0001061219-21-000025 | 10-Q | XBRL Viewer | Enterprise Products Partners LP

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 31, 2021
Cover page.
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Registrant Name	ENTERPRISE PRODUCTS PARTNERS L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	1-14323
Entity Tax Identification Number	76-0568219
Entity Address, Address Line One	1100 Louisiana Street, 10th Floor
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	381-6500
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		2,185,381,669
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001061219
Title of 12(b) Security	Common Units
Trading Symbol	EPD
Security Exchange Name	NYSE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 404.5	$ 1,059.9
Restricted cash	206.5	98.2
Accounts receivable - trade, net of allowance for credit losses of $50.0 at June 30, 2021 and $46.5 at December 31, 2020	5,253.8	4,802.6
Accounts receivable - related parties	7.8	5.6
Inventories	3,346.8	3,303.5
Derivative assets	552.3	228.6
Prepaid and other current assets	539.5	411.0
Total current assets	10,311.2	9,909.4
Property, plant and equipment, net	42,233.1	41,912.8
Investments in unconsolidated affiliates	2,442.7	2,429.2
Intangible assets, net	3,229.7	3,309.1
Goodwill	5,448.9	5,448.9
Other assets	1,139.5	1,097.3
Total assets	64,805.1	64,106.7
Current liabilities:
Current maturities of debt	1,398.9	1,325.0
Accounts payable - trade	853.4	704.6
Accounts payable - related parties	97.0	149.5
Accrued product payables	6,686.7	5,395.4
Accrued interest	443.1	455.6
Derivative liabilities	608.0	349.2
Other current liabilities	441.5	608.7
Total current liabilities	10,528.6	8,988.0
Long-term debt	27,148.6	28,540.7
Deferred tax liabilities	502.3	464.7
Other long-term liabilities	729.5	686.6
Commitments and contingent liabilities
Redeemable preferred limited partner interests:
Series A cumulative convertible preferred units (50,412 units outstanding at June 30, 2021 and 50,138 units outstanding at December 31, 2020)	49.3	49.3
Partners' equity
Common limited partner interests (2,185,381,669 units issued and outstanding at June 30, 2021 and 2,182,308,958 units issued and outstanding at December 31, 2020)	26,268.8	25,766.6
Treasury units, at cost	(1,297.3)	(1,297.3)
Accumulated other comprehensive loss	(198.7)	(165.2)
Total partners' equity	24,772.8	24,304.1
Noncontrolling interests in consolidated subsidiaries	1,074.0	1,073.3
Total equity	25,846.8	25,377.4
Total liabilities, preferred units, and equity	$ 64,805.1	$ 64,106.7

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Accounts receivable, allowance for credit losses	$ 50.0	$ 46.5
Redeemable preferred limited partner interests:
Series A cumulative convertible preferred units outstanding (in units)	50,412	50,138
Partners' equity:
Common units issued (in units)	2,185,381,669	2,182,308,958
Common units outstanding (in units)	2,185,381,669	2,182,308,958

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Third parties	$ 9,440.7	$ 5,745.3	$ 18,581.8	$ 13,211.8
Related parties	9.4	5.7	23.6	21.7
Total revenues	9,450.1	5,751.0	18,605.4	13,233.5
Operating costs and expenses:
Third party and other costs	7,766.5	4,063.9	14,995.8	9,799.2
Related parties	300.2	306.5	624.3	631.5
Total operating costs and expenses	8,066.7	4,370.4	15,620.1	10,430.7
General and administrative costs:
Third party and other costs	18.7	23.8	40.2	46.8
Related parties	32.8	33.2	67.6	65.7
Total general and administrative costs	51.5	57.0	107.8	112.5
Total costs and expenses	8,118.2	4,427.4	15,727.9	10,543.2
Equity in income of unconsolidated affiliates	160.7	113.3	309.6	254.1
Operating income	1,492.6	1,436.9	3,187.1	2,944.4
Other income (expense):
Interest expense	(316.1)	(320.2)	(638.9)	(637.7)
Change in fair market value of Liquidity Option	0.0	0.0	0.0	(2.3)
Interest income	0.7	2.9	1.8	10.1
Other, net	0.0	0.9	(0.2)	1.8
Total other expense, net	(315.4)	(316.4)	(637.3)	(628.1)
Income before income taxes	1,177.2	1,120.5	2,549.8	2,316.3
Benefit from (provision for) income taxes	(31.2)	(59.7)	(41.2)	119.5
Net income	1,146.0	1,060.8	2,508.6	2,435.8
Net income attributable to noncontrolling interests	(32.7)	(26.1)	(54.0)	(51.0)
Net income attributable to preferred units	(1.0)	0.0	(1.9)	0.0
Net income attributable to common unitholders	$ 1,112.3	$ 1,034.7	$ 2,452.7	$ 2,384.8
Earnings per unit:
Basic earnings per common unit (in dollars per unit)	$ 0.50	$ 0.47	$ 1.11	$ 1.08
Diluted earnings per common unit (in dollars per unit)	$ 0.50	$ 0.47	$ 1.11	$ 1.08

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
Net income	$ 1,146.0	$ 1,060.8	$ 2,508.6	$ 2,435.8
Commodity hedging derivative instruments:
Changes in fair value of cash flow hedges	(290.4)	(78.2)	(751.6)	396.9
Reclassification of losses (gains) to net income	(99.4)	(208.7)	516.7	(364.3)
Interest rate hedging derivative instruments:
Changes in fair value of cash flow hedges	0.0	7.8	182.9	(270.3)
Reclassification of losses to net income	10.2	9.7	18.8	19.3
Total cash flow hedges	(379.6)	(269.4)	(33.2)	(218.4)
Other	(0.1)	0.0	(0.3)	(0.1)
Total other comprehensive loss	(379.7)	(269.4)	(33.5)	(218.5)
Comprehensive income	766.3	791.4	2,475.1	2,217.3
Comprehensive income attributable to noncontrolling interests	(32.7)	(26.1)	(54.0)	(51.0)
Comprehensive income attributable to preferred units	(1.0)	0.0	(1.9)	0.0
Comprehensive income attributable to common unitholders	$ 732.6	$ 765.3	$ 2,419.2	$ 2,166.3

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income	$ 2,508.6	$ 2,435.8
Reconciliation of net income to net cash flows provided by operating activities:
Depreciation and accretion	851.5	841.1
Amortization of intangible assets	73.6	76.2
Amortization of major maintenance costs for reaction-based plants	10.4	0.0
Other amortization expense	123.3	114.4
Impairment of assets other than goodwill	83.5	13.4
Equity in income of unconsolidated affiliates	(309.6)	(254.1)
Distributions received from unconsolidated affiliates attributable to earnings	262.4	257.6
Net losses (gains) attributable to asset sales and related matters	11.2	(1.5)
Deferred income tax expense (benefit)	24.1	(130.7)
Change in fair market value of derivative instruments	(38.8)	(91.4)
Change in fair market value of Liquidity Option	0.0	2.3
Non-cash expense related to long-term operating leases	18.6	19.8
Net effect of changes in operating accounts	399.2	(89.0)
Other operating activities	(1.0)	(0.1)
Net cash flows provided by operating activities	4,017.0	3,193.8
Investing activities:
Capital expenditures	(1,301.2)	(1,975.9)
Investments in unconsolidated affiliates	(1.3)	(7.3)
Distributions received from unconsolidated affiliates attributable to the return of capital	36.9	58.0
Proceeds from asset sales	50.3	4.1
Other investing activities	(13.4)	(9.4)
Cash used in investing activities	(1,228.7)	(1,930.5)
Financing activities:
Borrowings under debt agreements	9,796.8	5,411.8
Repayments of debt	(11,121.8)	(3,406.6)
Debt issuance costs	0.0	(32.2)
Monetization of interest rate derivative instruments	75.2	(33.3)
Cash distributions paid to common unitholders	(1,965.0)	(1,946.9)
Cash payments made in connection with distribution equivalent rights	(15.2)	(12.9)
Cash distributions paid to noncontrolling interests	(71.4)	(61.8)
Cash contributions from noncontrolling interests	18.1	19.7
Repurchase of common units under 2019 Buyback Program	(13.9)	(140.1)
Other financing activities	(38.2)	(34.4)
Cash used in financing activities	(3,335.4)	(236.7)
Net change in cash and cash equivalents, including restricted cash	(547.1)	1,026.6
Cash and cash equivalents, including restricted cash, at beginning of period	1,158.1	410.0
Cash and cash equivalents, including restricted cash, at end of period	$ 611.0	$ 1,436.6

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY - USD ($) $ in Millions	Total	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests in Consolidated Subsidiaries [Member]	Common Limited Partners Interests [Member]	Treasury Units [Member]
Balance at Dec. 31, 2019	$ 25,827.5	$ 71.4	$ 1,063.5	$ 24,692.6	$ 0.0
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	2,435.8	0.0	51.0	2,384.8	0.0
Cash distributions paid to common unitholders	(1,946.9)	0.0	0.0	(1,946.9)	0.0
Cash payments made in connection with distribution equivalent rights	(12.9)	0.0	0.0	(12.9)	0.0
Cash distributions paid to noncontrolling interests	(61.8)	0.0	(61.8)	0.0	0.0
Cash contributions from noncontrolling interests	19.7	0.0	19.7	0.0	0.0
Amortization of fair value of equity-based awards	80.6	0.0	0.0	80.6	0.0
Repurchase and cancellation of common units under 2019 Buyback Program	(140.1)	0.0	0.0	(140.1)	0.0
Common units issued to Skyline North Americas, Inc. in connection with settlement of Liquidity Option	1,297.3	0.0	0.0	1,297.3	0.0
Treasury units acquired in connection with settlement of Liquidity Option, at cost	(1,297.3)	0.0	0.0	0.0	(1,297.3)
Cash flow hedges	(218.4)	(218.4)	0.0	0.0	0.0
Other, net	(42.1)	(0.1)	(7.7)	(34.3)	0.0
Balance at Jun. 30, 2020	25,941.4	(147.1)	1,064.7	26,321.1	(1,297.3)
Balance at Mar. 31, 2020	26,114.2	122.3	1,063.8	26,225.4	(1,297.3)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	1,060.8	0.0	26.1	1,034.7	0.0
Cash distributions paid to common unitholders	(972.7)	0.0	0.0	(972.7)	0.0
Cash payments made in connection with distribution equivalent rights	(7.1)	0.0	0.0	(7.1)	0.0
Cash distributions paid to noncontrolling interests	(31.9)	0.0	(31.9)	0.0	0.0
Cash contributions from noncontrolling interests	14.5	0.0	14.5	0.0	0.0
Amortization of fair value of equity-based awards	41.5	0.0	0.0	41.5	0.0
Cash flow hedges	(269.4)	(269.4)	0.0	0.0	0.0
Other, net	(8.5)	0.0	(7.8)	(0.7)	0.0
Balance at Jun. 30, 2020	25,941.4	(147.1)	1,064.7	26,321.1	(1,297.3)
Balance at Dec. 31, 2020	25,377.4	(165.2)	1,073.3	25,766.6	(1,297.3)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	2,506.7	0.0	54.0	2,452.7	0.0
Cash distributions paid to common unitholders	(1,965.0)	0.0	0.0	(1,965.0)	0.0
Cash payments made in connection with distribution equivalent rights	(15.2)	0.0	0.0	(15.2)	0.0
Cash distributions paid to noncontrolling interests	(71.4)	0.0	(71.4)	0.0	0.0
Cash contributions from noncontrolling interests	18.1	0.0	18.1	0.0	0.0
Amortization of fair value of equity-based awards	79.5	0.0	0.0	79.5	0.0
Repurchase and cancellation of common units under 2019 Buyback Program	(13.9)	0.0	0.0	(13.9)	0.0
Cash flow hedges	(33.2)	(33.2)	0.0	0.0	0.0
Other, net	(36.2)	(0.3)	0.0	(35.9)	0.0
Balance at Jun. 30, 2021	25,846.8	(198.7)	1,074.0	26,268.8	(1,297.3)
Balance at Mar. 31, 2021	26,070.2	181.0	1,077.9	26,108.6	(1,297.3)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	1,145.0	0.0	32.7	1,112.3	0.0
Cash distributions paid to common unitholders	(983.3)	0.0	0.0	(983.3)	0.0
Cash payments made in connection with distribution equivalent rights	(8.2)	0.0	0.0	(8.2)	0.0
Cash distributions paid to noncontrolling interests	(41.6)	0.0	(41.6)	0.0	0.0
Cash contributions from noncontrolling interests	5.0	0.0	5.0	0.0	0.0
Amortization of fair value of equity-based awards	40.7	0.0	0.0	40.7	0.0
Cash flow hedges	(379.6)	(379.6)	0.0	0.0	0.0
Other, net	(1.4)	(0.1)	0.0	(1.3)	0.0
Balance at Jun. 30, 2021	$ 25,846.8	$ (198.7)	$ 1,074.0	$ 26,268.8	$ (1,297.3)

Partnership Organization and Operations

6 Months Ended

Jun. 30, 2021

Partnership Organization and Operations [Abstract]

Partnership Organization and Operations

KEY REFERENCES USED IN THESE

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unless the context requires otherwise, references to “we,” “us” or “our” within these Notes to Unaudited Condensed Consolidated Financial Statements are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries.

References to the “Partnership” mean Enterprise Products Partners L.P. on a standalone basis.

References to “EPO” mean Enterprise Products Operating LLC, which is an indirect wholly owned subsidiary of the Partnership, and its consolidated subsidiaries, through which the Partnership conducts its business. We are managed by our general partner, Enterprise Products Holdings LLC (“Enterprise GP”), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company.

The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors (the “Board”) of Enterprise GP; (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board of Enterprise GP; and (iii) W. Randall Fowler, who is also a director and the Co-Chief Executive Officer and Chief Financial Officer of Enterprise GP. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as managers of Dan Duncan LLC.

References to “EPCO” mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. The outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees (“EPCO Trustees”) of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO; and (iii) Mr. Fowler, who serves as an Executive Vice President and the Chief Financial Officer of EPCO. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as directors of EPCO.

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.

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

the dollar amounts presented in the tabular data within these disclosures are

stated in millions of dollars.

Note 1. Partnership Organization and Operations

We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “EPD.” Our preferred units are not publicly traded. We were formed in April 1998 to own and operate certain natural gas liquids (“NGLs”) related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. We are owned by our limited partners (preferred and common unitholders) from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in us, manages our Partnership. We conduct substantially all of our business operations through EPO and its consolidated subsidiaries.

Our fully integrated, midstream energy asset network (or “value chain”) links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States (“U.S.”), Canada and the Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations include:

•

natural gas gathering, treating, processing, transportation and storage;

•

NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases, or “LPG,” and ethane);

•

crude oil gathering, transportation, storage, and marine terminals;

•

propylene production facilities (including propane dehydrogenation (“PDH”) facilities), butane isomerization, octane enhancement, isobutane dehydrogenation (“iBDH”) and high purity isobutylene (“HPIB”) production facilities;

•

petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene (“PGP”); and

•

a marine transportation business that operates on key U.S. inland and intracoastal waterway systems.

Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed by employees of EPCO pursuant to an administrative services agreement (the “ASA”) or by other service providers. 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. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).

These Unaudited Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) filed with the SEC on March 1, 2021.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Apart from those matters described in this footnote, there have been no updates to our significant accounting policies since those reported under Note 2 of the 2020 Form 10-K.

Allowance for Credit Losses

We estimate our allowance for credit losses (formerly, the allowance for doubtful accounts) at each reporting date using a current expected credit loss model, which requires the measurement of expected credit losses for financial assets (e.g., accounts receivable) based on historical experience with customers, current economic conditions, and reasonable and supportable forecasts. We may also increase the allowance for credit losses in response to the specific identification of customers involved in bankruptcy proceedings and similar financial difficulties.

The following table presents our allowance for credit losses activity since December 31, 2020:

Allowance for credit losses, December 31, 2020	$	46.5
Charged to costs and expenses		2.3
Charged to other accounts		4.4
Deductions		(3.2	)
Allowance for credit losses, June 30, 2021	$	50.0

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.

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	404.5	$	1,059.9
Restricted cash		206.5		98.2
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	611.0	$	1,158.1

Restricted cash primarily represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil, refined products and power. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. See Note 13 for information regarding our derivative instruments and hedging activities.

Inventories

6 Months Ended

Jun. 30, 2021

Inventories [Abstract]

Inventories

Note 3. Inventories

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

	June 30, 2021		December 31, 2020
NGLs	$	1,725.9	$	1,888.1
Petrochemicals and refined products		956.1		642.6
Crude oil		642.8		758.1
Natural gas		22.0		14.7
Total	$	3,346.8	$	3,303.5

Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Cost of sales (1)		$	6,840.0		$	3,195.2		$	13,103.0		$	8,018.2
Lower of cost or net realizable value adjustments recognized in cost of sales			2.9			13.2			12.9			51.2

(1)	Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

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

	Estimated Useful Life in Years			June 30, 2021		December 31, 2020
Plants, pipelines and facilities (1)		3-45	(5)	$	50,419.7	$	49,972.8
Underground and other storage facilities (2)		5-40	(6)		4,240.9		4,207.5
Transportation equipment (3)		3-10			209.4		204.9
Marine vessels (4)		15-30			930.0		932.7
Land					383.0		371.9
Construction in progress					2,149.1		1,807.7
Subtotal					58,332.1		57,497.5
Less accumulated depreciation					16,191.5		15,584.7
Subtotal property, plant and equipment, net					42,140.6		41,912.8
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)					92.5		–
Property, plant and equipment, net				$	42,233.1	$	41,912.8

(1)	Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
(2)	Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3)	Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(4)	Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(5)	In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
(6)	In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
(7)	For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected amortization period for these costs is 2.9 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.

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

ARO liability balance, December 31, 2020	$	149.5
Liabilities incurred (1)		6.2
Revisions in estimated cash flows (2)		4.0
Liabilities settled (3)		(0.3	)
Accretion expense (4)		3.8
ARO liability balance, June 30, 2021	$	163.2

(1)	Represents the initial recognition of estimated ARO liabilities during period.
(2)	Represents subsequent adjustments to estimated ARO liabilities during period.
(3)	Represents cash payments to settle ARO liabilities during period.
(4)	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 June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Depreciation expense (1)	$	424.0	$	418.7	$	847.7	$	830.9
Accretion expense (1)		2.1		8.4		3.8		10.2
Capitalized interest (2)		21.2		31.9		40.8		62.4

(1)

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.

(2)

We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.

Asset impairment charges

In March 2021, we entered into agreements to sell a coal bed natural gas gathering system and related Val Verde treating facility, both of which were components of our San Juan Gathering System, to a third party for $39.1 million in cash. The transaction closed and was effective on April 1, 2021. 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. If the adverse economic impacts of the pandemic persist for longer periods than currently expected, these developments could result in the recognition of non-cash impairment charges in the future.

Investments in Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2021

Investments in Unconsolidated Affiliates [Abstract]

Investments in Unconsolidated Affiliates

Note 5. Investments in Unconsolidated Affiliates

The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.

	June 30, 2021		December 31, 2020
NGL Pipelines & Services	$	658.4	$	671.6
Crude Oil Pipelines & Services		1,749.4		1,723.7
Natural Gas Pipelines & Services		32.2		31.4
Petrochemical & Refined Products Services		2.7		2.5
Total	$	2,442.7	$	2,429.2

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

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2021		2020			2021		2020
NGL Pipelines & Services	$	28.9	$	28.8		$	57.0	$	61.5
Crude Oil Pipelines & Services		130.1		84.1			249.0		191.4
Natural Gas Pipelines & Services		1.5		1.3			2.9		2.9
Petrochemical & Refined Products Services		0.2		(0.9	)		0.7		(1.7	)
Total	$	160.7	$	113.3		$	309.6	$	254.1

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2021

Intangible Assets and Goodwill [Abstract]

Intangible Assets and Goodwill

Note 6. Intangible Assets and Goodwill

Identifiable Intangible Assets

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

	June 30, 2021							December 31, 2020
	Gross Value		Accumulated Amortization			Carrying Value		Gross Value		Accumulated Amortization			Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	447.8	$	(227.9	)	$	219.9	$	447.8	$	(221.3	)	$	226.5
Contract-based intangibles		166.0		(56.5	)		109.5		162.6		(55.0	)		107.6
Segment total		613.8		(284.4	)		329.4		610.4		(276.3	)		334.1
Crude Oil Pipelines & Services:
Customer relationship intangibles		2,195.0		(322.1	)		1,872.9		2,195.0		(291.6	)		1,903.4
Contract-based intangibles		283.1		(256.3	)		26.8		283.1		(249.9	)		33.2
Segment total		2,478.1		(578.4	)		1,899.7		2,478.1		(541.5	)		1,936.6
Natural Gas Pipelines & Services:
Customer relationship intangibles		1,350.3		(530.6	)		819.7		1,350.3		(512.2	)		838.1
Contract-based intangibles		231.1		(180.2	)		50.9		470.7		(403.8	)		66.9
Segment total		1,581.4		(710.8	)		870.6		1,821.0		(916.0	)		905.0
Petrochemical & Refined Products Services:
Customer relationship intangibles		181.4		(71.1	)		110.3		181.4		(68.3	)		113.1
Contract-based intangibles		44.9		(25.2	)		19.7		44.9		(24.6	)		20.3
Segment total		226.3		(96.3	)		130.0		226.3		(92.9	)		133.4
Total intangible assets	$	4,899.6	$	(1,669.9	)	$	3,229.7	$	5,135.8	$	(1,826.7	)	$	3,309.1

The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
NGL Pipelines & Services	$	6.1	$	6.3	$	12.1	$	12.8
Crude Oil Pipelines & Services		19.1		18.8		36.9		39.7
Natural Gas Pipelines & Services		10.6		9.6		21.2		19.8
Petrochemical & Refined Products Services		1.7		1.9		3.4		3.9
Total	$	37.5	$	36.6	$	73.6	$	76.2

The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:

Remainder of 2021				2022				2023				2024				2025
$	73.0			$	160.3			$	168.1			$	164.4			$	162.9

Impairment of Intangible Asset

In March 2021, we recognized an impairment charge of $6.8 million for the write down of contract-based intangible assets associated with the sale of a portion of our San Juan Gathering System (see Note 4). The contract-based intangible assets were classified within our Natural Gas Pipelines & Services business segment.

Goodwill

Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. There has been no change in our goodwill amounts since those reported in our 2020 Form 10-K. We are closely monitoring the recoverability of our long-lived assets, which include goodwill, in light of the COVID-19 pandemic.

Debt Obligations

6 Months Ended

Jun. 30, 2021

Debt Obligations [Abstract]

Debt Obligations

Note 7. Debt Obligations

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

	June 30, 2021			December 31, 2020
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	–		$	–
Senior Notes TT, 2.80% fixed-rate, due February 2021		–			750.0
Senior Notes RR, 2.85% fixed-rate, due April 2021		–			575.0
September 2020 364-Day Revolving Credit Agreement, variable-rate, due September 2021		–			–
Senior Notes VV, 3.50% fixed-rate, due February 2022		750.0			750.0
Senior Notes CC, 4.05% fixed-rate, due February 2022		650.0			650.0
Senior Notes HH, 3.35% fixed-rate, due March 2023		1,250.0			1,250.0
Senior Notes JJ, 3.90% fixed-rate, due February 2024		850.0			850.0
Multi-Year Revolving Credit Agreement, variable-rate, due September 2024		–			–
Senior Notes MM, 3.75% fixed-rate, due February 2025		1,150.0			1,150.0
Senior Notes PP, 3.70% fixed-rate, due February 2026		875.0			875.0
Senior Notes SS, 3.95% fixed-rate, due February 2027		575.0			575.0
Senior Notes WW, 4.15% fixed-rate, due October 2028		1,000.0			1,000.0
Senior Notes YY, 3.125% fixed-rate, due July 2029		1,250.0			1,250.0
Senior Notes AAA, 2.80% fixed-rate, due January 2030		1,250.0			1,250.0
Senior Notes D, 6.875% fixed-rate, due March 2033		500.0			500.0
Senior Notes H, 6.65% fixed-rate, due October 2034		350.0			350.0
Senior Notes J, 5.75% fixed-rate, due March 2035		250.0			250.0
Senior Notes W, 7.55% fixed-rate, due April 2038		399.6			399.6
Senior Notes R, 6.125% fixed-rate, due October 2039		600.0			600.0
Senior Notes Z, 6.45% fixed-rate, due September 2040		600.0			600.0
Senior Notes BB, 5.95% fixed-rate, due February 2041		750.0			750.0
Senior Notes DD, 5.70% fixed-rate, due February 2042		600.0			600.0
Senior Notes EE, 4.85% fixed-rate, due August 2042		750.0			750.0
Senior Notes GG, 4.45% fixed-rate, due February 2043		1,100.0			1,100.0
Senior Notes II, 4.85% fixed-rate, due March 2044		1,400.0			1,400.0
Senior Notes KK, 5.10% fixed-rate, due February 2045		1,150.0			1,150.0
Senior Notes QQ, 4.90% fixed-rate, due May 2046		975.0			975.0
Senior Notes UU, 4.25% fixed-rate, due February 2048		1,250.0			1,250.0
Senior Notes XX, 4.80% fixed-rate, due February 2049		1,250.0			1,250.0
Senior Notes ZZ, 4.20% fixed-rate, due January 2050		1,250.0			1,250.0
Senior Notes BBB, 3.70% fixed-rate, due January 2051		1,000.0			1,000.0
Senior Notes DDD, 3.20% fixed-rate, due February 2052		1,000.0			1,000.0
Senior Notes NN, 4.95% fixed-rate, due October 2054		400.0			400.0
Senior Notes CCC, 3.95% fixed rate, due January 2060		1,000.0			1,000.0
TEPPCO senior debt obligations:
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038		0.4			0.4
Total principal amount of senior debt obligations		26,175.0			27,500.0
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1)		232.2			232.2
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2)		700.0			700.0
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3)		1,000.0			1,000.0
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4)		700.0			700.0
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1)		14.2			14.2
Total principal amount of senior and junior debt obligations		28,821.4			30,146.4
Other, non-principal amounts		(273.9	)		(280.7	)
Less current maturities of debt		(1,398.9	)		(1,325.0	)
Total long-term debt	$	27,148.6		$	28,540.7

(1)	Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate ("LIBOR"), plus 2.778%.
(2)	Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%.
(3)	Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%.
(4)	Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%.

References to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009.

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:

	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	0.15% to 0.25%	0.21%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes	2.91% to 3.00%	2.97%

Amounts borrowed under EPO’s 364-Day and Multi-Year Revolving Credit Agreements 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. The applicable spreads are determined based on EPO's debt ratings.

In July 2017, the Financial Conduct Authority in the U.K. announced a desire to phase out LIBOR as a benchmark by the end of June 2023. Financial industry working groups are developing replacement rates and methodologies to transition existing agreements that depend on LIBOR as a reference rate. We currently do not expect the transition from LIBOR to have a material financial impact on us.

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:

				Scheduled Maturities of Debt
	Total			Remainder of 2021			2022			2023			2024			2025			Thereafter
Senior Notes		$	26,175.0		$	–		$	1,400.0		$	1,250.0		$	850.0		$	1,150.0		$	21,525.0
Junior Subordinated Notes			2,646.4			–			–			–			–			–			2,646.4
Total		$	28,821.4		$	–		$	1,400.0		$	1,250.0		$	850.0		$	1,150.0		$	24,171.4

In February 2021, EPO repaid all of the $750.0 million in principal amount of its Senior Notes TT using remaining cash on hand attributable to its August 2020 senior notes offering and proceeds from the issuance of short-term notes under its commercial paper program.

In March 2021, EPO redeemed all of the $575.0 million outstanding principal amount of its Senior Notes RR one month prior to their scheduled maturity in April 2021. 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 June 30, 2021, EPO had $0.7 million of letters of credit outstanding primarily related to our commodity hedging activities.

Lender Financial Covenants

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 such obligations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Capital Accounts

6 Months Ended

Jun. 30, 2021

Capital Accounts [Abstract]

Capital Accounts

Note 8. Capital Accounts

Common Limited Partner Interests

The following table summarizes changes in the number of our common units outstanding since December 31, 2020:

Common units outstanding at December 31, 2020	2,182,308,958
Common unit repurchases under 2019 Buyback Program	(709,816	)
Common units issued in connection with the vesting of phantom unit awards, net	3,553,313
Other	26,148
Common units outstanding at March 31, 2021	2,185,178,603
Common units issued in connection with the vesting of phantom unit awards, net	203,066
Common units outstanding at June 30, 2021	2,185,381,669

Registration Statements

We have a universal shelf registration statement (the “2019 Shelf”) on file with the SEC which allows the Partnership and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively.

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.

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

Common Unit Repurchases Under 2019 Buyback Program

In January 2019, we announced that the Board of Enterprise GP had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. The 2019 Buyback Program authorizes the Partnership to repurchase its common units from time to time, including through open market purchases and negotiated transactions. 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. 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.

Common Units Delivered Under DRIP and EUPP

The Partnership has registration statements on file with the SEC in connection with its distribution reinvestment plan (“DRIP”) and employee unit purchase plan (“EUPP”). In July 2019, the Partnership announced that, beginning with the quarterly distribution payment paid in August 2019, it would use common units purchased on the open market, rather than issuing new common units, to satisfy its delivery obligations under the DRIP and EUPP. 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. 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 August 12, 2021.

Preferred Units

The following table summarizes changes in the number of our Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding since December 31, 2020:

Preferred units outstanding at December 31, 2020			50,138
Paid in-kind distribution to related party			274
Preferred units outstanding at March 31, 2021 and June 30, 2021			50,412

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.

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

Accumulated Other Comprehensive Income (Loss)

The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other			Total
Accumulated Other Comprehensive Income (Loss), December 31, 2020	$	(93.2	)	$	(74.3	)	$	2.3		$	(165.2	)
Other comprehensive income (loss) for period, before reclassifications		(751.6	)		182.9			(0.3	)		(569.0	)
Reclassification of losses to net income during period		516.7			18.8			–			535.5
Total other comprehensive income (loss) for period		(234.9	)		201.7			(0.3	)		(33.5	)
Accumulated Other Comprehensive Income (Loss), June 30, 2021	$	(328.1	)	$	127.4		$	2.0		$	(198.7	)

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other			Total
Accumulated Other Comprehensive Income, December 31, 2019	$	55.1		$	13.9		$	2.4		$	71.4
Other comprehensive income (loss) for period, before reclassifications		396.9			(270.3	)		(0.1	)		126.5
Reclassification of losses (gains) to net income during period		(364.3	)		19.3			–			(345.0	)
Total other comprehensive income (loss) for period		32.6			(251.0	)		(0.1	)		(218.5	)
Accumulated Other Comprehensive Income (Loss), June 30, 2020	$	87.7		$	(237.1	)	$	2.3		$	(147.1	)

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,
Losses (gains) on cash flow hedges:	Location	2021			2020			2021		2020
Interest rate derivatives	Interest expense	$	10.2		$	9.7		$	18.8	$	19.3
Commodity derivatives	Revenue		(99.3	)		(209.8	)		498.1		(364.2	)
Commodity derivatives	Operating costs and expenses		(0.1	)		1.1			18.6		(0.1	)
Total		$	(89.2	)	$	(199.0	)	$	535.5	$	(345.0	)

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

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

The payment of quarterly cash distributions is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and Board approval. In light of current economic conditions, management will evaluate any future increases in cash distributions on a quarterly basis.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Revenues

6 Months Ended

Jun. 30, 2021

Revenues [Abstract]

Revenues

Note 9. Revenues

We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
NGL Pipelines & Services:
Sales of NGLs and related products	$	2,975.8	$	1,934.1	$	5,981.4	$	4,353.3
Segment midstream services:
Natural gas processing and fractionation		251.5		181.9		434.9		370.4
Transportation		235.5		249.9		510.1		514.9
Storage and terminals		124.3		110.4		244.2		205.8
Total segment midstream services		611.3		542.2		1,189.2		1,091.1
Total NGL Pipelines & Services		3,587.1		2,476.3		7,170.6		5,444.4
Crude Oil Pipelines & Services:
Sales of crude oil		2,139.3		1,146.7		3,978.2		2,843.6
Segment midstream services:
Transportation		249.7		195.8		458.5		414.2
Storage and terminals		114.5		120.7		232.3		244.3
Total segment midstream services		364.2		316.5		690.8		658.5
Total Crude Oil Pipelines & Services		2,503.5		1,463.2		4,669.0		3,502.1
Natural Gas Pipelines & Services:
Sales of natural gas		475.6		347.7		1,810.9		746.9
Segment midstream services:
Transportation		233.5		237.5		485.0		508.9
Total segment midstream services		233.5		237.5		485.0		508.9
Total Natural Gas Pipelines & Services		709.1		585.2		2,295.9		1,255.8
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		2,386.9		1,030.0		3,985.8		2,627.5
Segment midstream services:
Fractionation and isomerization		80.1		38.6		133.6		74.4
Transportation, including marine logistics		124.2		115.4		240.9		250.3
Storage and terminals		59.2		42.3		109.6		79.0
Total segment midstream services		263.5		196.3		484.1		403.7
Total Petrochemical & Refined Products Services		2,650.4		1,226.3		4,469.9		3,031.2
Total consolidated revenues	$	9,450.1	$	5,751.0	$	18,605.4	$	13,233.5

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

Unbilled Revenue and Deferred Revenue

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

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	135.4
Total		$	135.4

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	144.9
Deferred revenue (noncurrent)	Other long-term liabilities		227.4
Total		$	372.3

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

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2020	$	18.8		$	343.5
Amount included in opening balance transferred to other accounts during period (1)		(4.5	)		(120.1	)
Amount recorded during period (2)		129.4			456.2
Amounts recorded during period transferred to other accounts (1)		(8.3	)		(300.2	)
Other changes		–			(7.1	)
Balance at June 30, 2021	$	135.4		$	372.3

(1)	Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
(2)	Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.

Remaining Performance Obligations

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.

Period	Fixed Consideration
Six Months Ended December 31, 2021	$	1,986.6
One Year Ended December 31, 2022		3,546.9
One Year Ended December 31, 2023		2,951.2
One Year Ended December 31, 2024		2,769.8
One Year Ended December 31, 2025		2,438.8
Thereafter		10,828.2
Total	$	24,521.5

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Business Segments and Related Information

6 Months Ended

Jun. 30, 2021

Business Segments [Abstract]

Business Segments

Note 10. Business Segments and Related Information

Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold.

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. 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.

The following information summarizes the assets and operations of each business segment:

•	Our NGL Pipelines & Services business segment includes our natural gas processing and related NGL marketing activities, NGL pipelines, NGL fractionation facilities, NGL and related product storage facilities, and NGL marine terminals.

•	Our Crude Oil Pipelines & Services business segment includes our crude oil pipelines, crude oil storage and marine terminals, and related crude oil marketing activities.

•	Our Natural Gas Pipelines & Services business segment includes our natural gas pipeline systems that provide for the gathering, treating and transportation of natural gas. This segment also includes our natural gas marketing activities.

•

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; and (vi) marine transportation business.

Segment Gross Operating Margin

We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. Gross operating margin is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies.

The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Operating income	$	1,492.6		$	1,436.9		$	3,187.1		$	2,944.4
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses (1)		499.1			494.3			995.2			977.1
Asset impairment charges in operating costs and expenses		17.9			11.8			83.4			13.4
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses		0.3			(1.6	)		11.2			(1.5	)
General and administrative costs		51.5			57.0			107.8			112.5
Non-refundable payments received from shippers attributable to make-up rights (2)		22.3			13.0			41.6			29.8
Subsequent recognition of revenues attributable to make-up rights (3)		(38.9	)		(8.5	)		(78.2	)		(15.6	)
Total segment gross operating margin	$	2,044.8		$	2,002.9		$	4,348.1		$	4,060.1

(1)	Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.
(2)	Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
(3)	As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.

Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Gross operating margin by segment:
NGL Pipelines & Services	$	1,097.6	$	968.1	$	2,184.0	$	2,010.1
Crude Oil Pipelines & Services		418.9		634.4		819.1		1,087.3
Natural Gas Pipelines & Services		202.0		208.9		737.2		492.7
Petrochemical & Refined Products Services		326.3		191.5		607.8		470.0
Total segment gross operating margin	$	2,044.8	$	2,002.9	$	4,348.1	$	4,060.1

Summarized Segment Financial Information

Information by business segment, together with reconciliations to amounts presented on, or included in, our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services			Adjustments and Eliminations			Consolidated Total
Revenues from third parties:
Three months ended June 30, 2021	$	3,584.4	$	2,500.3	$	705.6	$	2,650.4		$	–		$	9,440.7
Three months ended June 30, 2020		2,474.7		1,461.3		583.0		1,226.3			–			5,745.3
Six months ended June 30, 2021		7,165.1		4,657.3		2,289.5		4,469.9			–			18,581.8
Six months ended June 30, 2020		5,441.0		3,489.0		1,250.6		3,031.2			–			13,211.8
Revenues from related parties:
Three months ended June 30, 2021		2.7		3.2		3.5		–			–			9.4
Three months ended June 30, 2020		1.6		1.9		2.2		–			–			5.7
Six months ended June 30, 2021		5.5		11.7		6.4		–			–			23.6
Six months ended June 30, 2020		3.4		13.1		5.2		–			–			21.7
Intersegment and intrasegment revenues:
Three months ended June 30, 2021		10,298.2		7,876.5		149.3		6,595.6			(24,919.6	)		–
Three months ended June 30, 2020		5,947.7		4,039.9		92.9		709.7			(10,790.2	)		–
Six months ended June 30, 2021		23,386.8		15,296.6		295.1		12,829.8			(51,808.3	)		–
Six months ended June 30, 2020		11,728.4		11,880.2		208.0		1,517.8			(25,334.4	)		–
Total revenues:
Three months ended June 30, 2021		13,885.3		10,380.0		858.4		9,246.0			(24,919.6	)		9,450.1
Three months ended June 30, 2020		8,424.0		5,503.1		678.1		1,936.0			(10,790.2	)		5,751.0
Six months ended June 30, 2021		30,557.4		19,965.6		2,591.0		17,299.7			(51,808.3	)		18,605.4
Six months ended June 30, 2020		17,172.8		15,382.3		1,463.8		4,549.0			(25,334.4	)		13,233.5
Equity in income (loss) of unconsolidated affiliates:
Three months ended June 30, 2021		28.9		130.1		1.5		0.2			–			160.7
Three months ended June 30, 2020		28.8		84.1		1.3		(0.9	)		–			113.3
Six months ended June 30, 2021		57.0		249.0		2.9		0.7			–			309.6
Six months ended June 30, 2020		61.5		191.4		2.9		(1.7	)		–			254.1

Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Our consolidated revenues reflect the elimination of intercompany transactions. Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base.

Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations		Consolidated Total
Property, plant and equipment, net: (see Note 4)
At June 30, 2021	$	17,229.5	$	6,989.7	$	8,311.2	$	7,553.6	$	2,149.1	$	42,233.1
At December 31, 2020		17,128.3		6,982.6		8,465.8		7,528.4		1,807.7		41,912.8
Investments in unconsolidated affiliates: (see Note 5)
At June 30, 2021		658.4		1,749.4		32.2		2.7		–		2,442.7
At December 31, 2020		671.6		1,723.7		31.4		2.5		–		2,429.2
Intangible assets, net: (see Note 6)
At June 30, 2021		329.4		1,899.7		870.6		130.0		–		3,229.7
At December 31, 2020		334.1		1,936.6		905.0		133.4		–		3,309.1
Goodwill: (see Note 6)
At June 30, 2021		2,651.7		1,841.0		–		956.2		–		5,448.9
At December 31, 2020		2,651.7		1,841.0		–		956.2		–		5,448.9
Segment assets:
At June 30, 2021		20,869.0		12,479.8		9,214.0		8,642.5		2,149.1		53,354.4
At December 31, 2020		20,785.7		12,483.9		9,402.2		8,620.5		1,807.7		53,100.0

Supplemental Revenue and Expense Information

The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2021		2020			2021		2020
Consolidated revenues:
NGL Pipelines & Services	$	3,587.1	$	2,476.3		$	7,170.6	$	5,444.4
Crude Oil Pipelines & Services		2,503.5		1,463.2			4,669.0		3,502.1
Natural Gas Pipelines & Services		709.1		585.2			2,295.9		1,255.8
Petrochemical & Refined Products Services		2,650.4		1,226.3			4,469.9		3,031.2
Total consolidated revenues	$	9,450.1	$	5,751.0		$	18,605.4	$	13,233.5

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	6,840.0	$	3,195.2		$	13,103.0	$	8,018.2
Other operating costs and expenses (1)		701.6		670.7			1,416.9		1,423.5
Depreciation, amortization and accretion		506.9		494.3			1,005.6		977.1
Asset impairment charges		17.9		11.8			83.4		13.4
Net losses (gains) attributable to asset sales		0.3		(1.6	)		11.2		(1.5	)
General and administrative costs		51.5		57.0			107.8		112.5
Total consolidated costs and expenses	$	8,118.2	$	4,427.4		$	15,727.9	$	10,543.2

(1)	Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment charges; 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. 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. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Earnings Per Unit

6 Months Ended

Jun. 30, 2021

Earnings Per Unit [Abstract]

Earnings Per Unit

Note 11. Earnings Per Unit

The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,112.3		$	1,034.7		$	2,452.7		$	2,384.8
Earnings allocated to phantom unit awards (1)		(8.9	)		(7.5	)		(19.9	)		(17.4	)
Net income allocated to common unitholders	$	1,103.4		$	1,027.2		$	2,432.8		$	2,367.4

Basic weighted-average number of common units outstanding		2,185.3			2,185.9			2,184.3			2,187.4

Basic earnings per common unit	$	0.50		$	0.47		$	1.11		$	1.08

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,112.3		$	1,034.7		$	2,452.7		$	2,384.8
Net income attributable to preferred units		1.0			–			1.9			–
Net income attributable to limited partners	$	1,113.3		$	1,034.7		$	2,454.6		$	2,384.8

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,185.3			2,185.9			2,184.3			2,187.4
Phantom units (2)		17.9			16.0			17.7			15.6
Preferred units (2)		2.3			–			2.3			–
Total		2,205.5			2,201.9			2,204.3			2,203.0

Diluted earnings per common unit	$	0.50		$	0.47		$	1.11		$	1.08

(1)	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding the phantom units.
(2)	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. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

Equity-Based Awards

6 Months Ended

Jun. 30, 2021

Equity-based Awards [Abstract]

Equity-based Awards

Note 12. Equity-Based Awards

An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Equity-classified awards:
Phantom unit awards	$	38.0	$	39.6	$	76.0	$	75.8
Profits interest awards		3.0		2.1		4.1		5.0
Liability-classified awards		0.1		–		0.1		–
Total	$	41.1	$	41.7	$	80.2	$	80.8

The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of the Partnership’s common units upon vesting. Compensation expense for liability-classified awards is recognized over the requisite service or vesting period based on the fair value of the award remeasured at each reporting date. Liability-classified awards are settled in cash upon vesting.

Phantom Unit Awards

Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire the Partnership’s common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). The following table presents phantom unit award activity for the period indicated:

	Number of Units			Weighted- Average Grant Date Fair Value per Unit (1)
Phantom unit awards at December 31, 2020		15,669,442		$	26.76
Granted (2)		7,700,645		$	21.30
Vested		(5,417,475	)	$	27.06
Forfeited		(254,633	)	$	24.77
Phantom unit awards at June 30, 2021		17,697,979		$	24.32

(1)	Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2)	The aggregate grant date fair value of phantom unit awards issued during 2021 was $164.0 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $21.44 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.

Each phantom unit award includes a DER, which entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid by the Partnership to its common unitholders. Cash payments made in connection with DERs are charged to partners’ equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed.

The following table presents supplemental information regarding phantom unit awards for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Cash payments made in connection with DERs	$	8.2	$	7.1	$	15.2	$	12.9
Total intrinsic value of phantom unit awards that vested during period		6.4		2.2		119.1		111.4

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

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.

Hedging Activities and Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Hedging Activities and Fair Value Measurements [Abstract]

Hedging Activities and Fair Value Measurements

Note 13. Hedging Activities and Fair Value Measurements

In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities.

Interest Rate Hedging Activities

We may utilize interest rate swaps, forward-starting swaps, options to enter into forward-starting swaps (“swaptions”), and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. This strategy may be used in controlling our overall cost of capital associated with such borrowings.

Forward-Starting Swaps

As a result of favorable market conditions, we terminated an aggregate $675.0 million notional amount of forward-starting swaps in March 2021, which resulted in a net cash payment of $0.1 million. Since the original swaptions associated with these forward-starting swaps were not designated as hedging instruments and were subject to mark-to-market accounting, we previously incurred an unrealized, mark-to-market loss at inception of the forward starting swaps of $47.6 million that was reflected as an increase in interest expense in 2019. Immediately following exercise of the swaptions and our being put into the forward-starting swaps, these instruments were designated as cash flow hedges. For the period from inception through the termination date in March 2021, we recognized cumulative gains on the forward-starting swaps of $47.5 million in accumulated other comprehensive income, of which $45.9 million will be reclassified to earnings (as a decrease in interest expense) over the life of the associated debt obligations. We reclassified $1.6 million of the cumulative gain as a decrease in interest expense in March 2021.

We terminated an additional aggregate $400.0 million notional amount of forward-starting swaps in March 2021 due to favorable market conditions, which resulted in net cash proceeds of $75.3 million. 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.

Commodity Hedging Activities

The prices of natural gas, NGLs, crude oil, petrochemicals and refined products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. 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):

	Volume (1)		Accounting
Derivative Purpose	Current (2)	Long-Term (2)	Treatment
Derivatives designated as hedging instruments:
Natural gas processing:
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))	8.9	n/a	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	9.2	2.5	Cash flow hedge
Natural gas marketing:
Natural gas storage inventory management activities (Bcf)	3.4	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	120.7	2.6	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	131.2	3.0	Cash flow hedge
NGLs inventory management activities (MMBbls)	1.9	n/a	Fair value hedge
Refined products marketing:
Forecasted purchases of refined products (MMBbls)	19.2	n/a	Cash flow hedge
Forecasted sales of refined products (MMBbls)	28.2	n/a	Cash flow hedge
Refined products inventory management activities (MMBbls)	0.8	n/a	Fair value hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	12.2	n/a	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	16.0	n/a	Cash flow hedge
Petrochemical marketing:
Forecasted purchases of petrochemical products (MMBbls)	0.9	n/a	Cash flow hedge
Forecasted sales of petrochemical products (MMBbls)	1.2	n/a	Cash flow hedge
Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	0.1	0.1	Cash flow hedge
Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	10.0	0.3	Mark-to-market
NGL risk management activities (MMBbls) (3)	36.1	20.4	Mark-to-market
Refined products risk management activities (MMBbls) (3)	8.6	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	31.9	3.0	Mark-to-market

(1)	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.
(2)	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.
(3)	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.

Tabular Presentation of Fair Value Amounts, and Gains and Losses on

Derivative Instruments and Related Hedged Items

The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:

	Asset Derivatives						Liability Derivatives
	June 30, 2021			December 31, 2020			June 30, 2021			December 31, 2020
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest rate derivatives	Current assets	$	–	Current assets	$	–	Current liabilities	$	–	Current liabilities	$	109.1
Interest rate derivatives	Other assets		–	Other assets		12.4	Other liabilities		–	Other liabilities		11.0
Total interest rate derivatives			–			12.4			–			120.1
Commodity derivatives	Current assets		508.8	Current assets		210.5	Current liabilities		570.7	Current liabilities		234.0
Commodity derivatives	Other assets		7.2	Other assets		0.4	Other liabilities		17.0	Other liabilities		6.1
Total commodity derivatives			516.0			210.9			587.7			240.1
Total derivatives designated as hedging instruments		$	516.0		$	223.3		$	587.7		$	360.2

Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	43.5	Current assets	$	18.1	Current liabilities	$	37.3	Current liabilities	$	6.1
Commodity derivatives	Other assets		6.6	Other assets		0.2	Other liabilities		6.7	Other liabilities		0.1
Total commodity derivatives			50.1			18.3			44.0			6.2
Total derivatives not designated as hedging instruments		$	50.1		$	18.3		$	44.0		$	6.2

Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated:

	Offsetting of Financial Assets and Derivative Assets
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Gross Amounts Not Offset in the Balance Sheet								Amounts That Would Have Been Presented On Net Basis
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received		Cash Collateral Paid		Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)								(v) = (iii) + (iv)
As of June 30, 2021:
Commodity derivatives		$	566.1		$	–		$	566.1		$	(563.8	)	$	–	$	–		$	2.3
As of December 31, 2020:
Interest rate derivatives		$	12.4		$	–		$	12.4		$	–		$	–	$	–		$	12.4
Commodity derivatives			229.2			–			229.2			(228.5	)		–		–			0.7

	Offsetting of Financial Liabilities and Derivative Liabilities
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Gross Amounts Not Offset in the Balance Sheet									Amounts That Would Have Been Presented On Net Basis
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received		Cash Collateral Paid			Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)									(v) = (iii) + (iv)
As of June 30, 2021:
Commodity derivatives		$	631.7		$	–		$	631.7		$	(563.8	)	$	–	$	(67.0	)		$	0.9
As of December 31, 2020:
Interest rate derivatives		$	120.1		$	–		$	120.1		$	–		$	–	$	–			$	120.1
Commodity derivatives			246.3			–			246.3			(228.5	)		–		(17.3	)			0.5

Derivative assets and liabilities recorded on our Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. The tabular presentation above provides a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in these tables, but only to the extent that it represents variation margins. Any amounts associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from these tables.

The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2021			2020			2021			2020
Commodity derivatives	Revenue	$	(67.1	)	$	(63.7	)	$	(187.1	)	$	(49.3	)
Total		$	(67.1	)	$	(63.7	)	$	(187.1	)	$	(49.3	)

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Hedged Item
		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2021		2020		2021		2020
Commodity derivatives	Revenue	$	38.8	$	126.7	$	208.5	$	117.3
Total		$	38.8	$	126.7	$	208.5	$	117.3

The gain (loss) corresponding to the hedge ineffectiveness on the fair value hedges was negligible for all periods presented. The remaining gain (loss) for each period presented is primarily attributable to prompt-to-forward month price differentials that were excluded from the assessment of hedge effectiveness.

The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:

Derivatives in Cash Flow Hedging Relationships	Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Interest rate derivatives	$	–		$	7.8		$	182.9		$	(270.3	)
Commodity derivatives – Revenue (1)		(290.5	)		(75.9	)		(732.7	)		401.9
Commodity derivatives – Operating costs and expenses (1)		0.1			(2.3	)		(18.9	)		(5.0	)
Total	$	(290.4	)	$	(70.4	)	$	(568.7	)	$	126.6

(1)	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.

Derivatives in Cash Flow Hedging Relationships	Location	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income
		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2021			2020			2021			2020
Interest rate derivatives	Interest expense	$	(10.2	)	$	(9.7	)	$	(18.8	)	$	(19.3	)
Commodity derivatives	Revenue		99.3			209.8			(498.1	)		364.2
Commodity derivatives	Operating costs and expenses		0.1			(1.1	)		(18.6	)		0.1
Total		$	89.2		$	199.0		$	(535.5	)	$	345.0

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 $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:

Derivatives Not Designated as Hedging Instruments	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended June 30,					For the Six Months Ended June 30,
		2021			2020		2021		2020
Commodity derivatives	Revenue	$	79.5		$	45.7	$	36.4	$	98.7
Commodity derivatives	Operating costs and expenses		(0.9	)		0.9		–		0.8
Total		$	78.6		$	46.6	$	36.4	$	99.5

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

The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment.

The values for commodity derivatives are presented before and after the application of Chicago Mercantile Exchange (“CME”) Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis.

	At June 30, 2021 Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Financial assets:
Commodity derivatives:
Value before application of CME Rule 814	$	561.8		$	1,810.1		$	0.4	$	2,372.3
Impact of CME Rule 814		(561.8	)		(1,244.4	)		–		(1,806.2	)
Total commodity derivatives		–			565.7			0.4		566.1
Total	$	–		$	565.7		$	0.4	$	566.1

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	1,047.5		$	1,887.1		$	0.4	$	2,935.0
Impact of CME Rule 814		(1,047.5	)		(1,255.8	)		–		(2,303.3	)
Total commodity derivatives		–			631.3			0.4		631.7
Total	$	–		$	631.3		$	0.4	$	631.7

	At December 31, 2020 Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Financial assets:
Interest rate derivatives	$	–		$	12.4		$	–		$	12.4
Commodity derivatives:
Value before application of CME Rule 814		678.6			878.6			12.9			1,570.1
Impact of CME Rule 814		(678.6	)		(650.4	)		(11.9	)		(1,340.9	)
Total commodity derivatives		–			228.2			1.0			229.2
Total	$	–		$	240.6		$	1.0		$	241.6

Financial liabilities:
Interest rate derivatives	$	–		$	120.1		$	–		$	120.1
Commodity derivatives:
Value before application of CME Rule 814		1,065.6			1,047.4			25.9			2,138.9
Impact of CME Rule 814		(1,065.6	)		(807.3	)		(19.7	)		(1,892.6	)
Total commodity derivatives		–			240.1			6.2			246.3
Total	$	–		$	360.2		$	6.2		$	366.4

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 during the six months ended June 30, 2021 or 2020.

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

Other Fair Value Information

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. 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. Changes in market rates of interest affect the fair value of our fixed-rate debt. The carrying values of our variable-rate long-term debt obligations approximate their fair values since the associated interest rates are market-based. We do not have any long-term investments in debt or equity securities recorded at fair value.

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

Note 14. Related Party Transactions

The following table summarizes our related party transactions for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Revenues – related parties:
Unconsolidated affiliates	$	9.4	$	5.7	$	23.6	$	21.7
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	282.5	$	277.1	$	574.7	$	563.1
Unconsolidated affiliates		50.5		62.6		117.2		134.1
Total	$	333.0	$	339.7	$	691.9	$	697.2

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

	June 30, 2021		December 31, 2020
Accounts receivable - related parties:
EPCO and its privately held affiliates	$	2.3	$	1.9
Unconsolidated affiliates		5.5		3.7
Total	$	7.8	$	5.6

Accounts payable - related parties:
EPCO and its privately held affiliates	$	94.3	$	139.6
Unconsolidated affiliates		2.7		9.9
Total	$	97.0	$	149.5

We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties.

Relationship with EPCO and Affiliates

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:

Total Number of Limited Partner Interests Held	Percentage of Common Units Outstanding
702,141,725 common units	32.1%

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. An event of default, followed by a foreclosure on the pledged collateral, could ultimately result in a change in ownership of these units and affect the market price of the Partnership’s common units.

The Partnership and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. 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.

We have no employees. All of our administrative and operating functions are provided either by employees of EPCO (pursuant to the ASA) or by other service providers. We and our general partner are parties to the ASA. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Operating costs and expenses	$	247.1	$	241.9	$	501.8	$	493.1
General and administrative expenses		31.4		32.0		64.6		62.5
Total costs and expenses	$	278.5	$	273.9	$	566.4	$	555.6

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.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Taxes [Abstract]

Income Taxes

Note 15. Income Taxes

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,
	2021			2020			2021			2020
Deferred tax benefit (expense) attributable to OTA Holdings, Inc. (“OTA”)	$	(7.0	)	$	(50.5	)	$	(13.3	)	$	136.7
Revised Texas Franchise Tax (“Texas Margin Tax”)		(24.1	)		(7.0	)		(27.4	)		(14.7	)
Other		(0.1	)		(2.2	)		(0.5	)		(2.5	)
Benefit from (provision for) income taxes	$	(31.2	)	$	(59.7	)	$	(41.2	)	$	119.5

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Current portion of income tax benefit (provision):
Federal	$	(0.2	)	$	(2.2	)	$	0.6		$	(2.3	)
State		(11.5	)		(4.1	)		(16.6	)		(8.7	)
Foreign		–			–			(1.1	)		(0.2	)
Total current portion		(11.7	)		(6.3	)		(17.1	)		(11.2	)
Deferred portion of income tax benefit (provision):
Federal		(6.3	)		(46.4	)		(12.2	)		126.4
State		(13.2	)		(7.0	)		(11.9	)		4.3
Foreign		–			–			–			–
Total deferred portion		(19.5	)		(53.4	)		(24.1	)		130.7
Total benefit from (provision for) income taxes	$	(31.2	)	$	(59.7	)	$	(41.2	)	$	119.5

A reconciliation of the benefit from (provision for) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Pre-Tax Net Book Income (“NBI”)	$	1,177.2		$	1,120.5		$	2,549.8		$	2,316.3

Texas Margin Tax (1)		(24.1	)		(7.0	)		(27.4	)		(14.7	)
State income tax benefit (provision), net of federal benefit (2)		(0.3	)		(3.2	)		(0.9	)		8.1
Federal income tax benefit (provision) computed by applying the federal statutory rate to NBI of corporate entities		(3.4	)		(49.5	)		(6.5	)		58.3
Federal benefit attributable to settlement of Liquidity Option Agreement (2)		–			–			–			67.8
Valuation allowance on deferred tax assets (3)		(3.4	)		–			(6.2	)		–
Other		–			–			(0.2	)		–
Benefit from (provision for) income taxes	$	(31.2	)	$	(59.7	)	$	(41.2	)	$	119.5

Effective income tax rate		(2.7	)%		(5.3	)%		(1.6	)%		5.2	%

(1)	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.
(2)	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.
(3)	Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable; therefore, we have provided for a valuation allowance.

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

	June 30,		December 31,
	2021		2020
Deferred tax liabilities:
Attributable to investment in OTA	$	369.9	$	356.6
Attributable to property, plant and equipment		117.8		106.4
Attributable to investments in other entities		4.2		4.1
Other		13.5		–
Total deferred tax liabilities		505.4		467.1
Less deferred tax assets:
Net operating loss carryovers (1)		6.3		0.1
Temporary differences related to Texas Margin Tax		3.0		2.3
Total deferred tax assets		9.3		2.4
Total net deferred tax liabilities before valuation allowance		496.1		464.7
Less: Valuation allowance on deferred tax assets		6.2		–
Total net deferred tax liabilities	$	502.3	$	464.7

(1)	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.

OTA Deferred Tax Liability

On March 5, 2020, the Partnership settled its obligations under a put option agreement (the “Liquidity Option Agreement” or “Liquidity Option”) with OTA and Marquard & Bahls AG, and became the owner of OTA and indirectly assumed its deferred tax liability, which reflects OTA’s outside basis difference in the limited partner interests it received from the Partnership in October 2014. Upon settlement of the Liquidity Option, the Liquidity Option liability recorded by the Partnership was effectively replaced by the deferred tax liability of OTA calculated in accordance with ASC 740, Income Taxes.

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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 16. Commitments and Contingent Liabilities

Litigation

As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. 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.

PDH Litigation

In July 2013, we executed a contract with Foster Wheeler USA Corporation (“Foster Wheeler”) pursuant to which Foster Wheeler was to serve as the general contractor responsible for the engineering, procurement, construction and installation of our first propane dehydrogenation facility (“PDH 1”). In November 2014, Foster Wheeler was acquired by an affiliate of AMEC plc to form Amec Foster Wheeler plc, and Foster Wheeler is now known as Amec Foster Wheeler USA Corporation (“AFW”). In December 2015, Enterprise and AFW entered into a transition services agreement under which AFW was partially terminated from the PDH 1 project. In December 2015, Enterprise engaged a second contractor, Optimized Process Designs LLC, to complete the construction and installation of PDH 1.

On September 2, 2016, we terminated AFW for cause and filed a lawsuit in the 151st Judicial Civil District Court of Harris County, Texas against AFW and its parent company, Amec Foster Wheeler plc, asserting claims for breach of contract, breach of warranty, fraudulent inducement, string-along fraud, gross negligence, professional negligence, negligent misrepresentation and attorneys’ fees. We intend to diligently prosecute these claims and seek all direct, consequential, and exemplary damages to which we may be entitled.

Contractual Obligations

Scheduled Maturities of Debt

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

Lease Accounting Matters

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:

Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Storage and pipeline facilities	$	121.8	$	122.2	15 years	4.3%
Transportation equipment		27.5		29.6	2 years	3.3%
Office and warehouse space		169.0		189.5	15 years	3.2%
Total	$	318.3	$	341.3

(1)	Right-of-use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
(2)	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.
(3)	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). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.

The following table disaggregates our total operating lease expense for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	9.3	$	9.8	$	18.6	$	19.8
Related accretion expense on lease liability balances		3.0		3.3		6.1		6.7
Total fixed lease expense		12.3		13.1		24.7		26.5
Variable lease expense		0.2		0.1		0.6		0.3
Subtotal operating lease expense		12.5		13.2		25.3		26.8
Short-term operating leases		12.9		11.8		26.4		25.0
Total operating lease expense	$	25.4	$	25.0	$	51.7	$	51.8

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 $20.95 billion at June 30, 2021 primarily due to an increase in crude oil and NGL prices between the two reporting dates.

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 17. Supplemental Cash Flow Information

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,
	2021			2020
Decrease (increase) in:
Accounts receivable – trade	$	(688.9	)	$	2,077.0
Accounts receivable – related parties		(1.8	)		(0.1	)
Inventories		243.5			161.4
Prepaid and other current assets		200.0			906.2
Other assets		70.4			87.7
Increase (decrease) in:
Accounts payable – trade		150.4			81.9
Accounts payable – related parties		(52.6	)		(73.1	)
Accrued product payables		1,245.8			(2,119.4	)
Accrued interest		(12.5	)		30.0
Other current liabilities		(726.3	)		(1,142.3	)
Other liabilities		(28.8	)		(98.3	)
Net effect of changes in operating accounts	$	399.2		$	(89.0	)

Cash payments for interest, net of $40.8 and $62.4 capitalized during the six months ended June 30, 2021 and 2020, respectively	$	624.0		$	577.5

Cash payments for federal and state income taxes	$	17.1		$	0.9

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 $11.3 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.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Allowance for Credit Losses

The following table presents our allowance for credit losses activity since December 31, 2020:

Allowance for credit losses, December 31, 2020	$	46.5
Charged to costs and expenses		2.3
Charged to other accounts		4.4
Deductions		(3.2	)
Allowance for credit losses, June 30, 2021	$	50.0

Cash, Cash Equivalents and Restricted Cash

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	404.5	$	1,059.9
Restricted cash		206.5		98.2
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	611.0	$	1,158.1

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Allowance for Credit Losses

The following table presents our allowance for credit losses activity since December 31, 2020:

Allowance for credit losses, December 31, 2020	$	46.5
Charged to costs and expenses		2.3
Charged to other accounts		4.4
Deductions		(3.2	)
Allowance for credit losses, June 30, 2021	$	50.0

Cash, Cash Equivalents and Restricted Cash

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	404.5	$	1,059.9
Restricted cash		206.5		98.2
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	611.0	$	1,158.1

Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventories [Abstract]

Inventory Amounts by Product Type

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

	June 30, 2021		December 31, 2020
NGLs	$	1,725.9	$	1,888.1
Petrochemicals and refined products		956.1		642.6
Crude oil		642.8		758.1
Natural gas		22.0		14.7
Total	$	3,346.8	$	3,303.5

Cost of Sales and Lower of Cost or Market Adjustments

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Cost of sales (1)		$	6,840.0		$	3,195.2		$	13,103.0		$	8,018.2
Lower of cost or net realizable value adjustments recognized in cost of sales			2.9			13.2			12.9			51.2

(1)	Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment and Accumulated Depreciation

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

	Estimated Useful Life in Years			June 30, 2021		December 31, 2020
Plants, pipelines and facilities (1)		3-45	(5)	$	50,419.7	$	49,972.8
Underground and other storage facilities (2)		5-40	(6)		4,240.9		4,207.5
Transportation equipment (3)		3-10			209.4		204.9
Marine vessels (4)		15-30			930.0		932.7
Land					383.0		371.9
Construction in progress					2,149.1		1,807.7
Subtotal					58,332.1		57,497.5
Less accumulated depreciation					16,191.5		15,584.7
Subtotal property, plant and equipment, net					42,140.6		41,912.8
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)					92.5		–
Property, plant and equipment, net				$	42,233.1	$	41,912.8

(1)	Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
(2)	Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3)	Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(4)	Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(5)	In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
(6)	In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
(7)	For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected amortization period for these costs is 2.9 years.

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,
	2021		2020		2021		2020
Depreciation expense (1)	$	424.0	$	418.7	$	847.7	$	830.9
Accretion expense (1)		2.1		8.4		3.8		10.2
Capitalized interest (2)		21.2		31.9		40.8		62.4

(1)

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.

(2)

AROs

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

ARO liability balance, December 31, 2020	$	149.5
Liabilities incurred (1)		6.2
Revisions in estimated cash flows (2)		4.0
Liabilities settled (3)		(0.3	)
Accretion expense (4)		3.8
ARO liability balance, June 30, 2021	$	163.2

(1)	Represents the initial recognition of estimated ARO liabilities during period.
(2)	Represents subsequent adjustments to estimated ARO liabilities during period.
(3)	Represents cash payments to settle ARO liabilities during period.
(4)	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.

Investments in Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2021

Investments in Unconsolidated Affiliates [Abstract]

Investments in Unconsolidated Affiliates

The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.

	June 30, 2021		December 31, 2020
NGL Pipelines & Services	$	658.4	$	671.6
Crude Oil Pipelines & Services		1,749.4		1,723.7
Natural Gas Pipelines & Services		32.2		31.4
Petrochemical & Refined Products Services		2.7		2.5
Total	$	2,442.7	$	2,429.2

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

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2021		2020			2021		2020
NGL Pipelines & Services	$	28.9	$	28.8		$	57.0	$	61.5
Crude Oil Pipelines & Services		130.1		84.1			249.0		191.4
Natural Gas Pipelines & Services		1.5		1.3			2.9		2.9
Petrochemical & Refined Products Services		0.2		(0.9	)		0.7		(1.7	)
Total	$	160.7	$	113.3		$	309.6	$	254.1

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2021

Intangible Assets and Goodwill [Abstract]

Intangible Assets by Segment

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

	June 30, 2021							December 31, 2020
	Gross Value		Accumulated Amortization			Carrying Value		Gross Value		Accumulated Amortization			Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	447.8	$	(227.9	)	$	219.9	$	447.8	$	(221.3	)	$	226.5
Contract-based intangibles		166.0		(56.5	)		109.5		162.6		(55.0	)		107.6
Segment total		613.8		(284.4	)		329.4		610.4		(276.3	)		334.1
Crude Oil Pipelines & Services:
Customer relationship intangibles		2,195.0		(322.1	)		1,872.9		2,195.0		(291.6	)		1,903.4
Contract-based intangibles		283.1		(256.3	)		26.8		283.1		(249.9	)		33.2
Segment total		2,478.1		(578.4	)		1,899.7		2,478.1		(541.5	)		1,936.6
Natural Gas Pipelines & Services:
Customer relationship intangibles		1,350.3		(530.6	)		819.7		1,350.3		(512.2	)		838.1
Contract-based intangibles		231.1		(180.2	)		50.9		470.7		(403.8	)		66.9
Segment total		1,581.4		(710.8	)		870.6		1,821.0		(916.0	)		905.0
Petrochemical & Refined Products Services:
Customer relationship intangibles		181.4		(71.1	)		110.3		181.4		(68.3	)		113.1
Contract-based intangibles		44.9		(25.2	)		19.7		44.9		(24.6	)		20.3
Segment total		226.3		(96.3	)		130.0		226.3		(92.9	)		133.4
Total intangible assets	$	4,899.6	$	(1,669.9	)	$	3,229.7	$	5,135.8	$	(1,826.7	)	$	3,309.1

Amortization Expense of Intangible Assets by Segment

The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
NGL Pipelines & Services	$	6.1	$	6.3	$	12.1	$	12.8
Crude Oil Pipelines & Services		19.1		18.8		36.9		39.7
Natural Gas Pipelines & Services		10.6		9.6		21.2		19.8
Petrochemical & Refined Products Services		1.7		1.9		3.4		3.9
Total	$	37.5	$	36.6	$	73.6	$	76.2

Forecasted Amortization Expense

The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:

Remainder of 2021				2022				2023				2024				2025
$	73.0			$	160.3			$	168.1			$	164.4			$	162.9

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2021

Debt Obligations [Abstract]

Consolidated Debt Obligations

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

	June 30, 2021			December 31, 2020
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	–		$	–
Senior Notes TT, 2.80% fixed-rate, due February 2021		–			750.0
Senior Notes RR, 2.85% fixed-rate, due April 2021		–			575.0
September 2020 364-Day Revolving Credit Agreement, variable-rate, due September 2021		–			–
Senior Notes VV, 3.50% fixed-rate, due February 2022		750.0			750.0
Senior Notes CC, 4.05% fixed-rate, due February 2022		650.0			650.0
Senior Notes HH, 3.35% fixed-rate, due March 2023		1,250.0			1,250.0
Senior Notes JJ, 3.90% fixed-rate, due February 2024		850.0			850.0
Multi-Year Revolving Credit Agreement, variable-rate, due September 2024		–			–
Senior Notes MM, 3.75% fixed-rate, due February 2025		1,150.0			1,150.0
Senior Notes PP, 3.70% fixed-rate, due February 2026		875.0			875.0
Senior Notes SS, 3.95% fixed-rate, due February 2027		575.0			575.0
Senior Notes WW, 4.15% fixed-rate, due October 2028		1,000.0			1,000.0
Senior Notes YY, 3.125% fixed-rate, due July 2029		1,250.0			1,250.0
Senior Notes AAA, 2.80% fixed-rate, due January 2030		1,250.0			1,250.0
Senior Notes D, 6.875% fixed-rate, due March 2033		500.0			500.0
Senior Notes H, 6.65% fixed-rate, due October 2034		350.0			350.0
Senior Notes J, 5.75% fixed-rate, due March 2035		250.0			250.0
Senior Notes W, 7.55% fixed-rate, due April 2038		399.6			399.6
Senior Notes R, 6.125% fixed-rate, due October 2039		600.0			600.0
Senior Notes Z, 6.45% fixed-rate, due September 2040		600.0			600.0
Senior Notes BB, 5.95% fixed-rate, due February 2041		750.0			750.0
Senior Notes DD, 5.70% fixed-rate, due February 2042		600.0			600.0
Senior Notes EE, 4.85% fixed-rate, due August 2042		750.0			750.0
Senior Notes GG, 4.45% fixed-rate, due February 2043		1,100.0			1,100.0
Senior Notes II, 4.85% fixed-rate, due March 2044		1,400.0			1,400.0
Senior Notes KK, 5.10% fixed-rate, due February 2045		1,150.0			1,150.0
Senior Notes QQ, 4.90% fixed-rate, due May 2046		975.0			975.0
Senior Notes UU, 4.25% fixed-rate, due February 2048		1,250.0			1,250.0
Senior Notes XX, 4.80% fixed-rate, due February 2049		1,250.0			1,250.0
Senior Notes ZZ, 4.20% fixed-rate, due January 2050		1,250.0			1,250.0
Senior Notes BBB, 3.70% fixed-rate, due January 2051		1,000.0			1,000.0
Senior Notes DDD, 3.20% fixed-rate, due February 2052		1,000.0			1,000.0
Senior Notes NN, 4.95% fixed-rate, due October 2054		400.0			400.0
Senior Notes CCC, 3.95% fixed rate, due January 2060		1,000.0			1,000.0
TEPPCO senior debt obligations:
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038		0.4			0.4
Total principal amount of senior debt obligations		26,175.0			27,500.0
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1)		232.2			232.2
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2)		700.0			700.0
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3)		1,000.0			1,000.0
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4)		700.0			700.0
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1)		14.2			14.2
Total principal amount of senior and junior debt obligations		28,821.4			30,146.4
Other, non-principal amounts		(273.9	)		(280.7	)
Less current maturities of debt		(1,398.9	)		(1,325.0	)
Total long-term debt	$	27,148.6		$	28,540.7

(1)	Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate ("LIBOR"), plus 2.778%.
(2)	Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%.
(3)	Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%.
(4)	Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%.

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 Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	0.15% to 0.25%	0.21%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes	2.91% to 3.00%	2.97%

Consolidated Debt Maturities

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
	Total			Remainder of 2021			2022			2023			2024			2025			Thereafter
Senior Notes		$	26,175.0		$	–		$	1,400.0		$	1,250.0		$	850.0		$	1,150.0		$	21,525.0
Junior Subordinated Notes			2,646.4			–			–			–			–			–			2,646.4
Total		$	28,821.4		$	–		$	1,400.0		$	1,250.0		$	850.0		$	1,150.0		$	24,171.4

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 235
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Capital Accounts (Tables)

6 Months Ended

Jun. 30, 2021

Capital Accounts [Abstract]

Summary of Changes in Outstanding Units

The following table summarizes changes in the number of our common units outstanding since December 31, 2020:

Common units outstanding at December 31, 2020	2,182,308,958
Common unit repurchases under 2019 Buyback Program	(709,816	)
Common units issued in connection with the vesting of phantom unit awards, net	3,553,313
Other	26,148
Common units outstanding at March 31, 2021	2,185,178,603
Common units issued in connection with the vesting of phantom unit awards, net	203,066
Common units outstanding at June 30, 2021	2,185,381,669

The following table summarizes changes in the number of our Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding since December 31, 2020:

Preferred units outstanding at December 31, 2020			50,138
Paid in-kind distribution to related party			274
Preferred units outstanding at March 31, 2021 and June 30, 2021			50,412

Components of Accumulated Other Comprehensive Income (Loss)

The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other			Total
Accumulated Other Comprehensive Income (Loss), December 31, 2020	$	(93.2	)	$	(74.3	)	$	2.3		$	(165.2	)
Other comprehensive income (loss) for period, before reclassifications		(751.6	)		182.9			(0.3	)		(569.0	)
Reclassification of losses to net income during period		516.7			18.8			–			535.5
Total other comprehensive income (loss) for period		(234.9	)		201.7			(0.3	)		(33.5	)
Accumulated Other Comprehensive Income (Loss), June 30, 2021	$	(328.1	)	$	127.4		$	2.0		$	(198.7	)

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other			Total
Accumulated Other Comprehensive Income, December 31, 2019	$	55.1		$	13.9		$	2.4		$	71.4
Other comprehensive income (loss) for period, before reclassifications		396.9			(270.3	)		(0.1	)		126.5
Reclassification of losses (gains) to net income during period		(364.3	)		19.3			–			(345.0	)
Total other comprehensive income (loss) for period		32.6			(251.0	)		(0.1	)		(218.5	)
Accumulated Other Comprehensive Income (Loss), June 30, 2020	$	87.7		$	(237.1	)	$	2.3		$	(147.1	)

Reclassification out of Accumulated Other Comprehensive Income (Loss)

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,
Losses (gains) on cash flow hedges:	Location	2021			2020			2021		2020
Interest rate derivatives	Interest expense	$	10.2		$	9.7		$	18.8	$	19.3
Commodity derivatives	Revenue		(99.3	)		(209.8	)		498.1		(364.2	)
Commodity derivatives	Operating costs and expenses		(0.1	)		1.1			18.6		(0.1	)
Total		$	(89.2	)	$	(199.0	)	$	535.5	$	(345.0	)

Revenues (Tables)

6 Months Ended

Jun. 30, 2021

Revenues [Abstract]

Revenues by Business Segment and Revenue Type

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
NGL Pipelines & Services:
Sales of NGLs and related products	$	2,975.8	$	1,934.1	$	5,981.4	$	4,353.3
Segment midstream services:
Natural gas processing and fractionation		251.5		181.9		434.9		370.4
Transportation		235.5		249.9		510.1		514.9
Storage and terminals		124.3		110.4		244.2		205.8
Total segment midstream services		611.3		542.2		1,189.2		1,091.1
Total NGL Pipelines & Services		3,587.1		2,476.3		7,170.6		5,444.4
Crude Oil Pipelines & Services:
Sales of crude oil		2,139.3		1,146.7		3,978.2		2,843.6
Segment midstream services:
Transportation		249.7		195.8		458.5		414.2
Storage and terminals		114.5		120.7		232.3		244.3
Total segment midstream services		364.2		316.5		690.8		658.5
Total Crude Oil Pipelines & Services		2,503.5		1,463.2		4,669.0		3,502.1
Natural Gas Pipelines & Services:
Sales of natural gas		475.6		347.7		1,810.9		746.9
Segment midstream services:
Transportation		233.5		237.5		485.0		508.9
Total segment midstream services		233.5		237.5		485.0		508.9
Total Natural Gas Pipelines & Services		709.1		585.2		2,295.9		1,255.8
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		2,386.9		1,030.0		3,985.8		2,627.5
Segment midstream services:
Fractionation and isomerization		80.1		38.6		133.6		74.4
Transportation, including marine logistics		124.2		115.4		240.9		250.3
Storage and terminals		59.2		42.3		109.6		79.0
Total segment midstream services		263.5		196.3		484.1		403.7
Total Petrochemical & Refined Products Services		2,650.4		1,226.3		4,469.9		3,031.2
Total consolidated revenues	$	9,450.1	$	5,751.0	$	18,605.4	$	13,233.5

Unbilled Revenue and Deferred Revenue

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

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	135.4
Total		$	135.4

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	144.9
Deferred revenue (noncurrent)	Other long-term liabilities		227.4
Total		$	372.3

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

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2020	$	18.8		$	343.5
Amount included in opening balance transferred to other accounts during period (1)		(4.5	)		(120.1	)
Amount recorded during period (2)		129.4			456.2
Amounts recorded during period transferred to other accounts (1)		(8.3	)		(300.2	)
Other changes		–			(7.1	)
Balance at June 30, 2021	$	135.4		$	372.3

(1)	Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
(2)	Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.

Remaining Performance Obligations

Period	Fixed Consideration
Six Months Ended December 31, 2021	$	1,986.6
One Year Ended December 31, 2022		3,546.9
One Year Ended December 31, 2023		2,951.2
One Year Ended December 31, 2024		2,769.8
One Year Ended December 31, 2025		2,438.8
Thereafter		10,828.2
Total	$	24,521.5

Business Segments and Related Information (Tables)

6 Months Ended

Jun. 30, 2021

Business Segments [Abstract]

Measurement of Total Segment Gross Operating Margin

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Operating income	$	1,492.6		$	1,436.9		$	3,187.1		$	2,944.4
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses (1)		499.1			494.3			995.2			977.1
Asset impairment charges in operating costs and expenses		17.9			11.8			83.4			13.4
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses		0.3			(1.6	)		11.2			(1.5	)
General and administrative costs		51.5			57.0			107.8			112.5
Non-refundable payments received from shippers attributable to make-up rights (2)		22.3			13.0			41.6			29.8
Subsequent recognition of revenues attributable to make-up rights (3)		(38.9	)		(8.5	)		(78.2	)		(15.6	)
Total segment gross operating margin	$	2,044.8		$	2,002.9		$	4,348.1		$	4,060.1

(1)	Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.
(2)	Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
(3)	As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.

Information by Business Segments

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Gross operating margin by segment:
NGL Pipelines & Services	$	1,097.6	$	968.1	$	2,184.0	$	2,010.1
Crude Oil Pipelines & Services		418.9		634.4		819.1		1,087.3
Natural Gas Pipelines & Services		202.0		208.9		737.2		492.7
Petrochemical & Refined Products Services		326.3		191.5		607.8		470.0
Total segment gross operating margin	$	2,044.8	$	2,002.9	$	4,348.1	$	4,060.1

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services			Adjustments and Eliminations			Consolidated Total
Revenues from third parties:
Three months ended June 30, 2021	$	3,584.4	$	2,500.3	$	705.6	$	2,650.4		$	–		$	9,440.7
Three months ended June 30, 2020		2,474.7		1,461.3		583.0		1,226.3			–			5,745.3
Six months ended June 30, 2021		7,165.1		4,657.3		2,289.5		4,469.9			–			18,581.8
Six months ended June 30, 2020		5,441.0		3,489.0		1,250.6		3,031.2			–			13,211.8
Revenues from related parties:
Three months ended June 30, 2021		2.7		3.2		3.5		–			–			9.4
Three months ended June 30, 2020		1.6		1.9		2.2		–			–			5.7
Six months ended June 30, 2021		5.5		11.7		6.4		–			–			23.6
Six months ended June 30, 2020		3.4		13.1		5.2		–			–			21.7
Intersegment and intrasegment revenues:
Three months ended June 30, 2021		10,298.2		7,876.5		149.3		6,595.6			(24,919.6	)		–
Three months ended June 30, 2020		5,947.7		4,039.9		92.9		709.7			(10,790.2	)		–
Six months ended June 30, 2021		23,386.8		15,296.6		295.1		12,829.8			(51,808.3	)		–
Six months ended June 30, 2020		11,728.4		11,880.2		208.0		1,517.8			(25,334.4	)		–
Total revenues:
Three months ended June 30, 2021		13,885.3		10,380.0		858.4		9,246.0			(24,919.6	)		9,450.1
Three months ended June 30, 2020		8,424.0		5,503.1		678.1		1,936.0			(10,790.2	)		5,751.0
Six months ended June 30, 2021		30,557.4		19,965.6		2,591.0		17,299.7			(51,808.3	)		18,605.4
Six months ended June 30, 2020		17,172.8		15,382.3		1,463.8		4,549.0			(25,334.4	)		13,233.5
Equity in income (loss) of unconsolidated affiliates:
Three months ended June 30, 2021		28.9		130.1		1.5		0.2			–			160.7
Three months ended June 30, 2020		28.8		84.1		1.3		(0.9	)		–			113.3
Six months ended June 30, 2021		57.0		249.0		2.9		0.7			–			309.6
Six months ended June 30, 2020		61.5		191.4		2.9		(1.7	)		–			254.1

Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations		Consolidated Total
Property, plant and equipment, net: (see Note 4)
At June 30, 2021	$	17,229.5	$	6,989.7	$	8,311.2	$	7,553.6	$	2,149.1	$	42,233.1
At December 31, 2020		17,128.3		6,982.6		8,465.8		7,528.4		1,807.7		41,912.8
Investments in unconsolidated affiliates: (see Note 5)
At June 30, 2021		658.4		1,749.4		32.2		2.7		–		2,442.7
At December 31, 2020		671.6		1,723.7		31.4		2.5		–		2,429.2
Intangible assets, net: (see Note 6)
At June 30, 2021		329.4		1,899.7		870.6		130.0		–		3,229.7
At December 31, 2020		334.1		1,936.6		905.0		133.4		–		3,309.1
Goodwill: (see Note 6)
At June 30, 2021		2,651.7		1,841.0		–		956.2		–		5,448.9
At December 31, 2020		2,651.7		1,841.0		–		956.2		–		5,448.9
Segment assets:
At June 30, 2021		20,869.0		12,479.8		9,214.0		8,642.5		2,149.1		53,354.4
At December 31, 2020		20,785.7		12,483.9		9,402.2		8,620.5		1,807.7		53,100.0

Consolidated Revenues and Expenses

The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2021		2020			2021		2020
Consolidated revenues:
NGL Pipelines & Services	$	3,587.1	$	2,476.3		$	7,170.6	$	5,444.4
Crude Oil Pipelines & Services		2,503.5		1,463.2			4,669.0		3,502.1
Natural Gas Pipelines & Services		709.1		585.2			2,295.9		1,255.8
Petrochemical & Refined Products Services		2,650.4		1,226.3			4,469.9		3,031.2
Total consolidated revenues	$	9,450.1	$	5,751.0		$	18,605.4	$	13,233.5

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	6,840.0	$	3,195.2		$	13,103.0	$	8,018.2
Other operating costs and expenses (1)		701.6		670.7			1,416.9		1,423.5
Depreciation, amortization and accretion		506.9		494.3			1,005.6		977.1
Asset impairment charges		17.9		11.8			83.4		13.4
Net losses (gains) attributable to asset sales		0.3		(1.6	)		11.2		(1.5	)
General and administrative costs		51.5		57.0			107.8		112.5
Total consolidated costs and expenses	$	8,118.2	$	4,427.4		$	15,727.9	$	10,543.2

(1)	Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment charges; and net losses (or gains) attributable to asset sales and related matters.

Earnings Per Unit (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Unit [Abstract]

Basic and Diluted Earnings Per Unit

The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,112.3		$	1,034.7		$	2,452.7		$	2,384.8
Earnings allocated to phantom unit awards (1)		(8.9	)		(7.5	)		(19.9	)		(17.4	)
Net income allocated to common unitholders	$	1,103.4		$	1,027.2		$	2,432.8		$	2,367.4

Basic weighted-average number of common units outstanding		2,185.3			2,185.9			2,184.3			2,187.4

Basic earnings per common unit	$	0.50		$	0.47		$	1.11		$	1.08

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,112.3		$	1,034.7		$	2,452.7		$	2,384.8
Net income attributable to preferred units		1.0			–			1.9			–
Net income attributable to limited partners	$	1,113.3		$	1,034.7		$	2,454.6		$	2,384.8

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,185.3			2,185.9			2,184.3			2,187.4
Phantom units (2)		17.9			16.0			17.7			15.6
Preferred units (2)		2.3			–			2.3			–
Total		2,205.5			2,201.9			2,204.3			2,203.0

Diluted earnings per common unit	$	0.50		$	0.47		$	1.11		$	1.08

(1)	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding the phantom units.
(2)	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. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

Equity-Based Awards (Tables)

6 Months Ended

Jun. 30, 2021

Equity-based Awards [Abstract]

Equity-based Award Expense

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Equity-classified awards:
Phantom unit awards	$	38.0	$	39.6	$	76.0	$	75.8
Profits interest awards		3.0		2.1		4.1		5.0
Liability-classified awards		0.1		–		0.1		–
Total	$	41.1	$	41.7	$	80.2	$	80.8

Other Share-based Compensation Plans

	Number of Units			Weighted- Average Grant Date Fair Value per Unit (1)
Phantom unit awards at December 31, 2020		15,669,442		$	26.76
Granted (2)		7,700,645		$	21.30
Vested		(5,417,475	)	$	27.06
Forfeited		(254,633	)	$	24.77
Phantom unit awards at June 30, 2021		17,697,979		$	24.32

(1)	Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2)	The aggregate grant date fair value of phantom unit awards issued during 2021 was $164.0 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $21.44 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.

The following table presents supplemental information regarding phantom unit awards for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Cash payments made in connection with DERs	$	8.2	$	7.1	$	15.2	$	12.9
Total intrinsic value of phantom unit awards that vested during period		6.4		2.2		119.1		111.4

Hedging Activities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Hedging Activities and Fair Value Measurements [Abstract]

Hedging Instruments Under the FASB's Derivative and Hedging Guidance

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

	Volume (1)		Accounting
Derivative Purpose	Current (2)	Long-Term (2)	Treatment
Derivatives designated as hedging instruments:
Natural gas processing:
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))	8.9	n/a	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	9.2	2.5	Cash flow hedge
Natural gas marketing:
Natural gas storage inventory management activities (Bcf)	3.4	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	120.7	2.6	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	131.2	3.0	Cash flow hedge
NGLs inventory management activities (MMBbls)	1.9	n/a	Fair value hedge
Refined products marketing:
Forecasted purchases of refined products (MMBbls)	19.2	n/a	Cash flow hedge
Forecasted sales of refined products (MMBbls)	28.2	n/a	Cash flow hedge
Refined products inventory management activities (MMBbls)	0.8	n/a	Fair value hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	12.2	n/a	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	16.0	n/a	Cash flow hedge
Petrochemical marketing:
Forecasted purchases of petrochemical products (MMBbls)	0.9	n/a	Cash flow hedge
Forecasted sales of petrochemical products (MMBbls)	1.2	n/a	Cash flow hedge
Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	0.1	0.1	Cash flow hedge
Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	10.0	0.3	Mark-to-market
NGL risk management activities (MMBbls) (3)	36.1	20.4	Mark-to-market
Refined products risk management activities (MMBbls) (3)	8.6	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	31.9	3.0	Mark-to-market

(1)	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.
(2)	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.
(3)	Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.

Derivative Assets and Liabilities Balance Sheet

The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:

	Asset Derivatives						Liability Derivatives
	June 30, 2021			December 31, 2020			June 30, 2021			December 31, 2020
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Interest rate derivatives	Current assets	$	–	Current assets	$	–	Current liabilities	$	–	Current liabilities	$	109.1
Interest rate derivatives	Other assets		–	Other assets		12.4	Other liabilities		–	Other liabilities		11.0
Total interest rate derivatives			–			12.4			–			120.1
Commodity derivatives	Current assets		508.8	Current assets		210.5	Current liabilities		570.7	Current liabilities		234.0
Commodity derivatives	Other assets		7.2	Other assets		0.4	Other liabilities		17.0	Other liabilities		6.1
Total commodity derivatives			516.0			210.9			587.7			240.1
Total derivatives designated as hedging instruments		$	516.0		$	223.3		$	587.7		$	360.2

Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	43.5	Current assets	$	18.1	Current liabilities	$	37.3	Current liabilities	$	6.1
Commodity derivatives	Other assets		6.6	Other assets		0.2	Other liabilities		6.7	Other liabilities		0.1
Total commodity derivatives			50.1			18.3			44.0			6.2
Total derivatives not designated as hedging instruments		$	50.1		$	18.3		$	44.0		$	6.2

Offsetting Financial Assets

	Offsetting of Financial Assets and Derivative Assets
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Gross Amounts Not Offset in the Balance Sheet								Amounts That Would Have Been Presented On Net Basis
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received		Cash Collateral Paid		Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)								(v) = (iii) + (iv)
As of June 30, 2021:
Commodity derivatives		$	566.1		$	–		$	566.1		$	(563.8	)	$	–	$	–		$	2.3
As of December 31, 2020:
Interest rate derivatives		$	12.4		$	–		$	12.4		$	–		$	–	$	–		$	12.4
Commodity derivatives			229.2			–			229.2			(228.5	)		–		–			0.7

Offsetting Financial Liabilities

	Offsetting of Financial Liabilities and Derivative Liabilities
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Gross Amounts Not Offset in the Balance Sheet									Amounts That Would Have Been Presented On Net Basis
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received		Cash Collateral Paid			Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)									(v) = (iii) + (iv)
As of June 30, 2021:
Commodity derivatives		$	631.7		$	–		$	631.7		$	(563.8	)	$	–	$	(67.0	)		$	0.9
As of December 31, 2020:
Interest rate derivatives		$	120.1		$	–		$	120.1		$	–		$	–	$	–			$	120.1
Commodity derivatives			246.3			–			246.3			(228.5	)		–		(17.3	)			0.5

Derivative Instruments Effects on Statements of Operations

The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2021			2020			2021			2020
Commodity derivatives	Revenue	$	(67.1	)	$	(63.7	)	$	(187.1	)	$	(49.3	)
Total		$	(67.1	)	$	(63.7	)	$	(187.1	)	$	(49.3	)

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Hedged Item
		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2021		2020		2021		2020
Commodity derivatives	Revenue	$	38.8	$	126.7	$	208.5	$	117.3
Total		$	38.8	$	126.7	$	208.5	$	117.3

Derivative Instruments Effects on Statements of Comprehensive Income

Derivatives in Cash Flow Hedging Relationships	Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Interest rate derivatives	$	–		$	7.8		$	182.9		$	(270.3	)
Commodity derivatives – Revenue (1)		(290.5	)		(75.9	)		(732.7	)		401.9
Commodity derivatives – Operating costs and expenses (1)		0.1			(2.3	)		(18.9	)		(5.0	)
Total	$	(290.4	)	$	(70.4	)	$	(568.7	)	$	126.6

(1)	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.

Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income

Derivatives in Cash Flow Hedging Relationships	Location	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income
		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2021			2020			2021			2020
Interest rate derivatives	Interest expense	$	(10.2	)	$	(9.7	)	$	(18.8	)	$	(19.3	)
Commodity derivatives	Revenue		99.3			209.8			(498.1	)		364.2
Commodity derivatives	Operating costs and expenses		0.1			(1.1	)		(18.6	)		0.1
Total		$	89.2		$	199.0		$	(535.5	)	$	345.0

Gain/(Loss) Recognized in Income on Derivative

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:

Derivatives Not Designated as Hedging Instruments	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended June 30,					For the Six Months Ended June 30,
		2021			2020		2021		2020
Commodity derivatives	Revenue	$	79.5		$	45.7	$	36.4	$	98.7
Commodity derivatives	Operating costs and expenses		(0.9	)		0.9		–		0.8
Total		$	78.6		$	46.6	$	36.4	$	99.5

Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis

	At June 30, 2021 Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Financial assets:
Commodity derivatives:
Value before application of CME Rule 814	$	561.8		$	1,810.1		$	0.4	$	2,372.3
Impact of CME Rule 814		(561.8	)		(1,244.4	)		–		(1,806.2	)
Total commodity derivatives		–			565.7			0.4		566.1
Total	$	–		$	565.7		$	0.4	$	566.1

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	1,047.5		$	1,887.1		$	0.4	$	2,935.0
Impact of CME Rule 814		(1,047.5	)		(1,255.8	)		–		(2,303.3	)
Total commodity derivatives		–			631.3			0.4		631.7
Total	$	–		$	631.3		$	0.4	$	631.7

	At December 31, 2020 Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Financial assets:
Interest rate derivatives	$	–		$	12.4		$	–		$	12.4
Commodity derivatives:
Value before application of CME Rule 814		678.6			878.6			12.9			1,570.1
Impact of CME Rule 814		(678.6	)		(650.4	)		(11.9	)		(1,340.9	)
Total commodity derivatives		–			228.2			1.0			229.2
Total	$	–		$	240.6		$	1.0		$	241.6

Financial liabilities:
Interest rate derivatives	$	–		$	120.1		$	–		$	120.1
Commodity derivatives:
Value before application of CME Rule 814		1,065.6			1,047.4			25.9			2,138.9
Impact of CME Rule 814		(1,065.6	)		(807.3	)		(19.7	)		(1,892.6	)
Total commodity derivatives		–			240.1			6.2			246.3
Total	$	–		$	360.2		$	6.2		$	366.4

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2021

Related Party Transactions

The following table summarizes our related party transactions for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Revenues – related parties:
Unconsolidated affiliates	$	9.4	$	5.7	$	23.6	$	21.7
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	282.5	$	277.1	$	574.7	$	563.1
Unconsolidated affiliates		50.5		62.6		117.2		134.1
Total	$	333.0	$	339.7	$	691.9	$	697.2

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

	June 30, 2021		December 31, 2020
Accounts receivable - related parties:
EPCO and its privately held affiliates	$	2.3	$	1.9
Unconsolidated affiliates		5.5		3.7
Total	$	7.8	$	5.6

Accounts payable - related parties:
EPCO and its privately held affiliates	$	94.3	$	139.6
Unconsolidated affiliates		2.7		9.9
Total	$	97.0	$	149.5

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	Percentage of Common Units Outstanding
702,141,725 common units	32.1%

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Operating costs and expenses	$	247.1	$	241.9	$	501.8	$	493.1
General and administrative expenses		31.4		32.0		64.6		62.5
Total costs and expenses	$	278.5	$	273.9	$	566.4	$	555.6

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Taxes [Abstract]

Federal and State Income Tax Provision

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,
	2021			2020			2021			2020
Deferred tax benefit (expense) attributable to OTA Holdings, Inc. (“OTA”)	$	(7.0	)	$	(50.5	)	$	(13.3	)	$	136.7
Revised Texas Franchise Tax (“Texas Margin Tax”)		(24.1	)		(7.0	)		(27.4	)		(14.7	)
Other		(0.1	)		(2.2	)		(0.5	)		(2.5	)
Benefit from (provision for) income taxes	$	(31.2	)	$	(59.7	)	$	(41.2	)	$	119.5

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Current portion of income tax benefit (provision):
Federal	$	(0.2	)	$	(2.2	)	$	0.6		$	(2.3	)
State		(11.5	)		(4.1	)		(16.6	)		(8.7	)
Foreign		–			–			(1.1	)		(0.2	)
Total current portion		(11.7	)		(6.3	)		(17.1	)		(11.2	)
Deferred portion of income tax benefit (provision):
Federal		(6.3	)		(46.4	)		(12.2	)		126.4
State		(13.2	)		(7.0	)		(11.9	)		4.3
Foreign		–			–			–			–
Total deferred portion		(19.5	)		(53.4	)		(24.1	)		130.7
Total benefit from (provision for) income taxes	$	(31.2	)	$	(59.7	)	$	(41.2	)	$	119.5

Reconciliation of Provision for Income Taxes

A reconciliation of the benefit from (provision for) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Pre-Tax Net Book Income (“NBI”)	$	1,177.2		$	1,120.5		$	2,549.8		$	2,316.3

Texas Margin Tax (1)		(24.1	)		(7.0	)		(27.4	)		(14.7	)
State income tax benefit (provision), net of federal benefit (2)		(0.3	)		(3.2	)		(0.9	)		8.1
Federal income tax benefit (provision) computed by applying the federal statutory rate to NBI of corporate entities		(3.4	)		(49.5	)		(6.5	)		58.3
Federal benefit attributable to settlement of Liquidity Option Agreement (2)		–			–			–			67.8
Valuation allowance on deferred tax assets (3)		(3.4	)		–			(6.2	)		–
Other		–			–			(0.2	)		–
Benefit from (provision for) income taxes	$	(31.2	)	$	(59.7	)	$	(41.2	)	$	119.5

Effective income tax rate		(2.7	)%		(5.3	)%		(1.6	)%		5.2	%

(1)	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.
(2)	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.
(3)	Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable; therefore, we have provided for a valuation allowance.

Components of Deferred Tax Assets and Liabilities

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

	June 30,		December 31,
	2021		2020
Deferred tax liabilities:
Attributable to investment in OTA	$	369.9	$	356.6
Attributable to property, plant and equipment		117.8		106.4
Attributable to investments in other entities		4.2		4.1
Other		13.5		–
Total deferred tax liabilities		505.4		467.1
Less deferred tax assets:
Net operating loss carryovers (1)		6.3		0.1
Temporary differences related to Texas Margin Tax		3.0		2.3
Total deferred tax assets		9.3		2.4
Total net deferred tax liabilities before valuation allowance		496.1		464.7
Less: Valuation allowance on deferred tax assets		6.2		–
Total net deferred tax liabilities	$	502.3	$	464.7

(1)	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.

Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies [Abstract]

Operating Leases

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

Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Storage and pipeline facilities	$	121.8	$	122.2	15 years	4.3%
Transportation equipment		27.5		29.6	2 years	3.3%
Office and warehouse space		169.0		189.5	15 years	3.2%
Total	$	318.3	$	341.3

(1)	Right-of-use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
(2)	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.
(3)	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). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.

Consolidated Lease Expense

The following table disaggregates our total operating lease expense for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	9.3	$	9.8	$	18.6	$	19.8
Related accretion expense on lease liability balances		3.0		3.3		6.1		6.7
Total fixed lease expense		12.3		13.1		24.7		26.5
Variable lease expense		0.2		0.1		0.6		0.3
Subtotal operating lease expense		12.5		13.2		25.3		26.8
Short-term operating leases		12.9		11.8		26.4		25.0
Total operating lease expense	$	25.4	$	25.0	$	51.7	$	51.8

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Information [Abstract]

Net Effect of Changes in Operating Assets and Liabilities

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,
	2021			2020
Decrease (increase) in:
Accounts receivable – trade	$	(688.9	)	$	2,077.0
Accounts receivable – related parties		(1.8	)		(0.1	)
Inventories		243.5			161.4
Prepaid and other current assets		200.0			906.2
Other assets		70.4			87.7
Increase (decrease) in:
Accounts payable – trade		150.4			81.9
Accounts payable – related parties		(52.6	)		(73.1	)
Accrued product payables		1,245.8			(2,119.4	)
Accrued interest		(12.5	)		30.0
Other current liabilities		(726.3	)		(1,142.3	)
Other liabilities		(28.8	)		(98.3	)
Net effect of changes in operating accounts	$	399.2		$	(89.0	)

Cash payments for interest, net of $40.8 and $62.4 capitalized during the six months ended June 30, 2021 and 2020, respectively	$	624.0		$	577.5

Cash payments for federal and state income taxes	$	17.1		$	0.9

Partnership Organization and Operations (Details)	Jun. 30, 2021
EPCO and its privately held affiliates [Member] \| Common Units [Member]
Related Party Transaction [Line Items]
Percentage of total units outstanding	32.10%

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$ 404.5	$ 1,059.9
Restricted cash	206.5	98.2
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	611.0	$ 1,158.1	$ 1,436.6	$ 410.0
Allowance for Credit Losses [Member]
Movement in valuation allowances and reserves [Roll Forward]
Balance at beginning of period	46.5
Charged to costs and expenses	2.3
Charged to other accounts	4.4
Deductions	(3.2)
Balance at end of period	$ 50.0

Inventories (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

Inventory by Product Type [Abstract]

NGLs

$ 1,725.9

$ 1,888.1

Petrochemicals and refined products

956.1

642.6

Crude oil

642.8

758.1

Natural gas

22.0

14.7

Total

3,346.8

$ 3,303.5

Summary of cost of sales and lower of cost or net realizable value adjustments [Abstract]

Cost of sales

^[1]

6,840.0

$ 3,195.2

13,103.0

$ 8,018.2

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

$ 2.9

$ 13.2

$ 12.9

$ 51.2

[1]	Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.

Property, Plant and Equipment (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

$ 58,332.1

$ 57,497.5

Less accumulated depreciation

16,191.5

15,584.7

Subtotal property, plant, and equipment, net

42,140.6

41,912.8

Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization

^[1]

92.5

0.0

Property, plant and equipment, net

42,233.1

41,912.8

Summary of depreciation expense and capitalized interest [Abstract]

Depreciation expense

^[2]

424.0

$ 418.7

847.7

$ 830.9

Capitalized interest

^[3]

21.2

31.9

40.8

62.4

Asset Retirement Obligations [Roll Forward]

Balance at beginning of period

149.5

Liabilities incurred

^[4]

6.2

Revisions in estimated cash flows

^[5]

4.0

Liabilities settled

^[6]

(0.3)

Accretion expense

^[2]

2.1

$ 8.4

3.8

^[7]

10.2

Balance at end of period

163.2

Asset retirement obligation, current liability

11.5

Asset retirement obligations, long-term liability

151.7

Capitalized costs, asset retirement costs

78.9

69.7

Long Lived Assets Held-for-sale [Line Items]

Impairment of intangible assets

6.8

Proceeds from asset sales

50.3

$ 4.1

Plants, pipelines and facilities [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[8]

50,419.7

$ 50,419.7

49,972.8

Plants, pipelines and facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[8],[9]

3 years

Plants, pipelines and facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[8],[9]

45 years

Underground and other storage facilities [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[10]

4,240.9

$ 4,240.9

4,207.5

Underground and other storage facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[10],[11]

5 years

Underground and other storage facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[10],[11]

40 years

Transportation equipment [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[12]

209.4

$ 209.4

204.9

Transportation equipment [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[12]

3 years

Transportation equipment [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[12]

10 years

Marine vessels [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[13]

930.0

$ 930.0

932.7

Marine vessels [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[13]

15 years

Marine vessels [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[13]

30 years

Land [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

383.0

$ 383.0

371.9

Construction in progress [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

$ 2,149.1

$ 1,807.7

Processing plants [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

20 years

Processing plants [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Pipelines and related equipment [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Pipelines and related equipment [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

45 years

Terminal facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

10 years

Terminal facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Buildings [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

20 years

Buildings [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

40 years

Office furniture and equipment [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

3 years

Office furniture and equipment [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

20 years

Laboratory and shop equipment [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Laboratory and shop equipment [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Underground storage facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Underground storage facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Storage tanks [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

10 years

Storage tanks [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

40 years

Water wells [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Water wells [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Capitalized Major Maintenance [Member] | Weighted Average [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Expected remaining amortization period

2 years 10 months 24 days

Coal bed natural gas gathering system and related Val Verde treating facility [Member]

Long Lived Assets Held-for-sale [Line Items]

Impairment of long-lived assets held for sale

$ 44.3

Impairment of property, plant and equipment

37.5

Impairment of intangible assets

6.8

Proceeds from asset sales

$ 39.1

[1]	For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected amortization period for these costs is 2.9 years.
[2]	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.
[3]	We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
[4]	Represents the initial recognition of estimated ARO liabilities during period.
[5]	Represents subsequent adjustments to estimated ARO liabilities during period.
[6]	Represents cash payments to settle ARO liabilities during period.
[7]	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.
[8]	Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
[9]	In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
[10]	Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
[11]	In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
[12]	Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
[13]	Marine vessels include tow boats, barges and related equipment used in our marine transportation business.

Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 2,442.7		$ 2,442.7		$ 2,429.2
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract]
Equity in income (loss) of unconsolidated affiliates	160.7	$ 113.3	309.6	$ 254.1
NGL Pipelines & Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	658.4		658.4		671.6
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract]
Equity in income (loss) of unconsolidated affiliates	28.9	28.8	57.0	61.5
Crude Oil Pipelines & Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	1,749.4		1,749.4		1,723.7
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract]
Equity in income (loss) of unconsolidated affiliates	130.1	84.1	249.0	191.4
Natural Gas Pipelines & Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	32.2		32.2		31.4
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract]
Equity in income (loss) of unconsolidated affiliates	1.5	1.3	2.9	2.9
Petrochemical & Refined Products Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	2.7		2.7		$ 2.5
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract]
Equity in income (loss) of unconsolidated affiliates	$ 0.2	$ (0.9)	$ 0.7	$ (1.7)

Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Identifiable intangible assets [Abstract]
Gross Value	$ 4,899.6		$ 4,899.6		$ 5,135.8
Accumulated Amortization	(1,669.9)		(1,669.9)		(1,826.7)
Carrying Value	3,229.7		3,229.7		3,309.1
Amortization expense	37.5	$ 36.6	73.6	$ 76.2
Forecasted amortization expense [Abstract]
Remainder of 2021	73.0		73.0
2022	160.3		160.3
2023	168.1		168.1
2024	164.4		164.4
2025	162.9		162.9
Impairment of intangible assets			6.8
NGL Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	613.8		613.8		610.4
Accumulated Amortization	(284.4)		(284.4)		(276.3)
Carrying Value	329.4		329.4		334.1
Amortization expense	6.1	6.3	12.1	12.8
NGL Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	447.8		447.8		447.8
Accumulated Amortization	(227.9)		(227.9)		(221.3)
Carrying Value	219.9		219.9		226.5
NGL Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	166.0		166.0		162.6
Accumulated Amortization	(56.5)		(56.5)		(55.0)
Carrying Value	109.5		109.5		107.6
Crude Oil Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	2,478.1		2,478.1		2,478.1
Accumulated Amortization	(578.4)		(578.4)		(541.5)
Carrying Value	1,899.7		1,899.7		1,936.6
Amortization expense	19.1	18.8	36.9	39.7
Crude Oil Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	2,195.0		2,195.0		2,195.0
Accumulated Amortization	(322.1)		(322.1)		(291.6)
Carrying Value	1,872.9		1,872.9		1,903.4
Crude Oil Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	283.1		283.1		283.1
Accumulated Amortization	(256.3)		(256.3)		(249.9)
Carrying Value	26.8		26.8		33.2
Natural Gas Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,581.4		1,581.4		1,821.0
Accumulated Amortization	(710.8)		(710.8)		(916.0)
Carrying Value	870.6		870.6		905.0
Amortization expense	10.6	9.6	21.2	19.8
Natural Gas Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,350.3		1,350.3		1,350.3
Accumulated Amortization	(530.6)		(530.6)		(512.2)
Carrying Value	819.7		819.7		838.1
Natural Gas Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	231.1		231.1		470.7
Accumulated Amortization	(180.2)		(180.2)		(403.8)
Carrying Value	50.9		50.9		66.9
Petrochemical & Refined Products Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	226.3		226.3		226.3
Accumulated Amortization	(96.3)		(96.3)		(92.9)
Carrying Value	130.0		130.0		133.4
Amortization expense	1.7	$ 1.9	3.4	$ 3.9
Petrochemical & Refined Products Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	181.4		181.4		181.4
Accumulated Amortization	(71.1)		(71.1)		(68.3)
Carrying Value	110.3		110.3		113.1
Petrochemical & Refined Products Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	44.9		44.9		44.9
Accumulated Amortization	(25.2)		(25.2)		(24.6)
Carrying Value	$ 19.7		$ 19.7		$ 20.3

Debt Obligations (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

Debt Instrument [Line Items]

Principal outstanding

$ 28,821.4

$ 30,146.4

Other, non-principal amounts

(273.9)

(280.7)

Less current maturities of debt

(1,398.9)

(1,325.0)

Total long-term debt

27,148.6

28,540.7

Debt Obligations Terms:

Repayment of debt obligations

11,121.8

$ 3,406.6

Letters of credit outstanding

0.7

Senior Debt Obligations [Member]

Debt Instrument [Line Items]

Principal outstanding

26,175.0

27,500.0

Senior Debt Obligations [Member] | Commercial Paper Notes [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0.0

0.0

Information regarding variable interest rates paid:

Weighted-average interest rate paid

0.21%

Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Minimum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

0.15%

Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Maximum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

0.25%

Senior Debt Obligations [Member] | EPO Senior Notes TT, due February 2021 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0.0

750.0

Debt Obligations Terms:

Interest rate, stated percentage

2.80%

Repayment of debt obligations

$ 750.0

Senior Debt Obligations [Member] | EPO Senior Notes RR, due April 2021 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0.0

575.0

Debt Obligations Terms:

Interest rate, stated percentage

2.85%

Repayment of debt obligations

$ 575.0

Senior Debt Obligations [Member] | September 2020 EPO 364-Day Revolving Credit Agreement, due September 2021 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0.0

0.0

Debt Obligations Terms:

Credit facility interest rate description

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

Senior Debt Obligations [Member] | EPO Senior Notes VV, due February 2022 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 750.0

750.0

Debt Obligations Terms:

Interest rate, stated percentage

3.50%

Senior Debt Obligations [Member] | EPO Senior Notes CC, due February 2022 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 650.0

650.0

Debt Obligations Terms:

Interest rate, stated percentage

4.05%

Senior Debt Obligations [Member] | EPO Senior Notes HH, due March 2023 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250.0

1,250.0

Debt Obligations Terms:

Interest rate, stated percentage

3.35%

Senior Debt Obligations [Member] | EPO Senior Notes JJ, due February 2024 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 850.0

850.0

Debt Obligations Terms:

Interest rate, stated percentage

3.90%

Senior Debt Obligations [Member] | EPO Multi-Year Revolving Credit Agreement, due September 2024 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0.0

0.0

Debt Obligations Terms:

Credit facility interest rate description

Senior Debt Obligations [Member] | EPO Senior Notes MM, due February 2025 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,150.0

1,150.0

Debt Obligations Terms:

Interest rate, stated percentage

3.75%

Senior Debt Obligations [Member] | EPO Senior Notes PP, due February 2026 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 875.0

875.0

Debt Obligations Terms:

Interest rate, stated percentage

3.70%

Senior Debt Obligations [Member] | EPO Senior Notes SS, due February 2027[Member]

Debt Instrument [Line Items]

Principal outstanding

$ 575.0

575.0

Debt Obligations Terms:

Interest rate, stated percentage

3.95%

Senior Debt Obligations [Member] | EPO Senior Notes WW, due October 2028 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000.0

1,000.0

Debt Obligations Terms:

Interest rate, stated percentage

4.15%

Senior Debt Obligations [Member] | EPO Senior Notes YY, due July 2029 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250.0

1,250.0

Debt Obligations Terms:

Interest rate, stated percentage

3.125%

Senior Debt Obligations [Member] | EPO Senior Notes AAA, due January 2030 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250.0

1,250.0

Debt Obligations Terms:

Interest rate, stated percentage

2.80%

Senior Debt Obligations [Member] | EPO Senior Notes D, due March 2033 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 500.0

500.0

Debt Obligations Terms:

Interest rate, stated percentage

6.875%

Senior Debt Obligations [Member] | EPO Senior Notes H, due October 2034 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 350.0

350.0

Debt Obligations Terms:

Interest rate, stated percentage

6.65%

Senior Debt Obligations [Member] | EPO Senior Notes J, due March 2035 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 250.0

250.0

Debt Obligations Terms:

Interest rate, stated percentage

5.75%

Senior Debt Obligations [Member] | EPO Senior Notes W, due April 2038 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 399.6

399.6

Debt Obligations Terms:

Interest rate, stated percentage

7.55%

Senior Debt Obligations [Member] | EPO Senior Notes R, due October 2039 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 600.0

600.0

Debt Obligations Terms:

Interest rate, stated percentage

6.125%

Senior Debt Obligations [Member] | EPO Senior Notes Z, due September 2040 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 600.0

600.0

Debt Obligations Terms:

Interest rate, stated percentage

6.45%

Senior Debt Obligations [Member] | EPO Senior Notes BB, due February 2041 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 750.0

750.0

Debt Obligations Terms:

Interest rate, stated percentage

5.95%

Senior Debt Obligations [Member] | EPO Senior Notes DD, due February 2042 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 600.0

600.0

Debt Obligations Terms:

Interest rate, stated percentage

5.70%

Senior Debt Obligations [Member] | EPO Senior Notes EE, due August 2042 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 750.0

750.0

Debt Obligations Terms:

Interest rate, stated percentage

4.85%

Senior Debt Obligations [Member] | EPO Senior Notes GG, due February 2043 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,100.0

1,100.0

Debt Obligations Terms:

Interest rate, stated percentage

4.45%

Senior Debt Obligations [Member] | EPO Senior Notes II, due March 2044 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,400.0

1,400.0

Debt Obligations Terms:

Interest rate, stated percentage

4.85%

Senior Debt Obligations [Member] | EPO Senior Notes KK, due February 2045 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,150.0

1,150.0

Debt Obligations Terms:

Interest rate, stated percentage

5.10%

Senior Debt Obligations [Member] | EPO Senior Notes QQ, due May 2046 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 975.0

975.0

Debt Obligations Terms:

Interest rate, stated percentage

4.90%

Senior Debt Obligations [Member] | EPO Senior Notes UU, due February 2048 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250.0

1,250.0

Debt Obligations Terms:

Interest rate, stated percentage

4.25%

Senior Debt Obligations [Member] | EPO Senior Notes XX, due February 2049 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250.0

1,250.0

Debt Obligations Terms:

Interest rate, stated percentage

4.80%

Senior Debt Obligations [Member] | EPO Senior Notes ZZ, due January 2050 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250.0

1,250.0

Debt Obligations Terms:

Interest rate, stated percentage

4.20%

Senior Debt Obligations [Member] | EPO Senior Notes BBB, due January 2051 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000.0

1,000.0

Debt Obligations Terms:

Interest rate, stated percentage

3.70%

Senior Debt Obligations [Member] | EPO Senior Notes DDD, due February 2052 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000.0

1,000.0

Debt Obligations Terms:

Interest rate, stated percentage

3.20%

Senior Debt Obligations [Member] | EPO Senior Notes NN, due October 2054 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 400.0

400.0

Debt Obligations Terms:

Interest rate, stated percentage

4.95%

Senior Debt Obligations [Member] | EPO Senior Notes CCC, due January 2060 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000.0

1,000.0

Debt Obligations Terms:

Interest rate, stated percentage

3.95%

Senior Debt Obligations [Member] | TEPPCO Senior Notes, due April 2038 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0.4

0.4

Debt Obligations Terms:

Interest rate, stated percentage

7.55%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[1]

$ 232.2

232.2

Debt Obligations Terms:

Variable annual interest rate thereafter, variable rate basis

3-month London Interbank Offered Rate ("LIBOR")

Variable interest rate

2.778%

Information regarding variable interest rates paid:

Weighted-average interest rate paid

2.97%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | Minimum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

2.91%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | Maximum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

3.00%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D, due August 2077 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[2]

$ 700.0

700.0

Debt Obligations Terms:

Interest rate, stated percentage

4.875%

Variable annual interest rate thereafter, variable rate basis

3-month LIBOR

Variable interest rate

2.986%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes E, due August 2077 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[3]

$ 1,000.0

1,000.0

Debt Obligations Terms:

Interest rate, stated percentage

5.25%

Variable annual interest rate thereafter, variable rate basis

3-month LIBOR

Variable interest rate

3.033%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes F, due February 2078 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[4]

$ 700.0

700.0

Debt Obligations Terms:

Interest rate, stated percentage

5.375%

Variable annual interest rate thereafter, variable rate basis

3-month LIBOR

Variable interest rate

2.57%

Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[1]

$ 14.2

Debt Obligations Terms:

Variable annual interest rate thereafter, variable rate basis

3-month London Interbank Offered Rate ("LIBOR")

Variable interest rate

2.778%

Information regarding variable interest rates paid:

Weighted-average interest rate paid

2.97%

Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member] | Minimum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

2.91%

Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member] | Maximum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

3.00%

[1]	Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate ("LIBOR"), plus 2.778%.
[2]	Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%.
[3]	Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%.
[4]	Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%.

Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Scheduled Maturities of Debt [Abstract]
Remainder of 2021	$ 0.0
2022	1,400.0
2023	1,250.0
2024	850.0
2025	1,150.0
Thereafter	24,171.4
Total	28,821.4	$ 30,146.4
Senior Notes [Member]
Scheduled Maturities of Debt [Abstract]
Remainder of 2021	0.0
2022	1,400.0
2023	1,250.0
2024	850.0
2025	1,150.0
Thereafter	21,525.0
Total	26,175.0
Junior Subordinated Notes [Member]
Scheduled Maturities of Debt [Abstract]
Remainder of 2021	0.0
2022	0.0
2023	0.0
2024	0.0
2025	0.0
Thereafter	2,646.4
Total	$ 2,646.4

Capital Accounts, Summary of Changes in Outstanding Units (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Summary of changes in outstanding units [Roll Forward]
Common units outstanding, beginning balance (in units)	2,185,178,603	2,182,308,958	2,182,308,958
Common unit repurchases under 2019 Buyback Program (in units)		(709,816)
Common units issued in connection with the vesting of phantom unit awards, net (in units)	203,066	3,553,313
Other (in units)		26,148
Common units outstanding, ending balance (in units)	2,185,381,669	2,185,178,603	2,185,381,669

Capital Accounts, Issuances of Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Net Cash Proceeds from Sale of Common Units [Abstract]
Common units issued in connection with the vesting of phantom unit awards, net (in units)	203,066	3,553,313
Buyback Program:
Total of common units repurchased under a buyback program (in units)		709,816
Common units acquired in connection with buyback program			$ 13.9	$ 140.1
Long-Term Incentive Plan (2008) [Member]
Net Cash Proceeds from Sale of Common Units [Abstract]
Common units issued in connection with the vesting of phantom unit awards, net (in units)			3,756,379
2019 Buyback Program [Member]
Buyback Program:
Amount authorized under 2019 Buyback Program	$ 2,000.0		$ 2,000.0
Remaining available capacity under the 2019 Buyback Program	1,720.0		$ 1,720.0
Total of common units repurchased under a buyback program (in units)			709,816	6,357,739
Common units acquired in connection with buyback program			$ 13.9	$ 140.1
At-the-Market Registration [Member]
Registration Statements and Equity Offerings [Line Items]
Maximum common units authorized for issuance	2,540.0		2,540.0
Remaining units available for issuance	$ 2,540.0		2,540.0
Employee Unit Purchase Plan [Member]
Net Cash Proceeds from Sale of Common Units [Abstract]
Employer contribution to EUPP			$ 2.0
Distribution Reinvestment and Employee Unit Purchase Plans [Member]
Net Cash Proceeds from Sale of Common Units [Abstract]
Number of common units purchased on the open market and delivered to participants (in units)			3,166,524

Capital Accounts, Redeemable Preferred Limited Partner Interests (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Temporary Equity [Line Items]
Preferred units outstanding, beginning balance (in units)	50,138	50,138
Series A cumulative convertible preferred units, paid-in kind distribution (in units)	274
Preferred units outstanding, ending balance (in units)	50,412	50,412
Total distributions paid to convertible preferred unitholders		$ 1.8
Cash distributions paid to convertible preferred unitholders		$ 1.5

Capital Accounts, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			$ (165.2)	$ 71.4
Other comprehensive income (loss) for period, before reclassifications			(569.0)	126.5
Reclassification of losses (gains) to net income during period			535.5	(345.0)
Total other comprehensive income (loss) for period	$ (379.7)	$ (269.4)	(33.5)	(218.5)
Accumulated Other Comprehensive Income (Loss), Ending balance	(198.7)	(147.1)	(198.7)	(147.1)
Interest expense	316.1	320.2	638.9	637.7
Revenue	(9,450.1)	(5,751.0)	(18,605.4)	(13,233.5)
Operating costs and expenses	8,066.7	4,370.4	15,620.1	10,430.7
Total	(1,146.0)	(1,060.8)	(2,508.6)	(2,435.8)
Cash Flow Hedges [Member] \| Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			(74.3)	13.9
Other comprehensive income (loss) for period, before reclassifications			182.9	(270.3)
Reclassification of losses (gains) to net income during period			18.8	19.3
Total other comprehensive income (loss) for period			201.7	(251.0)
Accumulated Other Comprehensive Income (Loss), Ending balance	127.4	(237.1)	127.4	(237.1)
Cash Flow Hedges [Member] \| Commodity Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			(93.2)	55.1
Other comprehensive income (loss) for period, before reclassifications			(751.6)	396.9
Reclassification of losses (gains) to net income during period			516.7	(364.3)
Total other comprehensive income (loss) for period			(234.9)	32.6
Accumulated Other Comprehensive Income (Loss), Ending balance	(328.1)	87.7	(328.1)	87.7
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			2.3	2.4
Other comprehensive income (loss) for period, before reclassifications			(0.3)	(0.1)
Reclassification of losses (gains) to net income during period			0.0	0.0
Total other comprehensive income (loss) for period			(0.3)	(0.1)
Accumulated Other Comprehensive Income (Loss), Ending balance	2.0	2.3	2.0	2.3
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Total	(89.2)	(199.0)	535.5	(345.0)
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedges [Member] \| Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Interest expense	10.2	9.7	18.8	19.3
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedges [Member] \| Commodity Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Revenue	(99.3)	(209.8)	498.1	(364.2)
Operating costs and expenses	$ (0.1)	$ 1.1	$ 18.6	$ (0.1)

Capital Accounts, Distributions (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended		12 Months Ended
	Aug. 12, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021
Distributions to Partners [Abstract]
Cash payments made in connection with DERs			$ 15.2	$ 12.9
Forecast [Member] \| Second Quarter 2021 Distribution [Member]
Distributions to Partners [Abstract]
Cash distributions paid	$ 991.4
Cash payments made in connection with DERs	$ 8.0
Cash Distribution [Member] \| Second Quarter 2021 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)		$ 0.45
Cash Distribution [Member] \| Forecast [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)					$ 1.80

Revenues, Revenues by Business Segment and Revenue Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue [Abstract]
Revenues	$ 9,450.1	$ 5,751.0	$ 18,605.4	$ 13,233.5
NGL Pipelines & Services [Member]
Revenue [Abstract]
Revenues	3,587.1	2,476.3	7,170.6	5,444.4
NGL Pipelines & Services [Member] \| Sales of NGLs and Related Products [Member]
Revenue [Abstract]
Revenues	2,975.8	1,934.1	5,981.4	4,353.3
NGL Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	611.3	542.2	1,189.2	1,091.1
NGL Pipelines & Services [Member] \| Midstream Services: Natural Gas Processing and Fractionation [Member]
Revenue [Abstract]
Revenues	251.5	181.9	434.9	370.4
NGL Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	235.5	249.9	510.1	514.9
NGL Pipelines & Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	124.3	110.4	244.2	205.8
Crude Oil Pipelines & Services [Member]
Revenue [Abstract]
Revenues	2,503.5	1,463.2	4,669.0	3,502.1
Crude Oil Pipelines & Services [Member] \| Sales of Crude Oil [Member]
Revenue [Abstract]
Revenues	2,139.3	1,146.7	3,978.2	2,843.6
Crude Oil Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	364.2	316.5	690.8	658.5
Crude Oil Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	249.7	195.8	458.5	414.2
Crude Oil Pipelines & Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	114.5	120.7	232.3	244.3
Natural Gas Pipelines & Services [Member]
Revenue [Abstract]
Revenues	709.1	585.2	2,295.9	1,255.8
Natural Gas Pipelines & Services [Member] \| Sales of Natural Gas [Member]
Revenue [Abstract]
Revenues	475.6	347.7	1,810.9	746.9
Natural Gas Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	233.5	237.5	485.0	508.9
Natural Gas Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	233.5	237.5	485.0	508.9
Petrochemical & Refined Products Services [Member]
Revenue [Abstract]
Revenues	2,650.4	1,226.3	4,469.9	3,031.2
Petrochemical & Refined Products Services [Member] \| Sales of Petrochemicals and Refined Products [Member]
Revenue [Abstract]
Revenues	2,386.9	1,030.0	3,985.8	2,627.5
Petrochemical & Refined Products Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	263.5	196.3	484.1	403.7
Petrochemical & Refined Products Services [Member] \| Midstream Services: Fractionation and Isomerization [Member]
Revenue [Abstract]
Revenues	80.1	38.6	133.6	74.4
Petrochemical & Refined Products Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	124.2	115.4	240.9	250.3
Petrochemical & Refined Products Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	$ 59.2	$ 42.3	$ 109.6	$ 79.0

Revenues, Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Contracts with Customers, Assets and Liabilities [Abstract]
Unbilled revenue	$ 135.4	$ 18.8
Deferred revenue	372.3	$ 343.5
Prepaid and other current assets [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Unbilled revenue (current amount)	135.4
Other current liabilities [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Deferred revenue (current amount)	144.9
Other long-term liabilities [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Deferred revenue (noncurrent)	$ 227.4

Revenues, Significant Changes in Unbilled Revenue (Details)
$ in Millions

6 Months Ended

Jun. 30, 2021

USD ($)

Significant Changes in Unbilled Revenue

Balance at beginning of period

$ 18.8

Unbilled revenue included in opening balance transferred to other accounts during period

(4.5)

^[1]

Unbilled revenue recorded during period

129.4

^[2]

Unbilled revenue recorded during period transferred to other accounts

(8.3)

^[1]

Other changes

0.0

Balance at end of period

$ 135.4

[1]	Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
[2]	Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.

Revenues, Significant Changes in Deferred Revenue (Details)
$ in Millions

6 Months Ended

Jun. 30, 2021

USD ($)

Significant Changes in Deferred Revenue

Balance at beginning of period

$ 343.5

Deferred revenue included in opening balance transferred to other accounts during period

(120.1)

^[1]

Deferred revenue recorded during period

456.2

^[2]

Deferred revenue recorded during period transferred to other accounts

(300.2)

^[1]

Other changes

(7.1)

Balance at end of period

$ 372.3

[1]	Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
[2]	Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.

Revenues, Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2021 USD ($)
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 24,521.5
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 1,986.6
Expected timing of satisfaction, period	6 months
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 3,546.9
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 2,951.2
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 2,769.8
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 2,438.8
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 10,828.2
Expected timing of satisfaction, period

Business Segments and Related Information (Details)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

USD ($)

Jun. 30, 2020

USD ($)

Jun. 30, 2021

USD ($)

Segment

Jun. 30, 2020

USD ($)

Business Segments [Abstract]

Number of reportable segments | Segment

Gross Operating Margin

Operating income

$ 1,492.6

$ 1,436.9

$ 3,187.1

$ 2,944.4

Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign):

Depreciation, amortization and accretion expense in operating costs and expenses

^[1]

499.1

494.3

995.2

977.1

Asset impairment charges in operating costs and expenses

17.9

11.8

83.4

13.4

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

0.3

(1.6)

11.2

(1.5)

General and administrative costs

51.5

57.0

107.8

112.5

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

^[2]

22.3

13.0

41.6

29.8

Subsequent recognition of revenues attributable to make-up rights

^[3]

(38.9)

(8.5)

(78.2)

(15.6)

Total segment gross operating margin

$ 2,044.8

$ 2,002.9

$ 4,348.1

$ 4,060.1

[1]	Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.
[2]	Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
[3]	As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.

Business Segments and Related Information, Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Information by business segment [Abstract]
Segment gross operating margin	$ 2,044.8	$ 2,002.9	$ 4,348.1	$ 4,060.1
Revenues from third parties	9,440.7	5,745.3	18,581.8	13,211.8
Revenues from related parties	9.4	5.7	23.6	21.7
Intersegment and intrasegment revenues	0.0	0.0	0.0	0.0
Total revenues	9,450.1	5,751.0	18,605.4	13,233.5
Equity in income (loss) of unconsolidated affiliates	160.7	113.3	309.6	254.1
Property, plant and equipment, net	42,233.1		42,233.1		$ 41,912.8
Investments in unconsolidated affiliates	2,442.7		2,442.7		2,429.2
Intangible assets, net	3,229.7		3,229.7		3,309.1
Goodwill	5,448.9		5,448.9		5,448.9
Segment assets	53,354.4		53,354.4		53,100.0
NGL Pipelines & Services [Member]
Information by business segment [Abstract]
Total revenues	3,587.1	2,476.3	7,170.6	5,444.4
Equity in income (loss) of unconsolidated affiliates	28.9	28.8	57.0	61.5
Investments in unconsolidated affiliates	658.4		658.4		671.6
Intangible assets, net	329.4		329.4		334.1
Crude Oil Pipelines & Services [Member]
Information by business segment [Abstract]
Total revenues	2,503.5	1,463.2	4,669.0	3,502.1
Equity in income (loss) of unconsolidated affiliates	130.1	84.1	249.0	191.4
Investments in unconsolidated affiliates	1,749.4		1,749.4		1,723.7
Intangible assets, net	1,899.7		1,899.7		1,936.6
Natural Gas Pipelines & Services [Member]
Information by business segment [Abstract]
Total revenues	709.1	585.2	2,295.9	1,255.8
Equity in income (loss) of unconsolidated affiliates	1.5	1.3	2.9	2.9
Investments in unconsolidated affiliates	32.2		32.2		31.4
Intangible assets, net	870.6		870.6		905.0
Petrochemical & Refined Products Services [Member]
Information by business segment [Abstract]
Total revenues	2,650.4	1,226.3	4,469.9	3,031.2
Equity in income (loss) of unconsolidated affiliates	0.2	(0.9)	0.7	(1.7)
Investments in unconsolidated affiliates	2.7		2.7		2.5
Intangible assets, net	130.0		130.0		133.4
Reportable Business Segments [Member] \| NGL Pipelines & Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	1,097.6	968.1	2,184.0	2,010.1
Revenues from third parties	3,584.4	2,474.7	7,165.1	5,441.0
Revenues from related parties	2.7	1.6	5.5	3.4
Intersegment and intrasegment revenues	10,298.2	5,947.7	23,386.8	11,728.4
Total revenues	13,885.3	8,424.0	30,557.4	17,172.8
Equity in income (loss) of unconsolidated affiliates	28.9	28.8	57.0	61.5
Property, plant and equipment, net	17,229.5		17,229.5		17,128.3
Investments in unconsolidated affiliates	658.4		658.4		671.6
Intangible assets, net	329.4		329.4		334.1
Goodwill	2,651.7		2,651.7		2,651.7
Segment assets	20,869.0		20,869.0		20,785.7
Reportable Business Segments [Member] \| Crude Oil Pipelines & Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	418.9	634.4	819.1	1,087.3
Revenues from third parties	2,500.3	1,461.3	4,657.3	3,489.0
Revenues from related parties	3.2	1.9	11.7	13.1
Intersegment and intrasegment revenues	7,876.5	4,039.9	15,296.6	11,880.2
Total revenues	10,380.0	5,503.1	19,965.6	15,382.3
Equity in income (loss) of unconsolidated affiliates	130.1	84.1	249.0	191.4
Property, plant and equipment, net	6,989.7		6,989.7		6,982.6
Investments in unconsolidated affiliates	1,749.4		1,749.4		1,723.7
Intangible assets, net	1,899.7		1,899.7		1,936.6
Goodwill	1,841.0		1,841.0		1,841.0
Segment assets	12,479.8		12,479.8		12,483.9
Reportable Business Segments [Member] \| Natural Gas Pipelines & Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	202.0	208.9	737.2	492.7
Revenues from third parties	705.6	583.0	2,289.5	1,250.6
Revenues from related parties	3.5	2.2	6.4	5.2
Intersegment and intrasegment revenues	149.3	92.9	295.1	208.0
Total revenues	858.4	678.1	2,591.0	1,463.8
Equity in income (loss) of unconsolidated affiliates	1.5	1.3	2.9	2.9
Property, plant and equipment, net	8,311.2		8,311.2		8,465.8
Investments in unconsolidated affiliates	32.2		32.2		31.4
Intangible assets, net	870.6		870.6		905.0
Goodwill	0.0		0.0		0.0
Segment assets	9,214.0		9,214.0		9,402.2
Reportable Business Segments [Member] \| Petrochemical & Refined Products Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	326.3	191.5	607.8	470.0
Revenues from third parties	2,650.4	1,226.3	4,469.9	3,031.2
Revenues from related parties	0.0	0.0	0.0	0.0
Intersegment and intrasegment revenues	6,595.6	709.7	12,829.8	1,517.8
Total revenues	9,246.0	1,936.0	17,299.7	4,549.0
Equity in income (loss) of unconsolidated affiliates	0.2	(0.9)	0.7	(1.7)
Property, plant and equipment, net	7,553.6		7,553.6		7,528.4
Investments in unconsolidated affiliates	2.7		2.7		2.5
Intangible assets, net	130.0		130.0		133.4
Goodwill	956.2		956.2		956.2
Segment assets	8,642.5		8,642.5		8,620.5
Eliminations [Member]
Information by business segment [Abstract]
Revenues from third parties	0.0	0.0	0.0	0.0
Revenues from related parties	0.0	0.0	0.0	0.0
Intersegment and intrasegment revenues	(24,919.6)	(10,790.2)	(51,808.3)	(25,334.4)
Total revenues	(24,919.6)	(10,790.2)	(51,808.3)	(25,334.4)
Equity in income (loss) of unconsolidated affiliates	0.0	$ 0.0	0.0	$ 0.0
Adjustments [Member]
Information by business segment [Abstract]
Property, plant and equipment, net	2,149.1		2,149.1		1,807.7
Investments in unconsolidated affiliates	0.0		0.0		0.0
Intangible assets, net	0.0		0.0		0.0
Goodwill	0.0		0.0		0.0
Segment assets	$ 2,149.1		$ 2,149.1		$ 1,807.7

Business Segments and Related Information, Consolidated Revenues and Expenses (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Consolidated Revenues [Abstract]

Total consolidated revenues

$ 9,450.1

$ 5,751.0

$ 18,605.4

$ 13,233.5

Operating costs and expenses:

Cost of sales

^[1]

6,840.0

3,195.2

13,103.0

8,018.2

Other operating costs and expenses

^[2]

701.6

670.7

1,416.9

1,423.5

Depreciation, amortization and accretion

506.9

494.3

1,005.6

977.1

Asset impairment charges

17.9

11.8

83.4

13.4

Net losses (gains) attributable to asset sales

0.3

(1.6)

11.2

(1.5)

General and administrative costs

51.5

57.0

107.8

112.5

Total consolidated costs and expenses

8,118.2

4,427.4

15,727.9

10,543.2

NGL Pipelines & Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

3,587.1

2,476.3

7,170.6

5,444.4

Crude Oil Pipelines & Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

2,503.5

1,463.2

4,669.0

3,502.1

Natural Gas Pipelines & Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

709.1

585.2

2,295.9

1,255.8

Petrochemical & Refined Products Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

$ 2,650.4

$ 1,226.3

$ 4,469.9

$ 3,031.2

[1]	Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
[2]	Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment charges; and net losses (or gains) attributable to asset sales and related matters.

Earnings Per Unit (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

BASIC EARNINGS PER COMMON UNIT

Net income attributable to common unitholders

$ 1,112.3

$ 1,034.7

$ 2,452.7

$ 2,384.8

Earnings allocated to phantom unit awards

^[1]

(8.9)

(7.5)

(19.9)

(17.4)

Net income allocated to common unitholders

$ 1,103.4

$ 1,027.2

$ 2,432.8

$ 2,367.4

Basic weighted-average number of common units outstanding (in units)

2,185.3

2,185.9

2,184.3

2,187.4

Basic earnings per common unit (in dollars per unit)

$ 0.50

$ 0.47

$ 1.11

$ 1.08

DILUTED EARNINGS PER COMMON UNIT

Net income attributable to common unitholders

$ 1,112.3

$ 1,034.7

$ 2,452.7

$ 2,384.8

Net income attributable to preferred units

1.0

0.0

1.9

0.0

Net income attributable to limited partners

$ 1,113.3

$ 1,034.7

$ 2,454.6

$ 2,384.8

Diluted weighted-average number of units outstanding:

Distribution-bearing common units (in units)

2,185.3

2,185.9

2,184.3

2,187.4

Phantom units (in units)

^[2]

17.9

16.0

17.7

15.6

Preferred units (in units)

^[2]

2.3

0.0

2.3

0.0

Total (in units)

2,205.5

2,201.9

2,204.3

2,203.0

Diluted earnings per common unit (in dollars per unit)

$ 0.50

$ 0.47

$ 1.11

$ 1.08

[1]	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding the phantom units.
[2]	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. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

Equity-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Equity-Based Awards (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity-based compensation expense [Abstract]
Total compensation expense	$ 41.1	$ 41.7	$ 80.2	$ 80.8
Phantom Unit Awards [Member]
Equity-based compensation expense [Abstract]
Total compensation expense	38.0	39.6	76.0	75.8
Profits Interest Awards [Member]
Equity-based compensation expense [Abstract]
Total compensation expense	3.0	2.1	4.1	5.0
Liability-classified awards [Member]
Equity-based compensation expense [Abstract]
Total compensation expense	$ 0.1	$ 0.0	$ 0.1	$ 0.0

Equity-Based Awards, Phantom Unit Awards (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Summary of awards activity, equity instruments other than options, additional disclosures [Abstract]

Cash payments made in connection with DERs

$ 15.2

$ 12.9

Phantom Unit Awards [Member]

Summary of awards activity, equity instruments other than options [Roll Forward]

Beginning of period (in units)

15,669,442

Granted (in units)

^[1]

7,700,645

Vested (in units)

(5,417,475)

Forfeited (in units)

(254,633)

End of period (in units)

17,697,979

Phantom units outstanding, weighted-average grant date fair value [Roll Forward]

Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit)

^[2]

$ 26.76

Granted weighted-average grant date fair value per unit (in dollars per unit)

^[1],[2]

21.30

Vested weighted-average grant date fair value per unit (in dollars per unit)

^[2]

27.06

Forfeited weighted-average grant date fair value per unit (in dollars per unit)

^[2]

24.77

Weighted-average grant date fair value per unit, at end of period (in dollars per unit)

^[2]

$ 24.32

Summary of awards activity, equity instruments other than options, additional disclosures [Abstract]

Aggregate grant date fair value

$ 164.0

Estimated forfeiture rate

2.00%

Cash payments made in connection with DERs

$ 8.2

$ 7.1

$ 15.2

12.9

Total intrinsic value of phantom unit awards that vested during period

6.4

$ 2.2

119.1

$ 111.4

Unrecognized Compensation Expense [Abstract]

Unrecognized compensation cost

227.2

$ 227.2

Recognition period for total unrecognized compensation cost

2 years 1 month 6 days

Phantom Unit Awards [Member] | Minimum [Member]

Summary of awards activity, equity instruments other than options, additional disclosures [Abstract]

Grant date market price of common units (in dollars per unit)

$ 20.79

Phantom Unit Awards [Member] | Maximum [Member]

Summary of awards activity, equity instruments other than options, additional disclosures [Abstract]

Grant date market price of common units (in dollars per unit)

$ 21.44

Phantom Unit Awards [Member] | Enterprise [Member]

Unrecognized Compensation Expense [Abstract]

Unrecognized compensation cost

$ 190.7

[1]	The aggregate grant date fair value of phantom unit awards issued during 2021 was $164.0 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $21.44 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
[2]	Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 11, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated cost recognized upon vesting	$ 1.9
Unrecognized Compensation Expense [Abstract]
Unrecognized compensation cost	$ 11.5	$ 11.5
Recognition period for total unrecognized compensation cost		2 years 4 months 24 days
EPD PubCo II [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per unit)			$ 25.41
EPD PrivCo I [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per unit)			$ 25.41

Hedging Activities and Fair Value Measurements (Details)
bbl in Millions, $ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2021

USD ($)

Jun. 30, 2020

USD ($)

Jun. 30, 2021

USD ($)

TWh

bbl

Bcf

Jun. 30, 2020

USD ($)

Dec. 31, 2019

USD ($)

Mar. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Derivative [Line Items]

Proceeds from (payments for) the settlement of interest rate derivative instruments | $

$ 75.2

$ (33.3)

Accumulated other comprehensive income | $

$ (198.7)

$ (147.1)

(198.7)

(147.1)

$ 71.4

$ (165.2)

Carrying amount of hedged asset | $

211.5

$ 144.0

Derivatives in cash flow hedging relationships [Member]

Derivative [Line Items]

Gain reclassified from accumulated other comprehensive income (loss) to income | $

$ 89.2

$ 199.0

(535.5)

$ 345.0

Derivatives in mark-to-market relationships [Member]

Derivative [Line Items]

Mark-to-market loss in interest expense | $

$ (47.6)

Forward Starting Swaps A [Member] | Derivatives in cash flow hedging relationships [Member]

Derivative [Line Items]

Notional amount of settled derivative instruments | $

675.0

Proceeds from (payments for) the settlement of interest rate derivative instruments | $

(0.1)

Gain reclassified from accumulated other comprehensive income (loss) to income | $

1.6

Cumulative gains on forward-starting swaps recognized in accumulated other comprehensive income | $

$ 47.5

Accumulated other comprehensive income | $

$ 45.9

Forward Starting Swaps B [Member] | Derivatives in cash flow hedging relationships [Member]

Derivative [Line Items]

Notional amount of settled derivative instruments | $

400.0

Proceeds from (payments for) the settlement of interest rate derivative instruments | $

$ 75.3

Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume | Bcf

^[1],[2]

8.9

Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

9.2

Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member]

Derivative [Line Items]

Volume

^[1],[2]

2.5

Designated as Hedging Instrument [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume | Bcf

^[1],[2]

3.4

Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

120.7

Derivative [Line Items]

Volume

^[1],[2]

2.6

Designated as Hedging Instrument [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

131.2

Derivative [Line Items]

Volume

^[1],[2]

3.0

Designated as Hedging Instrument [Member] | NGL marketing: NGLs inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

1.9

Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted purchases of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

19.2

Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted sales of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

28.2

Designated as Hedging Instrument [Member] | Refined products marketing: Refined products inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

0.8

Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

12.2

Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

16.0

Designated as Hedging Instrument [Member] | Petrochemical marketing: Forecasted purchases of petrochemical products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

0.9

Designated as Hedging Instrument [Member] | Petrochemical marketing: Forecasted sales of petrochemical products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

1.2

Designated as Hedging Instrument [Member] | Commercial energy: Forecasted purchases of power related to asset operations [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume | TWh

^[1],[2]

0.1

Derivative [Line Items]

Volume | TWh

^[1],[2]

0.1

Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member]

Derivative [Line Items]

Volume | Bcf

^[1],[2],[3]

10.0

Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member]

Derivative [Line Items]

Volume | Bcf

^[1],[2],[3]

0.3

Not Designated as Hedging Instrument [Member] | Refined products risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

8.6

Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

36.1

Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

20.4

Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

31.9

Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

3.0

[1]	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.
[2]	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.
[3]	Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.

Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Interest rate derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives		$ 12.4
Liability Derivatives		120.1
Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 566.1	229.2
Liability Derivatives	631.7	246.3
Derivatives designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	516.0	223.3
Liability Derivatives	587.7	360.2
Derivatives designated as hedging instruments [Member] \| Interest rate derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	0.0	12.4
Liability Derivatives	0.0	120.1
Derivatives designated as hedging instruments [Member] \| Interest rate derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	0.0	0.0
Derivatives designated as hedging instruments [Member] \| Interest rate derivatives [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	0.0	12.4
Derivatives designated as hedging instruments [Member] \| Interest rate derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	0.0	109.1
Derivatives designated as hedging instruments [Member] \| Interest rate derivatives [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	0.0	11.0
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	516.0	210.9
Liability Derivatives	587.7	240.1
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	508.8	210.5
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	7.2	0.4
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	570.7	234.0
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	17.0	6.1
Derivatives not designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	50.1	18.3
Liability Derivatives	44.0	6.2
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	50.1	18.3
Liability Derivatives	44.0	6.2
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	43.5	18.1
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	6.6	0.2
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	37.3	6.1
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 6.7	$ 0.1

Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Interest rate derivatives [Member]
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets		$ 12.4
Gross Amounts Offset in the Balance Sheet		0.0
Amounts of Assets Presented in the Balance Sheet		12.4
Financial Instruments		0.0
Cash Collateral Received		0.0
Cash Collateral Paid		0.0
Amounts That Would Have Been Presented On Net Basis		12.4
Commodity Derivatives [Member]
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets	$ 566.1	229.2
Gross Amounts Offset in the Balance Sheet	0.0	0.0
Amounts of Assets Presented in the Balance Sheet	566.1	229.2
Financial Instruments	(563.8)	(228.5)
Cash Collateral Received	0.0	0.0
Cash Collateral Paid	0.0	0.0
Amounts That Would Have Been Presented On Net Basis	$ 2.3	$ 0.7

Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Interest rate derivatives [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities		$ 120.1
Gross Amounts Offset in the Balance Sheet		0.0
Amounts of Liabilities Presented in the Balance Sheet		120.1
Financial Instruments		0.0
Cash Collateral Received		0.0
Cash Collateral Paid		0.0
Amounts That Would Have Been Presented On Net Basis		120.1
Commodity Derivatives [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ 631.7	246.3
Gross Amounts Offset in the Balance Sheet	0.0	0.0
Amounts of Liabilities Presented in the Balance Sheet	631.7	246.3
Financial Instruments	(563.8)	(228.5)
Cash Collateral Received	0.0	0.0
Cash Collateral Paid	(67.0)	(17.3)
Amounts That Would Have Been Presented On Net Basis	$ 0.9	$ 0.5

Hedging Activities and Fair Value Measurements, Gains and Losses on Derivative Instruments and Related Hedged Items (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Derivatives in fair value hedging relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

$ (67.1)

$ (63.7)

$ (187.1)

$ (49.3)

Gain (Loss) Recognized in Income on Hedged Item

38.8

126.7

208.5

117.3

Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

(67.1)

(63.7)

(187.1)

(49.3)

Gain (Loss) Recognized in Income on Hedged Item

38.8

126.7

208.5

117.3

Derivatives in cash flow hedging relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative

(290.4)

(70.4)

(568.7)

126.6

Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income

89.2

199.0

(535.5)

345.0

Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative

0.0

7.8

182.9

(270.3)

Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months

(39.8)

Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | Interest expense [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income

(10.2)

(9.7)

(18.8)

(19.3)

Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Net accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to earnings over the next twelve months

(284.4)

Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months

(284.5)

Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months

0.1

Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative

^[1]

(290.5)

(75.9)

(732.7)

401.9

Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income

99.3

209.8

(498.1)

364.2

Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative

^[1]

0.1

(2.3)

(18.9)

(5.0)

Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income

0.1

(1.1)

(18.6)

0.1

Derivatives not designated as hedging instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

78.6

46.6

36.4

99.5

Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Realized gains (losses)

(48.9)

Unrealized gains (losses)

85.3

Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Revenue [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

79.5

45.7

36.4

98.7

Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

$ (0.9)

$ 0.9

$ 0.0

$ 0.8

[1]	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.

Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financial assets [Abstract]
Interest rate derivatives		$ 12.4
Value before application of CME Rule 814	$ 2,372.3	1,570.1
Impact of CME Rule 814	(1,806.2)	(1,340.9)
Total commodity derivatives	566.1	229.2
Total	566.1	241.6
Financial liabilities [Abstract]
Interest rate derivatives		120.1
Commodity derivatives:
Value before application of CME Rule 814	2,935.0	2,138.9
Impact of CME Rule 814	(2,303.3)	(1,892.6)
Total commodity derivatives	631.7	246.3
Total	631.7	366.4
Net value before application of CME Rule 814 to commodity hedging portfolio	(562.7)
Level 1 [Member]
Financial assets [Abstract]
Interest rate derivatives		0.0
Value before application of CME Rule 814	561.8	678.6
Impact of CME Rule 814	(561.8)	(678.6)
Total commodity derivatives	0.0	0.0
Total	0.0	0.0
Financial liabilities [Abstract]
Interest rate derivatives		0.0
Commodity derivatives:
Value before application of CME Rule 814	1,047.5	1,065.6
Impact of CME Rule 814	(1,047.5)	(1,065.6)
Total commodity derivatives	0.0	0.0
Total	0.0	0.0
Level 2 [Member]
Financial assets [Abstract]
Interest rate derivatives		12.4
Value before application of CME Rule 814	1,810.1	878.6
Impact of CME Rule 814	(1,244.4)	(650.4)
Total commodity derivatives	565.7	228.2
Total	565.7	240.6
Financial liabilities [Abstract]
Interest rate derivatives		120.1
Commodity derivatives:
Value before application of CME Rule 814	1,887.1	1,047.4
Impact of CME Rule 814	(1,255.8)	(807.3)
Total commodity derivatives	631.3	240.1
Total	631.3	360.2
Level 3 [Member]
Financial assets [Abstract]
Interest rate derivatives		0.0
Value before application of CME Rule 814	0.4	12.9
Impact of CME Rule 814	0.0	(11.9)
Total commodity derivatives	0.4	1.0
Total	0.4	1.0
Financial liabilities [Abstract]
Interest rate derivatives		0.0
Commodity derivatives:
Value before application of CME Rule 814	0.4	25.9
Impact of CME Rule 814	0.0	(19.7)
Total commodity derivatives	0.4	6.2
Total	$ 0.4	$ 6.2

Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Carrying Value [Member]
Financial Liabilities: [Abstract]
Fixed Rate Debt Principal Amount Fair Value Disclosure	$ 28,580	$ 29,900
Level 2 [Member] \| Fair Value [Member]
Financial Liabilities: [Abstract]
Fixed Rate Debt Principal Amount Fair Value Disclosure	$ 33,190	$ 35,000

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenues - related parties:
Total revenue - related parties	$ 9.4	$ 5.7	$ 23.6	$ 21.7
Costs and expenses - related parties:
Operating costs and expenses	300.2	306.5	624.3	631.5
General and administrative expenses	32.8	33.2	67.6	65.7
Total costs and expenses - related parties	333.0	339.7	691.9	697.2
Accounts receivable - related parties:
Total accounts receivable - related parties	7.8		7.8		$ 5.6
Accounts payable - related parties:
Total accounts payable - related parties	97.0		97.0		149.5
EPCO and its privately held affiliates [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	282.5	277.1	574.7	563.1
Accounts receivable - related parties:
Total accounts receivable - related parties	2.3		2.3		1.9
Accounts payable - related parties:
Total accounts payable - related parties	94.3		94.3		139.6
Distributions:
Total cash distributions			612.2	605.5
EPCO and its privately held affiliates [Member] \| Administrative Services Agreement [Member]
Costs and expenses - related parties:
Operating costs and expenses	247.1	241.9	501.8	493.1
General and administrative expenses	31.4	32.0	64.6	62.5
Total costs and expenses - related parties	278.5	273.9	566.4	555.6
EPCO and its privately held affiliates [Member] \| Related Party Operating Leases [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	$ 3.3	2.9	$ 6.7	6.3
EPCO and its privately held affiliates [Member] \| Common Units [Member]
Relationship with Affiliates [Abstract]
Total Number of Units (in units)	702,141,725		702,141,725
Percentage of total units outstanding	32.10%		32.10%
Enterprise common units pledged as security (in units)	92,976,464		92,976,464
Unconsolidated affiliates [Member]
Revenues - related parties:
Total revenue - related parties	$ 9.4	5.7	$ 23.6	21.7
Costs and expenses - related parties:
Total costs and expenses - related parties	50.5	$ 62.6	117.2	$ 134.1
Accounts receivable - related parties:
Total accounts receivable - related parties	5.5		5.5		3.7
Accounts payable - related parties:
Total accounts payable - related parties	$ 2.7		$ 2.7		$ 9.9

Income Taxes, Benefit from (provision for) income taxes (Details) - USD ($)
$ in Millions

3 Months Ended

4 Months Ended

6 Months Ended

Mar. 05, 2020

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Components of Benefit From (Provision For) Income Taxes:

Texas Margin Tax

^[1]

$ (24.1)

$ (7.0)

$ (27.4)

$ (14.7)

Other

(0.1)

(2.2)

(0.5)

(2.5)

Benefit from (provision for) income taxes

(31.2)

(59.7)

(41.2)

119.5

OTA Holdings, Inc. [Member]

Components of Benefit From (Provision For) Income Taxes:

Benefit from (provision for) income taxes

$ 72.2

$ (7.0)

$ (50.5)

$ 64.5

$ (13.3)

$ 136.7

[1]	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.

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes, Reconciliation (Details) - USD ($)
$ in Millions

3 Months Ended

4 Months Ended

6 Months Ended

Mar. 05, 2020

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Reconciliation of the benefit from (provision for) income taxes [Abstract]

Pre-Tax Net Book Income ("NBI")

$ 1,177.2

$ 1,120.5

$ 2,549.8

$ 2,316.3

Texas Margin Tax

^[1]

(24.1)

(7.0)

(27.4)

(14.7)

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

^[2]

(0.3)

(3.2)

(0.9)

8.1

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

(3.4)

(49.5)

(6.5)

58.3

Federal benefit attributable to settlement of Liquidity Option Agreement

^[2]

0.0

67.8

Valuation allowance on deferred tax assets

^[3]

(3.4)

0.0

(6.2)

0.0

Other

0.0

(0.2)

0.0

Total benefit from (provision for) income taxes

$ (31.2)

$ (59.7)

$ (41.2)

$ 119.5

Effective income tax rate

(2.70%)

(5.30%)

(1.60%)

5.20%

OTA Holdings, Inc. [Member]

Reconciliation of the benefit from (provision for) income taxes [Abstract]

Total benefit from (provision for) income taxes

$ 72.2

$ (7.0)

$ (50.5)

$ 64.5

$ (13.3)

$ 136.7

[1]	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.
[2]	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.
[3]	Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable; therefore, we have provided for a valuation allowance.

Income Taxes (Details) - USD ($)
$ in Millions

3 Months Ended

4 Months Ended

6 Months Ended

Mar. 05, 2020

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

OTA Deferred Tax Liability:

Liquidity Option liability

$ 511.9

Current portion of income tax benefit (provision):

Federal

$ (0.2)

$ (2.2)

$ 0.6

$ (2.3)

State

(11.5)

(4.1)

(16.6)

(8.7)

Foreign

0.0

(1.1)

(0.2)

Total current portion

(11.7)

(6.3)

(17.1)

(11.2)

Deferred portion of income tax benefit (provision):

Federal

67.8

(6.3)

(46.4)

(12.2)

126.4

State

4.4

(13.2)

(7.0)

(11.9)

4.3

Foreign

0.0

Total deferred portion

(19.5)

(53.4)

(24.1)

130.7

Total benefit from (provision for) income taxes

(31.2)

(59.7)

(41.2)

119.5

Deferred tax liabilities:

Attributable to investment in OTA

369.9

$ 356.6

Attributable to property, plant and equipment

117.8

106.4

Attributable to investments in other entities

4.2

4.1

Other

13.5

0.0

Total deferred tax liabilities

505.4

467.1

Less: deferred tax assets:

Net operating loss carryovers

^[1]

6.3

0.1

Temporary differences related to Texas Margin Tax

3.0

2.3

Total deferred tax assets

9.3

2.4

Total net deferred tax liabilities before valuation allowance

496.1

464.7

Less: Valuation allowance on deferred tax assets

6.2

0.0

Total net deferred tax liabilities

502.3

$ 464.7

Net operating loss carryover subject to expiration

0.1

Net operating loss carryover not subject to expiration

6.2

OTA Holdings, Inc. [Member]

Deferred portion of income tax benefit (provision):

Total benefit from (provision for) income taxes

72.2

$ (7.0)

$ (50.5)

$ 64.5

$ (13.3)

$ 136.7

Deferred tax liabilities:

Total deferred tax liabilities

$ 439.7

[1]	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.

Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Scheduled maturities of debt obligations [Abstract]
Principal amount of consolidated debt obligations outstanding	$ 28,821.4	$ 30,146.4
Litigation matters [Member]
Loss Contingencies [Line Items]
Litigation accruals on an undiscounted basis	$ 0.2	$ 6.1

Commitments and Contingent Liabilities, Operating Leases (Details)
$ in Millions

Jun. 30, 2021

USD ($)

Operating Leases [Abstract]

ROU asset carrying value

$ 318.3

Lease liability carrying value

341.3

Lease liability, current

27.5

Lease liability, noncurrent

313.8

Storage and Pipeline Facilities [Member]

Operating Leases [Abstract]

ROU asset carrying value

121.8

^[1]

Lease liability carrying value

$ 122.2

^[2]

Weighted-average remaining term

15 years

Weighted-average discount rate

4.30%

^[3]

Transportation Equipment [Member]

Operating Leases [Abstract]

ROU asset carrying value

$ 27.5

^[1]

Lease liability carrying value

$ 29.6

^[2]

Weighted-average remaining term

2 years

Weighted-average discount rate

3.30%

^[3]

Office and Warehouse Space [Member]

Operating Leases [Abstract]

ROU asset carrying value

$ 169.0

^[1]

Lease liability carrying value

$ 189.5

^[2]

Weighted-average remaining term

15 years

Weighted-average discount rate

3.20%

^[3]

[1]	Right-of-use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
[2]	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.
[3]	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). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.

Commitments and Contingent Liabilities, Consolidated Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Lease Expense [Abstract]
Non-cash lease expense (amortization of ROU assets)	$ 9.3	$ 9.8	$ 18.6	$ 19.8
Related accretion expense on lease liability balances	3.0	3.3	6.1	6.7
Total fixed lease expense	12.3	13.1	24.7	26.5
Variable lease expense	0.2	0.1	0.6	0.3
Subtotal operating lease expense	12.5	13.2	25.3	26.8
Short-term operating leases	12.9	11.8	26.4	25.0
Total operating lease expense	25.4	25.0	51.7	51.8
Cash payments for operating lease liabilities	9.3	7.9	18.4	18.3
Operating lease income	$ 3.1	$ 2.6	$ 6.1	$ 6.1