2.2.0.7 false Series A Convertible Redeemable Preferred Units 10801 - Disclosure - Series A Convertible Redeemable Preferred Units true false false false 1 false false 5 Series A Convertible Redeemable Preferred Units 3 us-gaap_ScheduleOfRedeemableConvertiblePreferredStockTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> <div> 8. Series A Convertible Redeemable Preferred Units On September 2, 2009, the Partnership issued 4,371,586 Series A Preferred Units. As of March 31, 2010, the Series A Preferred Units were convertible to 4,584,192 common units, and if outstanding, are mandatorily redeemable on September 2, 2029 for $80,000,000 plus all accrued but unpaid distributions thereon. The Series A Preferred Units receive fixed quarterly cash distributions of $0.445 per unit beginning with the quarter ending March 31, 2010, if outstanding on the record dates of the Partnership's common units distributions. Effective as of March 2, 2010, holders can elect to convert Series A Preferred Units to common units at any time in accordance with the partnership agreement. Upon a change in control, each unitholder may, at its option, require the Partnership to purchase the Series A Preferred Units for an amount equal to 101 percent of the total of the face value of the Series A Preferred Units plus all accrued but unpaid distribution thereon. Subsequent to the ETE Acquisition, no unitholder has exercised this option. As disclosed in Note 1, the Partnership's Series A Preferred Units were adjusted to fair value of $70,793,000 on May 26, 2010. The following table provides a reconciliation of the beginning and ending balances of the Series A Preferred Units for the six months ended June 30, 2010.   <table border="0" cellspacing="0" cellpadding="0" width="76%"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">For the Six Months Ended June 30, 2010,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Units</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Amount</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center">(in thousands)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Beginning balance as of January 1, 2010</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,371,586</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,711</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Accretion to redemption value from January 1, 2010 to May 25, 2010</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Balance as of May 25, 2010</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,371,586</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">51,766</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Fair value adjustment</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,027</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Balance as of May 26, 2010</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,371,586</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">70,793</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Accretion to redemption value from May 26, 2010 to June 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Ending balance as of June 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,371,586</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">70,850</td> <td valign="bottom" nowrap="nowrap">* </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td style="border-top: #000000 3px double;" valign="bottom"> </td> <td> </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="2%" align="left">*</td> <td valign="top" align="left">This amount will be accreted to $80,000,000 plus any accrued and unpaid distributions by deducting amounts from partners' capital over the 19.25 remaining years. </td></tr></table>  </div> </div> 8. Series A Convertible Redeemable Preferred Units On September 2, 2009, the Partnership issued 4,371,586 Series A Preferred Units. As of March 31, false false false us-types:textBlockItemType textblock Redeemable convertible preferred stock obligation is not included in permanent equity within Stockholders' equity and does not fall under the classification of asset or liability under FAS 150. Type of security with redemption features that are outside the control of the issuer, that are not mandatorily redeemably and the issuer cannot demonstrate that it would be able to deliver under the conversion option upon conversion in all cases. Includes preferred stock that has a fixed or determinable redemption date, is redeemable at the option of the holder, or has conditions for redemption that are outside the issuer's control. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 28 -Article 5 false 1 1 false UnKnown UnKnown UnKnown false true