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Total Capital and Net Income Per Common Unit (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Summary of Incentive Distribution Rights

Prior to the Merger, when the Partnership’s incentive distribution rights were canceled and ceased to exist, the general partner was entitled to certain incentive distributions if the amount the Partnership distributed to common unitholders with respect to any quarter exceeded specified target levels shown below:
Quarterly Distribution Target Amount (per unit)
Unitholders
 
General Partner
Minimum quarterly distribution of $0.35
99.24
%
 
0.76
%
Up to $0.4025
99.24
%
 
0.76
%
Above $0.4025 up to $0.4375
86.24
%
 
13.76
%
Above $0.4375 up to $0.525
76.24
%
 
23.76
%
Above $0.525
51.24
%
 
48.76
%
Schedule of Net Income Per Common Unit
Net Loss Per Common Unit
 
Year Ended
 
December 31,
2019
$
 
December 31,
2018
$
 
December 31,
2017
$
Limited partners' interest in net loss
(378,770
)
 
(147,141
)
 
(339,501
)
Preferred units - periodic accretion
—

 
—

 
(2,380
)
Net gain on repurchase of Series C-1 and Series D Preferred Units
—

 
—

 
19,637

Gain on modification of warrants
—

 
—

 
1,495

Limited partners' interest in net loss for basic net loss per common unit
(378,770
)
 
(147,141
)
 
(320,749
)
Series C-1 Preferred Units - cash distributions
—

 
—

 
12,650

Gain on repurchase of Series C-1 Preferred Units
—

 
—

 
(26,994
)
Limited partners' interest in diluted net loss
(378,770
)
 
(147,141
)
 
(335,093
)
Weighted average number of common units
410,727,035

 
410,261,239

 
220,755,937

Dilutive effect of Series C-1 Preferred Units and unit based compensation
—

 
—

 
9,184,183

Common units and common unit equivalents
410,727,035

 
410,261,239

 
229,940,120

 


 


 


Limited partner's interest in net loss per common unit


 


 


 - basic
(0.92
)
 
(0.36
)
 
(1.45
)
 - diluted
(0.92
)
 
(0.36
)
 
(1.46
)
 
 
 
 
 
 
Summary of Issuances of Common Units
The following table summarizes the issuances of common units over the three years ending December 31, 2019:
Date
 
Offering
Type
 
Number of
Common
Units
Issued
 
Offering
Price
 
Gross
Proceeds (i)
 
Net
Proceeds
 
Use of Proceeds
 
 
 
(in millions of U.S. Dollars)
 
During 2017
 
Payment-in-kind
 
6,391,087

 
 (ii)  
 
29.8
 
29.8
 
 (ii)  
September 2017
 
Private
 
256,000,000

 
 (iii)  
 
640.0
 
628.1
 
To strengthen the Partnership's capital structure and to fund the Partnership's existing growth projects.
(i)
Including the General Partner’s proportionate capital contribution, where applicable.
(ii)
Common units issued as a payment-in-kind for the distributions on the Partnership's Series C-1 and D Preferred Units and on the Partnership's common units and general partner interest held by subsidiaries of Teekay Corporation and payment-in-kind for interest on the 2016 Teekay Corporation Promissory Note (see note 11g).
(iii)
In September 2017, as part of the Brookfield Transaction, the Partnership issued to Brookfield 244.0 million common units and the Brookfield Transaction Warrants to purchase 62.4 million common units, for gross proceeds of $610.0 million. In addition, the Partnership issued to Teekay Corporation 12.0 million common units and the Brookfield Transaction Warrants to purchase 3.1 million common units, for gross proceeds of $30.0 million. The net proceeds are exclusive of expenses allocated to the Brookfield Transaction Warrants of $1.4 million.