Enterprise Products Partners L.P.

SEC Filings

10-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018
Entire Document
 

ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 9.  Equity and Distributions

Partners Equity
Partners’ equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units) outstanding.  The following table summarizes changes in the number of our outstanding units since January 1, 2015:

 
 
Common
Units
(Unrestricted)
   
Restricted
Common
Units
   
Total
Common
Units
 
Number of units outstanding at January 1, 2015
   
1,933,095,027
     
4,229,790
     
1,937,324,817
 
Common units issued in connection with ATM program
   
25,520,424
     
--
     
25,520,424
 
Common units issued in connection with DRIP and EUPP
   
12,793,913
     
--
     
12,793,913
 
Common units issued in connection with Step 2 of Oiltanking acquisition
   
36,827,517
     
--
     
36,827,517
 
Common units issued in connection with the vesting and exercise of unit options
   
396,158
     
--
     
396,158
 
Common units issued in connection with the vesting of phantom unit awards
   
618,395
     
--
     
618,395
 
Common units issued in connection with the vesting of restricted common unit awards
   
2,009,970
     
(2,009,970
)
   
--
 
Forfeiture of restricted common unit awards
   
--
     
(259,300
)
   
(259,300
)
Cancellation of treasury units acquired in connection with the vesting of
   equity-based awards
   
(683,954
)
   
--
     
(683,954
)
Other
   
15,054
     
--
     
15,054
 
Number of units outstanding at December 31, 2015
   
2,010,592,504
     
1,960,520
     
2,012,553,024
 
Common units issued in connection with ATM program
   
87,867,037
     
--
     
87,867,037
 
Common units issued in connection with DRIP and EUPP
   
16,316,534
     
--
     
16,316,534
 
Common units issued in connection with the vesting of phantom unit awards
   
1,761,455
     
--
     
1,761,455
 
Common units issued in connection with the vesting of restricted common unit awards
   
1,234,502
     
(1,234,502
)
   
--
 
Forfeiture of restricted common unit awards
   
--
     
(43,724
)
   
(43,724
)
Cancellation of treasury units acquired in connection with the vesting of
   equity-based awards
   
(1,000,619
)
   
--
     
(1,000,619
)
Other
   
134,707
     
--
     
134,707
 
Number of units outstanding at December 31, 2016
   
2,116,906,120
     
682,294
     
2,117,588,414
 
Common units issued in connection with ATM program
   
21,807,726
     
--
     
21,807,726
 
Common units issued in connection with DRIP and EUPP
   
19,046,019
     
--
     
19,046,019
 
Common units issued in connection with the vesting of phantom unit awards
   
2,485,580
     
--
     
2,485,580
 
Common units issued in connection with the vesting of restricted common unit awards
   
681,044
     
(681,044
)
   
--
 
Forfeiture of restricted common unit awards
   
--
     
(1,250
)
   
(1,250
)
Cancellation of treasury units acquired in connection with the vesting of
   equity-based awards
   
(1,027,798
)
   
--
     
(1,027,798
)
Common units issued in connection with employee compensation
   
1,176,103
     
--
     
1,176,103
 
Other
   
14,685
     
--
     
14,685
 
Number of units outstanding at December 31, 2017
   
2,161,089,479
     
--
     
2,161,089,479
 

Our common units represent limited partner interests, which give the holders thereof the right to participate in distributions and to exercise the other rights or privileges available to them under our Sixth Amended and Restated Agreement of Limited Partnership (as amended from time to time, the “Partnership Agreement”).  We are managed by our general partner, Enterprise GP.

In accordance with our Partnership Agreement, capital accounts are maintained for our limited partners.  The capital account provisions of our Partnership Agreement incorporate principles established for U.S. Federal income tax purposes and are not comparable to the equity amounts presented in our consolidated financial statements prepared in accordance with GAAP.  Earnings and cash distributions are allocated to holders of our common units in accordance with their respective percentage interests.

The net cash proceeds we received from the issuance of common units during the year ended December 31, 2017 were used to temporarily reduce amounts outstanding under EPO’s commercial paper program and revolving credit facilities and for general partnership purposes.
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