XML 82 R18.htm IDEA: XBRL DOCUMENT v3.20.1
Partners' Capital and Distributions
3 Months Ended
Mar. 31, 2020
Partners' Capital Notes [Abstract]  
Partners' Capital and Distributions Partners’ Capital and Distributions
 
Shares Outstanding
 
The following tables present the activity for our Class A shares, Class B shares and Class C shares:

 Class A SharesClass B SharesClass C Shares
Outstanding at December 31, 2019182,138,592  65,785,702  549,538,139  
Conversion of AAP Management Units (1)
—  559,768  —  
Exchange Right exercises (1)
2,101,487  (2,101,487) —  
Redemption Right exercises (1)
—  (1,206,599) 1,206,599  
Other—  —  24,431  
Outstanding at March 31, 2020184,240,079  63,037,384  550,769,169  
 
 Class A SharesClass B SharesClass C Shares
Outstanding at December 31, 2018159,485,588  119,604,338  516,938,280  
Redemption Right exercises (1)
(91,672) 91,672  
Other—  —  226,814  
Outstanding at March 31, 2019159,485,588  119,512,666  517,256,766  

(1)See Note 12 to our Consolidated Financial Statements included in Part IV of our 2019 Annual Report on Form 10-K for information regarding conversions of AAP Management Units, Exchange Rights and Redemption Rights.

Distributions
 
The following table details distributions to our Class A shareholders paid during or pertaining to the first three months of 2020 (in millions, except per share data):

Distribution Payment DateDistributions to
Class A Shareholders
Distributions per
Class A Share
May 15, 2020 (1)
$33  $0.18  
February 14, 2020
$66  $0.36  

(1)Payable to shareholders of record at the close of business on May 1, 2020 for the period from January 1, 2020 through March 31, 2020.
Consolidated Subsidiaries
 
Noncontrolling Interests in Subsidiaries
 
As of March 31, 2020, noncontrolling interests in our subsidiaries consisted of (i) limited partner interests in PAA including a 69% interest in PAA’s common units and PAA’s Series A preferred units combined and 100% of PAA’s Series B preferred units, (ii) an approximate 25% limited partner interest in AAP and (iii) a 33% interest in Red River Pipeline Company LLC (“Red River LLC”).

During the three months ended March 31, 2020, we received $8 million of contributions from noncontrolling interests in Red River LLC related to the Red River pipeline capacity expansion.

Subsidiary Distributions
 
PAA Series A Preferred Unit Distributions. The following table details distributions to PAA’s Series A preferred unitholders paid during or pertaining to the first three months of 2020 (in millions, except per unit data):

Series A Preferred Unitholders
Distribution Payment DateCash Distribution Distribution per Unit
May 15, 2020 (1)
$37  $0.525  
February 14, 2020$37  $0.525  

(1)Payable to unitholders of record at the close of business on May 1, 2020 for the period from January 1, 2020 through March 31, 2020. At March 31, 2020, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

PAA Series B Preferred Unit Distributions. Distributions on PAA’s Series B preferred units are payable semi-annually in arrears on the 15th day of May and November. The following table details distributions to be paid to PAA’s Series B preferred unitholders (in millions, except per unit data):

Series B Preferred Unitholders
Distribution Payment DateCash Distribution Distribution per Unit
May 15, 2020 (1)
$24.5  $30.625  

(1)Payable to unitholders of record at the close of business on May 1, 2020 for the period from November 15, 2019 through May 14, 2020.

At March 31, 2020, approximately $18 million of accrued distributions payable to PAA’s Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

PAA Common Unit Distributions. The following table details distributions to PAA’s common unitholders paid during or pertaining to the first three months of 2020 (in millions, except per unit data):

 DistributionsCash Distribution per Common Unit
Common UnitholdersTotal Cash Distribution
Distribution Payment DatePublic AAP
May 15, 2020 (1)
$86  $45  $131  $0.18  
February 14, 2020$172  $90  $262  $0.36  
(1)Payable to unitholders of record at the close of business on May 1, 2020 for the period from January 1, 2020 through March 31, 2020.

AAP Distributions. The following table details the distributions to AAP’s partners paid during or pertaining to the first three months of 2020 from distributions received from PAA (in millions):

 
Distribution to AAPs Partners
Distribution Payment DateNoncontrolling InterestsPAGPTotal Cash Distributions
May 15, 2020 (1)
$12  $33  $45  
February 14, 2020
$24  $66  $90  

(1)Payable to unitholders of record at the close of business on May 1, 2020 for the period from January 1, 2020 through March 31, 2020.