Partners' Capital And Distributions Partners' Capital (Notes)

9 Months Ended

Sep. 30, 2014

Partners' Capital and Distributions [Abstract]

Partners' Capital Notes Disclosure [Text Block]

9. Partners’ Capital and Distributions

On September 26, 2014, we issued 4,600,000 Class A common units in a public offering at a price of $50.71 per unit. We received proceeds, net of underwriting discounts and offering costs, of approximately $225.6 million from that offering. We used the net proceeds for general partnership purposes, including the repayment of outstanding borrowings under our revolving credit facility. At September 30, 2014, our outstanding common units consisted of 93,250,988 Class A units and 39,997 Class B units.

Waiver Units

Our waiver units are non-voting securities entitled to a minimal preferential quarterly distribution. At issuance, our waiver units were comprised of four classes (designated Class 1, Class 2, Class 3 and Class 4) of 1,738,000 units each. The waiver units in each class were/are convertible into Class A common units at a 1:1 conversion rate in the calendar quarter during which each of our common units receives a specified minimum quarterly distribution and our distribution coverage ratio (after giving effect to the then convertible waiver units) would be at least 1.1 times. The minimum distribution per common unit required for conversion is $0.52 for our Class 4 waiver units.

Our Class 1 and Class 2 waiver units converted into common units in 2012, and our Class 3 waiver units were converted into common units in 2013.

Our Class 4 waiver units will become convertible into Class A common units on November 14, 2014, as we will satisfy the distribution conversion coverage ratio requirement and will pay a minimum distribution of $0.52 per common unit.

Distributions

We paid or will pay the following distributions in 2013 and 2014:



Distribution For	Date Paid		Per Unit Amount		Total Amount
2013
1^st Quarter	May 15, 2013		$	0.4975	$	40,405
2^nd Quarter	August 14, 2013		$	0.5100	$	42,302
3^rd Quarter	November 14, 2013		$	0.5225	$	46,344
4^th Quarter	February 14, 2014		$	0.5350	$	47,453
2014
1^st Quarter	May 15, 2014		$	0.5500	$	48,783
2^nd Quarter	August 14, 2014		$	0.5650	$	50,114
3^rdQuarter	November 14, 2014	⁽¹⁾	$	0.5800	$	54,112

(1) This distribution will be paid to unitholders of record as of October 31, 2014.

- Definition

The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

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