3] Reflects the issuance of approximately 7.3 million NEP common units and recognition of a $105 million deferred tax asset in connection with the exercise of the Class B noncontrolling interest buyout right discussed in Note 13 - Class B Noncontrolling Interests.