What changed in this filing

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Item 1. Financial Statements

2021-11-08 compared with 2021-08-09 · 273 added, 221 removed, 1161 unchanged (30% of the section changed)

3 unchanged sentences

(Dollars in millions)

September 30,

Current assets:

2 unchanged sentences

Accounts receivable – trade, net of allowance for credit losses

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

of $ 50.0 at September 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 June 30, 2021 and 50,138 units outstanding

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

at December 31, 2020 )

Partners’ equity:

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 )

Common limited partner interests ( 2,182,129,957 units issued and outstanding at

September 30, 2021 , 2,182,308,958 units issued and outstanding at December 31, 2020 )

Treasury units, at cost

8 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Third parties

23 unchanged sentences

Net income attributable to common unitholders

*Amount is negligible

Earnings per unit:

7 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Other comprehensive income (loss):

8 unchanged sentences

Total cash flow hedges

Total other comprehens ive loss

Total other comprehens ive income (loss)

Comprehensive income

2 unchanged sentences

Comprehensive income attributable to common unitholders

*Amount is negligible

See Notes to Unaudited Condensed Consolidated Financial Statements.

2 unchanged sentences

(Dollars in millions)

For the Six Months

Ended June 30,

For the Nine Months

Ended September 30,

Operating activities:

32 unchanged sentences

Repurchase of common units under 2019 Buyback Program (see Note 8)

Net cash proceeds from the issuance of preferred units

Other financing activities

6 unchanged sentences

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

(Dollars in millions)

3 unchanged sentences

Noncontrolling

For the Three Months Ended June 30, 2021 :

Balance, March 31, 2021

For the Three Months Ended September 30, 2021 :

Balance, June 30, 2021

Cash distributions paid to common unitholders

4 unchanged sentences

Amortization of fair value of equity-based awards

Repurchase and cancellation of common units under

2019 Buyback Program (see Note 8)

Cash flow hedges

Balance, June 30, 2021

Balance, September 30, 2021

Partners’ Equity

2 unchanged sentences

Noncontrolling

For the Six Months Ended June 30, 2021 :

For the Nine Months Ended September 30, 2021 :

Balance, December 31, 2020

8 unchanged sentences

Cash flow hedges

Balance, June 30, 2021

Balance, September 30, 2021

See Notes to Unaudited Condensed Consolidated Financial Statements.

3 unchanged sentences

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020

(Dollars in millions)

3 unchanged sentences

Noncontrolling

For the Three Months Ended June 30, 2020 :

Balance, March 31, 2020

For the Three Months Ended September 30, 2020 :

Balance, June 30, 2020

Cash distributions paid to common unitholders

4 unchanged sentences

Amortization of fair value of equity-based awards

Repurchase and cancellation of common units under

2019 Buyback Program (see Note 8)

Common units exchanged for preferred units, with common units received being immediately cancelled

Cash flow hedges

Balance, June 30, 2020

Balance, September 30, 2020

Partners’ Equity

2 unchanged sentences

Noncontrolling

For the Six Months Ended June 30, 2020 :

For the Nine Months Ended September 30, 2020 :

Balance, December 31, 2019

8 unchanged sentences

Common units issued to Skyline North Americas, Inc.

connection with settlement of Liquidity Option (see Note 8)

connection with settlement of Liquidity Option

Treasury units acquired in connection with settlement

of Liquidity Option, at cost (see Note 8)

of Liquidity Option, at cost

Common units exchanged for preferred units, with common units received being immediately cancelled

Cash flow hedges

Balance, June 30, 2020

Balance, September 30, 2020

See Notes to Unaudited Condensed Consolidated Financial Statements.

27 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 32.1 % of the Partnership’s common units outstanding at June 30, 2021.

EPCO, together with its privately held affiliates, owned approximately 32.2 % of the Partnership’s common units outstanding at September 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 six months ended June 30, 2021 are not necessarily indicative of results expected for the full year of 2021.

Our results of operations for the nine months ended September 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, June 30, 2021

Allowance for credit losses, September 30, 2021

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows.

September 30,

Cash and cash equivalents

6 unchanged sentences

Our inventory amounts by product type were as follows at the dates indicated:

September 30,

Petrochemicals and refined products

4 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Cost of sales (1)

5 unchanged sentences

The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated:

September 30,

Plants, pipelines and facilities (1)

32 unchanged sentences

On a weighted-average basis, the expected amortization period for these costs is 2.6 years.

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.

Property, plant and equipment at September 30, 2021 and December 31, 2020 includes $ 79.1 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.

6 unchanged sentences

Accretion expense (4)

ARO liability balance, June 30, 2021

ARO liability balance, September 30, 2021

Represents the initial recognition of estimated ARO liabilities during period.

2 unchanged sentences

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.

Of the $ 167.2 million total ARO liability recorded at September 30, 2021 , $ 12.9 million was reflected as a current liability and $ 154.3 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 June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Depreciation expense (1)

9 unchanged sentences

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.

The remainder of our impairment charges for the nine month periods ended September 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.

6 unchanged sentences

We account for these investments using the equity method.

September 30,

NGL Pipelines & Services

4 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

NGL Pipelines & Services

5 unchanged sentences

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

June 30, 2021

September 30, 2021

December 31, 2020

20 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

NGL Pipelines & Services

13 unchanged sentences

The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:

September 30,

EPO senior debt obligations:

2 unchanged sentences

Senior Notes RR, 2.85 % fixed-rate, due April 2021

September 2020 364-Day Revolving Credit Agreement, variable-rate, due September 2021

Senior Notes VV, 3.50 % fixed-rate, due February 2022

Senior Notes CC, 4.05 % fixed-rate, due February 2022

September 2021 364-Day Revolving Credit Agreement, variable-rate, due September 2022

Senior Notes HH, 3.35 % fixed-rate, due March 2023

Senior Notes JJ, 3.90 % fixed-rate, due February 2024

Multi-Year Revolving Credit Agreement, variable-rate, due September 2024

Senior Notes MM, 3.75 % fixed-rate, due February 2025

Senior Notes PP, 3.70 % fixed-rate, due February 2026

September 2021 Multi-Year Revolving Credit Agreement, variable-rate, due September 2026

Senior Notes SS, 3.95 % fixed-rate, due February 2027

20 unchanged sentences

Senior Notes DDD, 3.20 % fixed-rate, due February 2052

Senior Notes EEE, 3.30 % fixed-rate, due February 2053

Senior Notes NN, 4.95 % fixed-rate, due October 2054

24 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 six months ended June 30, 2021:

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

Range of Interest

5 unchanged sentences

2.90 % to 3.00 %

Amounts borrowed under EPO’s 364-Day and Multi-Year Revolving Credit Agreements bear interest, at its election, equal to:

Amounts borrowed under EPO’s September 2021 364-Day Revolving Credit Agreement and September 2021 Multi-Year Revolving Credit Agreement bear interest, at its election, equal to:

(i) LIBOR, plus an additional variable spread;

or (ii) an alternate base rate, which is the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) the LIBO Market Index Rate in effect on such day plus 1% and a variable spread.

or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) LIBOR for an interest period of one month in effect on such day plus 1%, and a variable spread.

The applicable spreads are determined based on EPO's debt ratings.

4 unchanged sentences

Scheduled Maturities of Debt

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:

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

Scheduled Maturities of Debt

3 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.

September 2021 364-Day Revolving Credit Agreement

In September 2021, EPO entered into a new 364-Day Revolving Credit Agreement (the “September 2021 364-Day Revolving Credit Agreement”) that replaced its September 2020 364-Day Revolving Credit Agreement.

There were no principal amounts outstanding under the September 2020 364-Day Revolving Credit Agreement when it was replaced by the September 2021 364-Day Revolving Credit Agreement.

At September 30, 2021, there were no principal amounts outstanding under the September 2021 364-Day Revolving Credit Agreement.

Under the terms of the September 2021 364-Day Revolving Credit Agreement, EPO may borrow up to $ 1.5 billion (which may be increased by up to $ 200.0 million to $ 1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of up to 364 days, subject to the terms and conditions set forth therein.

The September 2021 364-Day Revolving Credit Agreement matures in September 2022.

To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable in September 2023.

Borrowings under the September 2021 364-Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The September 2021 364-Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement.

The September 2021 364-Day Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom.

EPO’s obligations under the September 2021 364-Day Revolving Credit Agreement are not secured by any collateral;

however, they are guaranteed by the Partnership.

September 2021 Multi-Year Revolving Credit Agreement

In September 2021, EPO entered into a new revolving credit agreement that matures in September 2026 (the “September 2021 Multi-Year Revolving Credit Agreement”).

The September 2021 Multi-Year Revolving Credit Agreement replaced EPO’s prior multi-year revolving credit agreement that was scheduled to mature in September 2024.

There were no principal amounts outstanding under the prior multi-year revolving credit agreement when it was replaced by the September 2021 Multi Year Revolving Credit Agreement.

At September 30, 2021, there were no principal amounts outstanding under the September 2021 Multi-Year Revolving Credit Agreement.

Under the terms of the September 2021 Multi-Year Revolving Credit Agreement, EPO may borrow up to $ 3.0 billion (which may be increased by up to $ 500.0 million to $ 3.5 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of five years, subject to the terms and conditions set forth therein.

Borrowings under the September 2021 Multi-Year Revolving Credit Agreement may be used as a backstop for commercial paper and for working capital, capital expenditures, acquisitions and general company purposes.

The September 2021 Multi-Year Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement.

The September 2021 Multi-Year Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom.

EPO’s obligations under the September 2021 Multi-Year Revolving Credit Agreement are not secured by any collateral;

however, they are guaranteed by the Partnership.

September 2021 Senior Notes Offering

In September 2021, EPO issued $ 1.0 billion in principal amount of senior notes due February 2053 (“Senior Notes EEE”).

Senior Notes EEE were issued at 99.170 % of their principal amount and have a fixed rate of interest of 3.30 % per year.

Net proceeds from the issuance of these senior notes will be used for general company purposes, including for growth capital investments, and the repayment of debt (including the repayment of a portion of our $ 750.0 million in principal amount of 3.50 % Senior Notes VV and/or a portion of our $ 650.0 million in principal amount of 4.05 % Senior Notes CC, in each case at their maturity in February 2022).

EPO’s fixed-rate senior notes are unsecured obligations of EPO that rank equal with its existing and future unsecured and unsubordinated indebtedness.

They are senior to any existing and future subordinated indebtedness of EPO.

EPO’s senior notes are subject to make-whole redemption rights and were issued under indentures containing certain covenants, which generally restrict its ability (with certain exceptions) to incur debt secured by liens and engage in sale and leaseback transactions.

Letters of Credit

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

At September 30, 2021, EPO had $ 88.0 million of letters of credit outstanding primarily related to our commodity hedging activities.

ENTERPRISE PRODUCTS PARTNERS L.P.

1 unchanged sentence

Lender Financial Covenants

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

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

Parent-Subsidiary Guarantor Relationships

13 unchanged sentences

2,185,381,669

Common unit repurchases under 2019 Buyback Program

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

Common units outstanding at September 30, 2021

2,182,129,957

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 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.

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

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

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 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.

The Partnership repurchased an aggregate 3,367,377 and 4,077,193 common units through open market purchases during the three and nine months ended September 30, 2021, respectively .

The total cost of these repurchases, including commissions and fees, was $ 74.9 million and $ 88.8 million , respectively .

During the three and nine months ended September 30, 2020 , the Partnership repurchased 1,984,507 and 8,342,246 common units, respectively, under the 2019 Buyback Program.

The total cost of these repurchases, including commissions and fees, was $ 33.7 million and $ 173.8 million, respectively.

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

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 3,756,379 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.

At September 30, 2021, the remaining available capacity under the 2019 Buyback Program was $ 1.64 billion.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

After taking into account tax withholding requirements, the Partnership issued 3,872,044 new common units to employees in connection with the vesting of phantom unit awards during the nine months ended September 30, 2021.

See Note 12 for information regarding our phantom unit awards.

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 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.

During the nine months ended September 30, 2021 , agents of the Partnership purchased 4,754,016 common units on the open market and delivered them to participants in the DRIP and EUPP.

Apart from $ 2.9 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 August 12, 2021.

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

Preferred Units

2 unchanged sentences

Paid in-kind distribution to related party

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

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

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.

During the nine months ended September 30, 2021, the Partnership made quarterly distributions to its third party and related party preferred unitholders valued at $ 2.8 million, consisting of paid-in-kind distributions of 274 new preferred units and $ 2.5 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.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Accumulated Other Comprehensive Income (Loss)

6 unchanged sentences

Total other comprehensive income (loss) for period

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

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

Cash Flow Hedges

4 unchanged sentences

Total other comprehensive income (loss) for period

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Losses (gains) on cash flow hedges:

6 unchanged sentences

Cash Distributions

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.

On October 12, 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 third quarter of 2021.

The quarterly distribution is payable on November 12, 2021 to unitholders of record as of the close of business on October 29, 2021.

The total amount to be paid is $ 989.7 million, which includes $ 7.8 million for distribution equivalent rights (“DERs”) on phantom unit awards.

7 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

NGL Pipelines & Services:

30 unchanged sentences

Unbilled Revenue and Deferred Revenue

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

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

Contract Asset

8 unchanged sentences

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:

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

Balance at December 31, 2020

3 unchanged sentences

Other changes

Balance at June 30, 2021

Balance at September 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 June 30, 2021.

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

Consideration

Six Months Ended December 31, 2021

Three Months Ended December 31, 2021

One Year Ended December 31, 2022

7 unchanged sentences

Financial information regarding these segments is evaluated regularly by our co-chief operating decision makers in deciding how to allocate resources and in assessing our operating and financial performance.

The co-principal executive officers of our general partner have been identified as our chief operating decision makers.

The co-principal executive officers of our general partner have been identified as our co-chief operating decision makers.

While these two officers evaluate results in a number of different ways, the business segment structure is the primary basis for which the allocation of resources and financial results are assessed.

18 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Operating income

15 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Gross operating margin by segment:

10 unchanged sentences

Petrochemical

& Refined Products Services

Revenues from third parties:

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Revenues from related parties:

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Intersegment and intrasegment revenues:

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Total revenues:

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 30, 2020

Equity in income (loss) of unconsolidated affiliates:

Three months ended June 30, 2021

Three months ended June 30, 2020

Six months ended June 30, 2021

Six months ended June 30, 2020

Three months ended September 30, 2021

Three months ended September 30, 2020

Nine months ended September 30, 2021

Nine months ended September 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 June 30, 2021

At September 30, 2021

At December 31, 2020

Investments in unconsolidated affiliates:

At June 30, 2021

At September 30, 2021

At December 31, 2020

Intangible assets, net:

At June 30, 2021

At September 30, 2021

At December 31, 2020

At June 30, 2021

At September 30, 2021

At December 31, 2020

Segment assets:

At June 30, 2021

At September 30, 2021

At December 31, 2020

4 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Consolidated revenues:

10 unchanged sentences

Asset impairment charges

Ne t losses (gains) attributable to asset sales

Ne t losses (gains) attributable to asset sales and related matters

General and administrative costs

4 unchanged sentences

and net losses (or gains) attributable to asset sales and related matters.

Fluctuations in our product sales revenues and related cost of sales amounts are explained in part by changes in energy commodity prices.

Fluctuations in our product sales revenues and cost of sales amounts are explained in large part by changes in energy commodity prices.

In general, higher energy commodity prices result in an increase in our revenues attributable to product sales;

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

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

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

4 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

BASIC EARNINGS PER COMMON UNIT

13 unchanged sentences

Diluted earnings per common unit

* Amount is negligible

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

7 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Equity-classified awards:

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Phantom unit awards at December 31, 2020

Phantom unit awards at June 30, 2021

Phantom unit awards at September 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 June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 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 $ 227.2 million at June 30, 2021, of which our share of such cost is currently estimated to be $ 190.7 million.

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $ 185.1 million at September 30, 2021, of which our share of such cost is currently estimated to be $ 153.0 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 2.0 years.

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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.

At September 30, 2021 , our share of the total unrecognized compensation cost related to these two Employee Partnerships was $ 10.4 million , which we expect to recognize over a weighted-average period of 2.2 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 June 30, 2021.

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

ENTERPRISE PRODUCTS PARTNERS L.P.

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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 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):

At September 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 September 30, 2021 (volume measures as noted):

Derivative Purpose

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Cash flow hedge

Forecasted sales of NGLs (MMBbls)

Cash flow hedge

Octane enhancement:

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Cash flow hedge

Refined products inventory management activities (MMBbls)

Fair value hedge

Crude oil marketing:

21 unchanged sentences

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 February 2023, September 2021 and December 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 December 2023, January 2022 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 $ 211.5 million and $ 144.0 million at June 30, 2021 and December 31, 2020, respectively.

The carrying amount of our inventories subject to fair value hedges was $ 151.5 million and $ 144.0 million at September 30, 2021 and December 31, 2020, respectively.

ENTERPRISE PRODUCTS PARTNERS L.P.

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Liability Derivatives

June 30, 2021

September 30, 2021

December 31, 2020

June 30, 2021

September 30, 2021

December 31, 2020

35 unchanged sentences

(v) = (iii) + (iv)

As of June 30, 2021:

As of September 30, 2021:

Commodity derivatives

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(v) = (iii) + (iv)

As of June 30, 2021:

As of September 30, 2021:

Commodity derivatives

14 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Commodity derivatives

4 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Commodity derivatives

7 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Interest rate derivatives

7 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Interest rate derivatives

13 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Commodity derivatives

1 unchanged sentence

Operating costs and expenses

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.

The $ 145.1 million gain recognized for the nine months ended September 30, 2021 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $ 7.3 million of realized gains and $ 137.8 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 June 30, 2021

At September 30, 2021

Fair Value Measurements Using

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Total commodity derivatives

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.

In the aggregate, the fair value of our commodity hedging portfolios at September 30, 2021 was a net derivative liability of $ 470.3 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at September 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 during the six months ended June 30, 2021 or 2020.

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

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

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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 $ 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.

The estimated total fair value of our fixed-rate debt obligations was $ 33.9 billion and $ 35.0 billion at September 30, 2021 and December 31, 2020, respectively.

The aggregate carrying value of these debt obligations was $ 29.58 billion and $ 29.9 billion at September 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 June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Revenues – related parties:

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The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:

September 30,

Accounts receivable - related parties:

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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 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:

At September 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 June 30, 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 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.

During the nine months ended September 30, 2021 and 2020, we paid EPCO and its privately held affiliates cash distributions totaling $ 918.1 million and $ 908.2 million, respectively.

We have no employees.

3 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 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 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.

For the three months ended September 30, 2021 and 2020 , we recognized $ 3.4 million and $ 3.3 million, respectively, of related party operating lease expense in connection with these office space leases.

For the nine months ended September 30, 2021 and 2020 , we recognized $ 10.1 million and $ 9.6 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 June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Deferred tax benefit (expense) attributable to

6 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Current portion of income tax benefit (provision):

6 unchanged sentences

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 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

Liquidity Option Agreement (2)

Valuation allowance on deferred tax assets (3)

Valuation allowance (3)

Benefit from (provision for) income taxes

7 unchanged sentences

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

September 30,

Deferred tax liabilities:

3 unchanged sentences

Total deferred tax liabilities

Less deferred tax assets:

Deferred tax assets:

Net operating loss carryovers (1)

1 unchanged sentence

Total deferred tax assets

Total net deferred tax liabilities before valuation allowance

Valuation allowance on deferred tax assets

Valuation allowance

Total deferred tax assets, net of valuation allowance

Total net deferred tax liabilities

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

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

The remaining $ 9.3 million has an indefinite carryover period.

4 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 six months ended June 30, 2020 .

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.

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 taxes” line on our Unaudited Condensed Statement of Consolidated Operations for the nine months ended September 30, 2020 .

OTA recognized an additional net, non-cash deferred income tax benefit of $ 85.8 million at September 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 September 30, 2020 .

In total, our earnings for the nine months ended September 30, 2020 reflect $ 158.0 million of net deferred income tax benefit attributable to OTA.

ENTERPRISE PRODUCTS PARTNERS L.P.

4 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 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.

Our accruals for litigation contingencies were $ 0.2 million and $ 6.1 million at September 30, 2021 and December 31, 2020, respectively.

We have classified our accruals for litigation contingencies in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other current liabilities” or “Other long-term liabilities” based on management’s estimate regarding the timing of settlement.

PDH 1 Litigation

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

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.

In total, the principal amount of our consolidated debt obligations were $ 29.82 billion and $ 30.15 billion at September 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, partially offset by EPO’s issuance of Senior Notes EEE.

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 June 30, 2021:

The following table presents information regarding operating leases where we are the lessee at September 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 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.

At September 30, 2021 , lease liabilities of $ 35.5 million and $ 343.6 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 June 30,

For the Six Months

Ended June 30,

Ended September 30,

For the Nine Months

Ended September 30,

Long-term operating leases:

7 unchanged sentences

Total operating lease expense

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.

Cash payments attributable to operating lease liabilities were $ 10.8 million and $ 9.8 million for the three months ended September 30, 2021 and 2020, respectively.

For the nine months ended September 30, 2021 and 2020, cash paid for operating lease liabilities was $ 29.2 million and $ 28.1 million, respectively.

Operating lease income for the three months ended September 30, 2021 and 2020 was $ 3.1 million and $ 2.3 million, respectively.

For the nine months ended September 30, 2021 and 2020 , operating lease income was $ 9.2 and $ 8.4 million, respectively.

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 $ 20.95 billion at June 30, 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 $ 22.1 billion at September 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 Six Months

Ended June 30,

For the Nine Months

Ended September 30,

Decrease (increase) in:

11 unchanged sentences

Cash payments for interest, net of $ 63.8 and $ 96.9 capitalized during the

six months ended June 30, 2021 and 2020 , respectively

nine months ended September 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.

We incurred liabilities for construction in progress that had not been paid at September 30, 2021 and December 31, 2020 of $ 194.6 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 $ 11.3 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.

We recognized non-cash charges totaling $ 11.3 million for involuntary conversions during the nine months ended September 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