What changed in this filing

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Item 1. Financial Statements

2021-08-09 compared with 2021-05-07 · 302 added, 179 removed, 1080 unchanged (31% of the section changed)

7 unchanged sentences

Accounts receivable – trade, net of allowance for credit losses

of $ 47.3 at March 31, 2021 and $ 46.5 at December 31, 2020

of $ 50.0 at June 30, 2021 and $ 46.5 at December 31, 2020

Accounts receivable – related parties

23 unchanged sentences

Series A cumulative convertible preferred units (“preferred units”)

( 50,412 units outstanding at March 31, 2021 and 50,138 units outstanding

( 50,412 units outstanding at June 30, 2021 and 50,138 units outstanding

at December 31, 2020 )

Partners’ equity:

Common limited partner interests ( 2,185,178,603 units issued and outstanding at March 31, 2021, 2,182,308,958 units issued and outstanding at December 31, 2020)

Common limited partner interests ( 2,185,381,669 units issued and outstanding at June 30, 2021 , 2,182,308,958 units issued and outstanding at December 31, 2020 )

Treasury units, at cost

Accumulated other comprehensive income (loss)

Accumulated other comprehensive loss

Total partners’ equity

6 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Third parties

32 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Other comprehensive income (loss):

3 unchanged sentences

Changes in fair value of cash flow hedges

Reclassificati on of losses (gains) to ne t income

Reclassificatio n of losses ( gains) to ne t income

Interest rate hedging derivative instruments:

2 unchanged sentences

Total cash flow hedges

Total other comprehens ive income

Total other comprehens ive loss

Comprehensive income

6 unchanged sentences

(Dollars in millions)

For the Three Months

Ended March 31,

For the Six Months

Ended June 30,

Operating activities:

7 unchanged sentences

Distributions received from unconsolidated affiliates attributable to earnings

Net losses attributable to asset sales and related matters

Net losses (gains) attributable to asset sales and related matters

Deferred income tax expense (benefit)

23 unchanged sentences

Other financing activities

Cas h provided by (used in) financing ac tivities

Cas h used in financing ac tivities

Net change in cash and cash equivalents, including restricted cash

4 unchanged sentences

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021

(Dollars in millions)

3 unchanged sentences

Noncontrolling

For the Three Months Ended June 30, 2021 :

Balance, March 31, 2021

Cash distributions paid to common unitholders

Cash payments made in connection with

distribution equivalent rights

Cash distributions paid to noncontrolling interests

Cash contributions from noncontrolling interests

Amortization of fair value of equity-based awards

Cash flow hedges

Balance, June 30, 2021

Partners’ Equity

Comprehensive

Income (Loss)

Noncontrolling

For the Six Months Ended June 30, 2021 :

Balance, December 31, 2020

Cash distributions paid to common unitholders

Cash payments made in connection with distribution equivalent rights

Cash payments made in connection with

distribution equivalent rights

Cash distributions paid to noncontrolling interests

4 unchanged sentences

Cash flow hedges

Balance, June 30, 2021

See Notes to Unaudited Condensed Consolidated Financial Statements.

For information regarding Unit History and

Accumulated Other Comprehensive Income (Loss), see Note 8.

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020

(Dollars in millions)

Partners’ Equity

Comprehensive

Income (Loss)

Noncontrolling

For the Three Months Ended June 30, 2020 :

Balance, March 31, 2020

Cash distributions paid to common unitholders

Cash payments made in connection with

distribution equivalent rights

Cash distributions paid to noncontrolling interests

Cash contributions from noncontrolling interests

Amortization of fair value of equity-based awards

Cash flow hedges

Balance, June 30, 2020

Partners’ Equity

2 unchanged sentences

Noncontrolling

For the Six Months Ended June 30, 2020 :

Balance, December 31, 2019

Cash distributions paid to common unitholders

Cash payments made in connection with distribution equivalent rights

Cash payments made in connection with

distribution equivalent rights

Cash distributions paid to noncontrolling interests

4 unchanged sentences

Common units issued to Skyline North Americas, Inc.

in connection with

settlement of Liquidity Option (see Note 8)

Treasury units acquired in connection with settlement of Liquidity Option,

at cost (see Note 8)

connection with settlement of Liquidity Option (see Note 8)

Treasury units acquired in connection with settlement

of Liquidity Option, at cost (see Note 8)

Cash flow hedges

Balance, March 31, 2020

Balance, June 30, 2020

See Notes to Unaudited Condensed Consolidated Financial Statements.

For information regarding Unit History,

For information regarding Unit History and

Accumulated Other Comprehensive Income (Loss), see Note 8.

25 unchanged sentences

We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees.

EPCO, together with its privately held affiliates, owned approximately 32.2 % of the Partnership’s common units outstanding at March 31, 2021.

EPCO, together with its privately held affiliates, owned approximately 32.1 % of the Partnership’s common units outstanding at June 30, 2021.

With the exception of per unit amounts, or as noted within the context of each disclosure,

21 unchanged sentences

See Note 14 for information regarding related party matters.

Our results of operations for the three months ended March 31, 2021 are not necessarily indicative of results expected for the full year of 2021.

Our results of operations for the six months ended June 30, 2021 are not necessarily indicative of results expected for the full year of 2021.

In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation.

13 unchanged sentences

Charged to other accounts

Allowance for credit losses, March 31, 2021

Allowance for credit losses, June 30, 2021

Cash, Cash Equivalents and Restricted Cash

14 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Cost of sales (1)

Lower of cost or net realizable value adjustments recognized in cost of sales

Lower of cost or net realizable value adjustments

recognized in cost of sales

Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.

36 unchanged sentences

On a weighted-average basis, the expected amortization period for these costs is 2.9 years.

Property, plant and equipment at March 31, 2021 and December 31, 2020 includes $ 69.0 million and $ 69.7 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.

Property, plant and equipment at June 30, 2021 and December 31, 2020 includes $ 78.9 million and $ 69.7 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2020:

1 unchanged sentence

Liabilities incurred (1)

Liabilities settled

Revisions in estimated cash flows (2)

Liabilities settled (3)

Accretion expense (4)

ARO liability balance, March 31, 2021

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Of the $ 150.1 million total ARO liability recorded at March 31, 2021 , $ 11.3 million was reflected as a current liability and $ 138.8 million as a long-term liability.

ARO liability balance, June 30, 2021

Represents the initial recognition of estimated ARO liabilities during period.

Represents subsequent adjustments to estimated ARO liabilities during period.

Represents cash payments to settle ARO liabilities during period.

Represents net change in ARO liability balance attributable to the passage of time and other adjustments, including true-up amounts associated with revised closure estimates.

Of the $ 163.2 million total ARO liability recorded at June 30, 2021 , $ 11.5 million was reflected as a current liability and $ 151.7 million as a long-term liability.

The following table summarizes our depreciation and accretion expense and capitalized interest amounts for the periods indicated:

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Depreciation expense (1)

1 unchanged sentence

Capitalized interest (2)

Depreciation and accretion expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.

Depreciation and accretion expense is a component of “Third party and other costs” within “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.

We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase.

4 unchanged sentences

The transaction closed and was effective on April 1, 2021.

In total, we recognized an impairment charge of $ 43.4 million, which reflects the write down of $ 36.6 million of property, plant and equipment and $ 6.8 million of intangible assets (see Note 6).

The impairment charge attributable to this transaction primarily reflects the reclassification of the underlying assets and liabilities (at their estimated fair values) to their respective held-for-sale accounts at March 31, 2021.

The remainder of our impairment charges for the three month periods ended March 31, 2021 and 2020 are attributable to the complete write-off of assets that are no longer expected to be used or constructed.

Asset impairment charges related to operations are a component of “Third party and other costs” within the “Operating costs and expenses” section of our Unaudited Condensed Statements of Consolidated Operations.

We recognized an impairment charge of $ 44.3 million attributable to this transaction, which reflects the write down of $ 37.5 million of property, plant and equipment and $ 6.8 million of intangible assets (see Note 6) to their respective fair values.

The remainder of our impairment charges for the six month periods ended June 30, 2021 and 2020 are attributable to the complete write-off of assets that are no longer expected to be used or constructed.

Asset impairment charges related to operations are a component of “Third party and other costs” within “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.

We are closely monitoring the recoverability of our long-lived assets, investments in unconsolidated affiliates and goodwill in light of the adverse economic effects of the coronavirus disease 2019 (“COVID-19”) pandemic.

9 unchanged sentences

Petrochemical & Refined Products Services

The following table presents our equity in inc ome (loss) of u nconsolidated affiliates by business segment for the periods indicated:

The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated:

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

NGL Pipelines & Services

5 unchanged sentences

The following table summarizes our intangible assets by business segment at the dates indicated:

March 31, 2021

June 30, 2021

December 31, 2020

20 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

NGL Pipelines & Services

73 unchanged sentences

Variable Interest Rates

The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the three months ended March 31, 2021:

The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2021:

Range of Interest

14 unchanged sentences

Scheduled Maturities of Debt

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at March 31, 2021 for the next five years, and in total thereafter:

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at June 30, 2021 for the next five years, and in total thereafter:

Scheduled Maturities of Debt

Commercial Paper Notes

Junior Subordinated Notes

2 unchanged sentences

These notes were redeemed at par (i.e., at a redemption price equal to the outstanding principal amount of such notes to be redeemed, plus accrued and unpaid interest thereon) using proceeds from the issuance of short-term notes under its commercial paper program.

Expected Renewal of September 2020 364-Day Revolving Credit Agreement and

Extension of Multi-Year Revolving Credit Agreement

EPO’s September 2020 364-Day Revolving Credit Agreement is scheduled to mature in September 2021.

As a result, EPO expects to renew this credit agreement during the third quarter of 2021.

In addition, EPO expects to extend the maturity date of its Multi-Year Revolving Credit Agreement from September 2024 to September 2026 during the third quarter of 2021.

At June 30, 2021, there were no principal amounts outstanding under either the September 2020 364-Day Revolving Credit Agreement or the Multi-Year Revolving Credit Agreement.

Letters of Credit

At March 31, 2021, EPO had $ 200.7 million of letters of credit outstanding primarily related to our commodity hedging activities.

At June 30, 2021, EPO had $ 0.7 million of letters of credit outstanding primarily related to our commodity hedging activities.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Lender Financial Covenants

We were in compliance with the financial covenants of our consolidated debt agreements at March 31, 2021.

We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2021.

Parent-Subsidiary Guarantor Relationships

The Partnership acts as guarantor of the consolidated debt obligations of EPO, with the exception of the remaining debt obligations of TEPPCO.

If EPO were to default on any of its guaranteed debt, the Partnership would be responsible for full and unconditional repayment of that obligation.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

If EPO were to default on any of its guaranteed debt, the Partnership would be responsible for full and unconditional repayment of such obligations.

Capital Accounts

7 unchanged sentences

2,185,178,603

Common units issued in connection with the vesting of phantom unit awards, net

Common units outstanding at June 30, 2021

2,185,381,669

Registration Statements

1 unchanged sentence

In addition, the Partnership has a registration statement on file with the SEC covering the issuance of up to $ 2.54 billion of its common units in amounts, at prices and on terms based on market conditions and other factors at the time of such offerings (referred to as the Partnership’s at-the-market (“ATM”) program).

The Partnership did not issue any common units under its ATM program during the three months ended March 31, 2021.

The Partnership’s capacity to issue additional common units under the ATM program remains at $ 2.54 billion as of March 31, 2021.

The Partnership did not issue any common units under its ATM program during the six months ended June 30, 2021.

The Partnership’s capacity to issue additional common units under the ATM program remains at $ 2.54 billion as of June 30, 2021.

We may issue additional equity and debt securities to assist us in meeting our future liquidity requirements, including those related to capital investments.

3 unchanged sentences

No time limit has been set for completion of the program, and it may be suspended or discontinued at any time.

During the three months ended March 31, 2021 , the Partnership settled open market repurchase transactions initiated in December 2020 involving an aggregate 709,816 common units .

In January 2021, the Partnership settled open market repurchase transactions initiated in December 2020 involving an aggregate 709,816 common units .

The total cost of these repurchases was $ 13.9 million including commissions and fees .

During the three months ended March 31, 2020 , the Partnership repurchased 6,357,739 common units under the 2019 Buyback Program for a total purchase price of $ 140.1 million including commissions and fees.

During the six months ended June 30, 2020 , the Partnership repurchased 6,357,739 common units under the 2019 Buyback Program for a total purchase price of $ 140.1 million including commissions and fees.

Units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition.

At March 31, 2021, the remaining available capacity under the 2019 Buyback Program was $ 1.72 billion.

At June 30, 2021, the remaining available capacity under the 2019 Buyback Program was $ 1.72 billion.

Common Units Issued in Connection With the Vesting of Phantom Unit Awards

After taking into account tax withholding requirements, the Partnership issued 3,553,313 new common units to employees in connection with the vesting of phantom unit awards during the three months ended March 31, 2021.

After taking into account tax withholding requirements, the Partnership issued 3,756,379 new common units to employees in connection with the vesting of phantom unit awards during the six months ended June 30, 2021.

See Note 12 for information regarding our phantom unit awards.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Common Units Delivered Under DRIP and EUPP

2 unchanged sentences

This election is subject to change in future quarters depending on the Partnership’s need for equity capital.

During the three months ended March 31, 2021, agents of the Partnership purchased 1,553,688 common units on the open market and delivered them to participants in the DRIP and EUPP.

During the six months ended June 30, 2021 , agents of the Partnership purchased 3,166,524 common units on the open market and delivered them to participants in the DRIP and EUPP.

Apart from $ 2.0 million attributable to the plan discount available to all participants in the EUPP, the funds used to effect these purchases were sourced from the DRIP and EUPP participants.

No other Partnership funds were used to satisfy these obligations.

We plan to use open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution expected to be paid on May 12, 2021.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

We plan to use open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution expected to be paid on August 12, 2021.

Preferred Units

2 unchanged sentences

Paid in-kind distribution to related party

Preferred units outstanding at March 31, 2021

Preferred units outstanding at March 31, 2021 and June 30, 2021

We present the capital accounts attributable to our preferred unitholders as mezzanine equity on our consolidated balance sheets since the terms of the preferred units allow for cash redemption by such unitholders in the event of a Change of Control (as defined in our partnership agreement), without regard to the likelihood of such an event.

In February 2021, the Partnership made a quarterly distribution to its third party and related party preferred unitholders valued at $ 0.9 million, consisting of paid-in-kind distributions of 274 new preferred units and $ 0.6 million of cash.

During the six months ended June 30, 2021, the Partnership made quarterly distributions to its third party and related party preferred unitholders valued at $ 1.8 million, consisting of paid-in-kind distributions of 274 new preferred units and $ 1.5 million of cash.

In March 2021, a privately held affiliate of EPCO sold its entire ownership interest in the Partnership’s preferred units to third parties.

5 unchanged sentences

Other comprehensive income (loss) for period, before reclassifications

Reclassification of losses (gains) to net income during period

Reclassification of losses to net income during period

Total other comprehensive income (loss) for period

Accumulated Other Comprehensive Income, March 31, 2021

Accumulated Other Comprehensive Income (Loss), June 30, 2021

Cash Flow Hedges

4 unchanged sentences

Total other comprehensive income (loss) for period

Accumulated Other Comprehensive Income (Loss), March 31, 2020

The following table presents reclassifications of (income) loss out of accumulated other comprehensive income (loss) into net income during the periods indicated:

Accumulated Other Comprehensive Income (Loss), June 30, 2020

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents reclassifications of (income) loss out of accumulated other comprehensive income into net income during the periods indicated:

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Losses (gains) on cash flow hedges:

5 unchanged sentences

For information regarding our interest rate and commodity derivative instruments, see Note 13.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Cash Distributions

On April 8, 2021, we announced that the Board declared a quarterly cash distribution of $ 0.45 per common unit, or $ 1.80 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the first quarter of 2021.

The quarterly distribution is payable on May 12, 2021 to unitholders of record as of the close of business on April 30, 2021.

On July 9, 2021, we announced that the Board declared a quarterly cash distribution of $ 0.45 per common unit, or $ 1.80 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the second quarter of 2021.

The quarterly distribution is payable on August 12, 2021 to unitholders of record as of the close of business on July 30, 2021.

The total amount to be paid is $ 991.4 million, which includes $ 8.0 million for distribution equivalent rights (“DERs”) on phantom unit awards.

1 unchanged sentence

In light of current economic conditions, management will evaluate any future increases in cash distributions on a quarterly basis.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

We classify our revenues into sales of products and midstream services.

2 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

NGL Pipelines & Services:

29 unchanged sentences

Substantially all of our revenues are derived from contracts with customers as defined within ASC 606, Revenue from Contracts with Customers .

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at March 31, 2021:

The following table provides information regarding our contract assets and contract liabilities at June 30, 2021:

Contract Asset

6 unchanged sentences

Other long-term liabilities

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2021:

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2021:

Balance at December 31, 2020

3 unchanged sentences

Other changes

Balance at March 31, 2021

Balance at June 30, 2021

Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer.

4 unchanged sentences

The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year.

These amounts represent the revenues we expect to recognize in future periods from these contracts as of March 31, 2021.

These amounts represent the revenues we expect to recognize in future periods from these contracts as of June 30, 2021.

Consideration

Nine Months Ended December 31, 2021

Six Months Ended December 31, 2021

One Year Ended December 31, 2022

2 unchanged sentences

One Year Ended December 31, 2025

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Business Segments and Related Information

10 unchanged sentences

This segment also includes our natural gas marketing activities.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Our Petrochemical & Refined Products Services business segment includes our (i) propylene production facilities, which include propylene fractionation units and a PDH facility, and related pipelines and marketing activities, (ii) butane isomerization complex and related deisobutanizer operations, (iii) octane enhancement, iBDH and HPIB production facilities, (iv) refined products pipelines, terminals and related marketing activities, (v) ethylene export terminal and related operations;

7 unchanged sentences

Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents our measurement of total segment gross operating margin for the periods presented.

1 unchanged sentence

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Operating income

3 unchanged sentences

Asset impairment charges in operating costs and expenses

Net losses attributable to asset sales and related matters in operating costs

Net losses (gains) attributable to asset sales and related matters in operating costs

General and administrative costs

N on-refundable payments received from shippers attributable to make-up rights (2)

Non-refundable payments received from shippers attributable to make-up rights (2)

Subsequent recognition of revenues attributable to make-up rights (3)

7 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Gross operating margin by segment:

10 unchanged sentences

Petrochemical

& Refined Products Services

Revenues from third parties:

Three months ended March 31, 2021

Three months ended March 31, 2020

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Revenues from related parties:

Three months ended March 31, 2021

Three months ended March 31, 2020

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Intersegment and intrasegment revenues:

Three months ended March 31, 2021

Three months ended March 31, 2020

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Total revenues:

Three months ended March 31, 2021

Three months ended March 31, 2020

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Equity in income (loss) of unconsolidated affiliates:

Three months ended March 31, 2021

Three months ended March 31, 2020

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates.

6 unchanged sentences

Property, plant and equipment, net:

At March 31, 2021

At June 30, 2021

At December 31, 2020

Investments in unconsolidated affiliates:

At March 31, 2021

At June 30, 2021

At December 31, 2020

Intangible assets, net:

At March 31, 2021

At June 30, 2021

At December 31, 2020

At March 31, 2021

At June 30, 2021

At December 31, 2020

Segment assets:

At March 31, 2021

At June 30, 2021

At December 31, 2020

4 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Consolidated revenues:

10 unchanged sentences

Asset impairment charges

Net losses attributable to asset sales and related matters

Ne t losses (gains) attributable to asset sales

General and administrative costs

Total consolidated costs and expenses

Represents the cost of operating our plants, pipelines and other fixed assets excluding depreciation, amortization and accretion charges;

Represents the cost of operating our plants, pipelines and other fixed assets excluding:

depreciation, amortization and accretion charges;

asset impairment charges;

3 unchanged sentences

however, these higher commodity prices also increase the associated cost of sales as purchase costs are higher.

The same type of correlation would be true in the case of lower energy commodity sales prices and purchase costs.

The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs.

ENTERPRISE PRODUCTS PARTNERS L.P.

3 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

BASIC EARNINGS PER COMMON UNIT

14 unchanged sentences

Phantom units are considered participating securities for purposes of computing basic earnings per unit.

See Note 12 for information regarding our phantom units.

See Note 12 for information regarding the phantom units.

We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding.

5 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Equity-classified awards:

1 unchanged sentence

Profits interest awards

Liability-classified awards

The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period.

10 unchanged sentences

Phantom unit awards at December 31, 2020

Phantom unit awards at March 31, 2021

Phantom unit awards at June 30, 2021

Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

6 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Cash payments made in connection with DERs

Total intrinsic value of phantom unit awards that vested during period

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $ 269.8 million at March 31, 2021, of which our share of such cost is currently estimated to be $ 229.2 million.

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $ 227.2 million at June 30, 2021, of which our share of such cost is currently estimated to be $ 190.7 million.

Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.1 years.

Profits Interest Awards

EPCO has established four limited partnerships (referred to as “Employee Partnerships”) that serve as long-term incentive arrangements for key employees of EPCO by providing them a profits interest in one or more of the Employee Partnerships.

At March 31, 2021 , our share of the total unrecognized compensation cost related to the Employee Partnerships was $ 14.9 million , which we expect to recognize over a weighted-average period of 2.6 years.

In 2016 and 2018, EPCO Holdings Inc., a privately held affiliate of EPCO, contributed a portion of the Partnership common units it owned to form limited partnerships (referred to as “Employee Partnerships”) that serve as long-term incentive arrangements for key employees of EPCO by providing them a “profits interest” (in the form of a Class B limited partner interest) in an Employee Partnership.

The Class B limited partner interests of two of the four Employee Partnerships outstanding at January 1, 2021, EPD PubCo Unit II L.P.

and EPD PrivCo Unit I L.P., vested on June 11, 2021 when the closing market price of the Partnership’s common units exceeded $ 25.41 per unit.

As a result of these vesting events, we recognized an aggregate $ 1.9 million of non-cash, compensation expense in the three months ended June 30, 2021.

The Class B limited partner interests of EPD Unit IV L.P.

and EPCO Unit II L.P.

remain outstanding.

At June 30, 2021 , our share of the total unrecognized compensation cost related to these two Employee Partnerships was $ 11.5 million , which we expect to recognize over a weighted-average period of 2.4 years.

ENTERPRISE PRODUCTS PARTNERS L.P.

15 unchanged sentences

As cash flow hedges, gains on these derivative instruments are reflected as a component of accumulated other comprehensive income and will be reclassified to earnings (as a decrease in interest expense) over the life of the associated future debt obligations.

As a result of these terminations, we do not have any interest rate derivative instruments outstanding at March 31, 2021.

As a result of these terminations, we do not have any interest rate derivative instruments outstanding at June 30, 2021.

ENTERPRISE PRODUCTS PARTNERS L.P.

3 unchanged sentences

In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps and basis swaps.

At March 31, 2021, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins and (iii) hedging the fair value of commodity products held in inventory.

The following table summarizes our portfolio of commodity derivative instruments outstanding at March 31, 2021 (volume measures as noted):

At June 30, 2021, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins and (iii) hedging the fair value of commodity products held in inventory.

The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2021 (volume measures as noted):

Derivative Purpose

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Octane enhancement:

Forecasted purchase of NGLs (MMBbls)

Cash flow hedge

Forecasted sales of octane enhancement products (MMBbls)

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Cash flow hedge

Commercial energy:

Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))

Cash flow hedge

Derivatives not designated as hedging instruments:

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Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.

The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2022, December 2021 and October 2023, respectively.

The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is February 2023, September 2021 and December 2023, respectively.

Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.

The carrying amount of our inventories subject to fair value hedges was $ 256.8 million and $ 144.0 million at March 31, 2021 and December 31, 2020, respectively.

The carrying amount of our inventories subject to fair value hedges was $ 211.5 million and $ 144.0 million at June 30, 2021 and December 31, 2020, respectively.

ENTERPRISE PRODUCTS PARTNERS L.P.

5 unchanged sentences

Liability Derivatives

March 31, 2021

June 30, 2021

December 31, 2020

March 31, 2021

June 30, 2021

December 31, 2020

35 unchanged sentences

(v) = (iii) + (iv)

As of March 31, 2021:

As of June 30, 2021:

Commodity derivatives

12 unchanged sentences

(v) = (iii) + (iv)

As of March 31, 2021:

As of June 30, 2021:

Commodity derivatives

14 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Commodity derivatives

4 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Commodity derivatives

5 unchanged sentences

Change in Value Recognized in

Other Comprehensive Income (Loss)

on Derivative

Other Comprehensive Income (Loss) on Derivative

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Interest rate derivatives

2 unchanged sentences

The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations when the forecasted transactions affect earnings.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Derivatives in Cash Flow

1 unchanged sentence

Gain (Loss) Reclassified from

Accumulated Other

Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss) to Income

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Interest rate derivatives

3 unchanged sentences

Operating costs and expenses

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Over the next twelve months, we expect to reclassify $ 39.8 million of losses attributable to interest rate derivative instruments from accumulated other comprehensive loss to earnings as an increase in interest expense.

Likewise, we expect to reclassify $ 92.1 million of gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, with $ 92.0 million as an increase in revenue and $ 0.1 million as a decrease in operating costs and expenses.

Likewise, we expect to reclassify $ 284.4 million of losses attributable to commodity derivative instruments from accumulated other comprehensive loss to earnings, with $ 284.5 million as a decrease in revenue and $ 0.1 million as a decrease in operating costs and expenses.

The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:

4 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Commodity derivatives

1 unchanged sentence

Operating costs and expenses

The $ 42.2 million loss recognized for the three months ended March 31, 2021 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $ 104.5 million of realized losses and $ 62.3 million of net unrealized mark-to-market gains attributable to commodity derivatives.

The $ 36.4 million gain recognized for the six months ended June 30, 2021 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $ 48.9 million of realized losses and $ 85.3 million of net unrealized mark-to-market gains attributable to commodity derivatives.

Fair Value Measurements

8 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At March 31, 2021

At June 30, 2021

Fair Value Measurements Using

29 unchanged sentences

Total commodity derivatives

In the aggregate, the fair value of our commodity hedging portfolios at March 31, 2021 was a net derivative liability of $ 340.7 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at March 31, 2021 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.

In the aggregate, the fair value of our commodity hedging portfolios at June 30, 2021 was a net derivative liability of $ 562.7 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at June 30, 2021 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.

Nonrecurring Fair Value Measurements

We did not have any significant nonrecurring fair value measurements at March 31, 2021 or 2020.

We did not have any significant nonrecurring fair value measurements during the six months ended June 30, 2021 or 2020.

See Note 4 for information regarding other non-cash asset impairment charges.

3 unchanged sentences

The carrying amounts of cash and cash equivalents (including restricted cash balances), accounts receivable, commercial paper notes and accounts payable approximate their fair values based on their short-term nature.

The estimated total fair value of our fixed-rate debt obligations was $ 31.72 billion and $ 35.00 billion at March 31, 2021 and December 31, 2020, respectively.

The aggregate carrying value of these debt obligations was $ 28.58 billion and $ 29.90 billion at March 31, 2021 and December 31, 2020, respectively.

The estimated total fair value of our fixed-rate debt obligations was $ 33.19 billion and $ 35.0 billion at June 30, 2021 and December 31, 2020, respectively.

The aggregate carrying value of these debt obligations was $ 28.58 billion and $ 29.9 billion at June 30, 2021 and December 31, 2020, respectively.

These values are primarily based on quoted market prices for such debt or debt of similar terms and maturities (Level 2) and our credit standing.

5 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Revenues – related parties:

14 unchanged sentences

We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies.

At March 31, 2021, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:

At June 30, 2021, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:

Total Number of Limited Partner Interests Held

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Of the total number of Partnership common units held by EPCO and its privately held affiliates, 92,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at March 31, 2021.

These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO.

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EPCO and its privately held affiliates depend on the cash distributions they receive from us and other investments to fund their other activities and to meet their respective debt obligations.

During the three months ended March 31, 2021 and 2020, we paid EPCO and its privately held affiliates cash distributions totaling $ 306.1 million and $ 302.8 million, respectively.

During the six months ended June 30, 2021 and 2020, we paid EPCO and its privately held affiliates cash distributions totaling $ 612.2 million and $ 605.5 million, respectively.

We have no employees.

3 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Operating costs and expenses

2 unchanged sentences

We lease office space from privately held affiliates of EPCO at rental rates that approximate market rates.

For each of the three months ended March 31, 2021 and 2020, we recognized $ 3.4 million of related party operating lease expense in connection with these office space leases.

For the three months ended June 30, 2021 and 2020 , we recognized $ 3.3 million and $ 2.9 million, respectively, of related party operating lease expense in connection with these office space leases.

For the six months ended June 30, 2021 and 2020 , we recognized $ 6.7 million and $ 6.3 million, respectively, of related party operating lease expense in connection with these office space leases.

The following table presents the components of our consolidated benefit from (provision for) income taxes for the periods indicated (dollars in millions):

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Deferred tax benefit (expense) attributable to

2 unchanged sentences

Benefit from (provision for) income taxes

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Our federal, state and foreign income tax benefit (provision) is summarized below:

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Current portion of income tax benefit (provision):

3 unchanged sentences

Total benefit from (provision for) income taxes

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A reconciliation of the benefit from (provision for) income taxes with amounts determined by applying the statutory U.S.

1 unchanged sentence

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Pre-Tax Net Book Income (“NBI”)

1 unchanged sentence

State income tax benefit (provision), net of federal benefit (2)

Federal income tax benefit (provision) computed by applying the federal

statutory rate to NBI of corporate entities

Federal income tax benefit (provision) computed by applying the federal statutory rate to NBI of corporate entities

Federal benefit attributable to settlement of

4 unchanged sentences

Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses.

The total benefit recognized in income tax expense in March 2020 from settlement of the Liquidity Option Agreement was $ 72.2 million, which is comprised of $ 4.4 million of state income tax benefit and $ 67.8 million of federal income tax benefit.

The total benefit recognized in income tax expense on March 5, 2020 from settlement of the Liquidity Option was $ 72.2 million, which is comprised of $ 4.4 million of state income tax benefit and $ 67.8 million of federal income tax benefit.

Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable;

Accordingly, we provided for a valuation allowance against OTA’s net deferred tax assets at March 31, 2021.

therefore, we have provided for a valuation allowance.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:

11 unchanged sentences

Total net deferred tax liabilities

Of the loss amount presented for March 31, 2021, $ 0.1 million expires in various years between 2021 and 2037.

Of the loss amount presented for June 30, 2021, $ 0.1 million expires in various years between 2021 and 2037.

The remaining $ 6.2 million has an indefinite carryover period.

All losses are subject to limitations on their utilization.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

OTA Deferred Tax Liability

2 unchanged sentences

At March 5, 2020, the Liquidity Option liability amount was $ 511.9 million.

Since the book value of the Liquidity Option liability exceeded OTA’s estimated deferred tax liability of $ 439.7 million on that date, we recognized a non-cash benefit in earnings of $ 72.2 million, which is reflected in the “Benefit from (provision for) income tax” line on our Unaudited Condensed Statement of Consolidated Operations for the three months ended March 31, 2020.

OTA recognized an additional net, non-cash deferred income tax benefit of $ 115.0 million at March 31, 2020 primarily due to a decrease in the outside basis difference of its investment in the Partnership attributable to a decline in the market price of the Partnership’s common units subsequent to March 5, 2020 through March 31, 2020.

In total, our earnings for the three months ended March 31, 2020 reflect $ 187.2 million of net deferred income tax benefit attributable to OTA.

OTA recognized an additional net, non-cash deferred income tax benefit of $ 64.5 million at June 30, 2020 primarily due to a decrease in the outside basis difference of its investment in the Partnership attributable to a decline in the market price of the Partnership’s common units subsequent to March 5, 2020 through June 30, 2020 .

In total, our earnings for the six months ended June 30, 2020 reflect $ 136.7 million of net deferred income tax benefit attributable to OTA.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Commitments and Contingent Liabilities

2 unchanged sentences

We will vigorously defend the Partnership in litigation matters.

Our accruals for litigation contingencies were $ 0.2 million and $ 6.1 million at March 31, 2021 and December 31, 2020, respectively, and recorded in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other current liabilities.”

Our accruals for litigation contingencies were $ 0.2 million and $ 6.1 million at June 30, 2021 and December 31, 2020, respectively, and recorded in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other long-term liabilities” and “Other current liabilities,” respectively.

PDH Litigation

8 unchanged sentences

We have long-term and short-term payment obligations under debt agreements.

In total, the principal amount of our consolidated debt obligations were $ 28.94 billion and $ 30.15 billion at March 31, 2021 and December 31, 2020, respectively.

The year-to-date reduction in debt principal amount outstanding is primarily due to EPO’s repayment of Senior Notes TT and RR, partially offset by the issuance of short-term notes under its commercial paper program.

In total, the principal amount of our consolidated debt obligations were $ 28.82 billion and $ 30.15 billion at June 30, 2021 and December 31, 2020, respectively.

The year-to-date reduction in debt principal amount outstanding is due to EPO’s repayment of Senior Notes TT and RR.

See Note 7 for additional information regarding our scheduled future maturities of debt principal.

3 unchanged sentences

There has been no significant change in our operating lease obligations since those disclosed in the 2020 Form 10-K.

The following table presents information regarding operating leases where we are the lessee at March 31, 2021:

The following table presents information regarding operating leases where we are the lessee at June 30, 2021:

Asset Category

3 unchanged sentences

Right-of-use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.

At March 31, 2021 , lease liabilities of $ 27.1 million and $ 317.3 million were included within “Other current liabilities” and “Other liabilities,” respectively.

At June 30, 2021 , lease liabilities of $ 27.5 million and $ 313.8 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.

The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable).

2 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Long-term operating leases:

7 unchanged sentences

Total operating lease expense

Cash payments attributable to operating lease obligations were $ 9.1 million and $ 10.1 million for the three months ended March 31, 2021 and 2020, respectively.

Operating lease income for the three months ended March 31, 2021 and 2020 was $ 3.0 million and $ 3.5 million, respectively.

Cash payments attributable to operating lease obligations were $ 9.3 million and $ 7.9 million for the three months ended June 30, 2021 and 2020, respectively.

For the six months ended June 30, 2021 and 2020 cash paid for operating lease liabilities was $ 18.4 million and $ 18.3 million, respectively.

Operating lease income for the three months ended June 30, 2021 and 2020 was $ 3.1 million and $ 2.6 million, respectively.

For each of the six months ended June 30, 2021 and 2020 , operating lease income was $ 6.1 million.

Purchase Obligations

We have contractual future product purchase commitments for natural gas, NGLs, crude oil, petrochemicals and refined products representing enforceable and legally binding agreements as of the reporting date.

Our product purchase commitments increased from $ 14.8 billion at December 31, 2020 to $ 19.34 billion at March 31, 2021 primarily due to an increase in crude oil and NGL prices between the two reporting dates.

Our product purchase commitments increased from $ 14.8 billion at December 31, 2020 to $ 20.95 billion at June 30, 2021 primarily due to an increase in crude oil and NGL prices between the two reporting dates.

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest and income taxes for the periods indicated:

For the Three Months

Ended March 31,

For the Six Months

Ended June 30,

Decrease (increase) in:

11 unchanged sentences

Cash payments for interest, net of $ 40.8 and $ 62.4 capitalized during the

three months ended March 31, 2021 and 2020, respectively

Cash payments (refunds) for federal and state income taxes

We incurred liabilities for construction in progress that had not been paid at March 31, 2021 and December 31, 2020 of $ 283.4 million and $ 236.1 million, respectively.

six months ended June 30, 2021 and 2020 , respectively

Cash payments for federal and state income taxes

We incurred liabilities for construction in progress that had not been paid at June 30, 2021 and December 31, 2020 of $ 224.5 million and $ 236.1 million, respectively.

Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows.

We recognized non-cash charges totaling $ 11.5 million for involuntary conversions during the first quarter of 2021 that are a component of net losses attributable to asset sales and related matters.

We recognized non-cash charges totaling $ 11.3 million for involuntary conversions during the six months ended June 30, 2021 that are a component of net losses attributable to asset sales and related matters.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements