Partners' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Partners' Equity

Partners’ Equity

The Partnership Agreement requires that, within 60 days after the end of each quarter, the Partnership distribute all of its available cash (as defined in the Partnership Agreement) to unitholders of record on the applicable record date.

The Partnership paid or has authorized payment of the following cash distributions to common unitholders, as applicable, during 2020 and 2019 (in millions, except for per unit amounts):

Three Months Ended	Record Date	Payment Date	Per Unit Distribution		Total Cash Distribution
March 31, 2020 (1)	May 19, 2020	May 27, 2020	$	0.16525	$	72
December 31, 2019	February 18, 2020	February 25, 2020	0.3305		144
September 30, 2019	November 19, 2019	November 26, 2019	0.3305		144
June 30, 2019	August 20, 2019	August 27, 2019	0.3305		144
March 31, 2019	May 21, 2019	May 29, 2019	0.318		138

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(1) The Board of Directors declared this $0.16525 per common unit cash distribution on May 5, 2020, to be paid on May 27, 2020 to common unitholders of record at the close of business on May 19, 2020.

The Partnership paid or has authorized payment of the following cash distributions to holders of the Series A Preferred Units during 2019 and 2020 (in millions, except for per unit amounts):

Three Months Ended	Record Date	Payment Date	Per Unit Distribution		Total Cash Distribution
March 31, 2020 (1)	May 5, 2020	May 15, 2020	$	0.625	$	9
December 31, 2019	February 7, 2020	February 14, 2020	0.625		9
September 30, 2019	November 5, 2019	November 14, 2019	0.625		9
June 30, 2019	August 2, 2019	August 14, 2019	0.625		9
March 31, 2019	April 29, 2019	May 15, 2019	0.625		9

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(1) The Board of Directors declared a $0.625 per Series A Preferred Unit cash distribution on May 5, 2020, to be paid on May 15, 2020, to Series A Preferred unitholders of record at the close of business on May 5, 2020.

ATM Program

On May 12, 2017, the Partnership entered into an ATM Equity Offering Sales Agreement, pursuant to which the Partnership may issue and sell common units having an aggregate offering price of up to $200 million, by sales methods and at prices determined by market conditions and other factors at the time of our offerings. The Partnership has no obligation to sell any common units under the ATM Program and the Partnership may suspend sales under the ATM Program at any time. During the three months ended March 31, 2020 and 2019, the Partnership did not issue common units under the ATM Program. As of March 31, 2020, $197 million of common units remained available for issuance through the ATM Program.