v3.25.4
Net Income Per Common Unit (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income per Common Unit
The following table sets forth the computation of basic and diluted net income per common unit (in millions, except per unit data):

Year Ended December 31,
202520242023
Basic and Diluted Net Income per Common Unit
Continuing Operations:
Income from continuing operations, net of tax
$1,386 $882 $1,310 
Net income attributable to noncontrolling interests
(334)(341)(272)
Net income from continuing operations attributable to PAA1,052 541 1,038 
Distributions to Series A preferred unitholders (146)(175)(173)
Distributions to Series B preferred unitholders(70)(78)(76)
Amounts allocated to participating securities (11)(10)(10)
Impact from repurchase of Series A preferred units (1)
(43)— — 
Other4 5 5 
Net income from continuing operations allocated to common unitholders - Basic and Diluted (2)
$786 $283 $784 
Discontinued Operations:
Net income from discontinued operations allocated to common unitholders - Basic and Diluted (3)
$383 $231 $192 
Net income allocated to common unitholders — Basic and Diluted$1,169 $514 $976 
Basic and diluted weighted average common units outstanding704 702 699 
Basic and diluted net income per common unit:
Continuing operations$1.12 $0.40 $1.12 
Discontinued operations0.54 0.33 0.28 
Basic and diluted net income per common unit$1.66 $0.73 $1.40 
(1)We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. See Note 12 for additional discussion of this transaction. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income from continuing operations allocated to common unitholders.
(2)We calculate net income from continuing operations allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings (i.e., undistributed loss), if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
(3)Net income from discontinued operations allocated to common unitholders is Income from discontinued operations, net of tax as presented on our Consolidated Statements of Operations.