v3.24.1.u1
Consolidated Statement of Changes in Members' Equity - USD ($)
$ in Millions
Total
Repurchase of Series C Preferred Units
Common Units
Accumulated Other Comprehensive Income (Loss)
Non-Controlling Interest
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 (16.8)   $ (16.8)      
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)     2,500,000      
Unit-based compensation 4.0   $ 4.0      
Contributions from non-controlling interests 8.4       8.4  
Distributions (104.1)   (61.7)   (42.4)  
Unrealized gain (loss) on designated cash flow hedge [1] (1.2) [2]     (1.2)    
Repurchase of Series C Preferred Units   $ (3.9)       $ (3.9)
Common units repurchased $ (51.4)   $ (51.4)      
Common units repurchased (in shares) (4,444,415)   (4,400,000)      
Net income $ 94.2   $ 58.2   36.0  
Member equity, end balance at Mar. 31, 2023 2,841.9   $ 1,238.7 (1.2) 1,604.4  
Units outstanding, ending balance (in shares) at Mar. 31, 2023     467,100,000      
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 $ (15.5)   $ (15.5)      
Conversion of unit-based awards for common units, net of units withheld for taxes (in shares)     2,600,000      
Unit-based compensation 5.6   $ 5.6      
Contributions from non-controlling interests 13.0       13.0  
Distributions (101.9)   (62.4)   (39.5)  
Unrealized gain (loss) on designated cash flow hedge [3] 3.0 [2]     3.0    
Common units repurchased [4] (27.1)   $ (27.1)      
Common units repurchased $ (68.6)          
Common units repurchased (in shares) (5,447,442)   (5,400,000) [4]      
Accrued common unit repurchase [5] $ (23.1)   $ (23.1)      
Net income 50.0   14.5   35.5  
Member equity, end balance at Mar. 31, 2024 $ 2,539.1   $ 892.5 $ 3.7 $ 1,642.9  
Units outstanding, ending balance (in shares) at Mar. 31, 2024 448,783,413   448,800,000      
[1] Includes a tax benefit of $0.4 million for the three months ended March 31, 2023.
[2] Includes tax expense of $0.9 million and a tax benefit of $0.4 million for the three months ended March 31, 2024 and 2023, respectively.
[3] Includes tax expense of $0.9 million for the three months ended March 31, 2024.
[4] Excludes the $41.5 million repurchase of ENLC common units held by GIP on February 19, 2024, which was accrued at December 31, 2023.
[5] 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.”