(Deficit) Equity (Tables)

6 Months Ended

Jun. 30, 2020

The changes in the number of Partnership units outstanding from December 31, 2019 through June 30, 2020 are as follows:


(in units)	Preferred	Public Common	SPLC Common	General Partner
Balance as of December 31, 2019	—	123,832,233	109,457,304	4,761,012
April 2020 Transaction ⁽¹⁾	50,782,904	—	160,000,000	(4,761,012)
Balance as of June 30, 2020	50,782,904	123,832,233	269,457,304	—

⁽¹⁾See Note 2 – Acquisitions and Other Transactions for additional information.

Schedule of Distributions Declared and/or Paid

The following table details the distributions declared and/or paid for the periods presented:


Date Paid or		Public	SPLC	SPLC	General Partner					Distributions per Limited Partner Unit
to be Paid	Three Months Ended	Common	Preferred	Common	IDRs	2%	Total

		(in millions, except per unit amounts)
February 14, 2019	December 31, 2018	49	—	40	37	3	129	$	0.4000
May 15, 2019	March 31, 2019⁽¹⁾	51	—	42	23	3	119	0.4150
August 14, 2019	June 30, 2019⁽¹⁾	53	—	47	28	3	131	0.4300
November 14, 2019	September 30, 2019 ⁽¹⁾	56	—	48	33	3	140	0.4450
February 14, 2020	December 31, 2019	57	—	50	52	3	162	0.4600
May 15, 2020	March 31, 2020	57	—	50	52⁽³⁾	3 ⁽⁴⁾	162	0.4600
August 14, 2020	June 30, 2020 ⁽²⁾	57	12	104	—	—	173	0.4600

⁽¹⁾ Includes the impact of waived distributions to the holders of the IDRs as described above.

⁽²⁾ Includes the impact of waived distributions to SPLC with respect to the April 2020 Transaction as described above.

⁽³⁾ This amount represents the Final IDR Payment (as defined in the Partnership Interests Restructuring Agreement) to which the general partner (or its assignee) was entitled pursuant to the Partnership Interests Restructuring Agreement. Also pursuant to the Partnership Interests Restructuring Agreement, the general partner agreed (on its own behalf and on behalf of its assignees) to waive any distributions that it would otherwise be entitled to receive with respect to the newly-issued 160 million common units that it received in the April 2020 Transaction for the quarter in which it receives the Final IDR Payment. The general partner will not be entitled to any payments with respect to the IDRs going forward, as they have been cancelled as a part of the April 2020 Transaction.

⁽⁴⁾ This amount represents the final distribution payment on the 2% economic general partner interest. The general partner will not be entitled to any payments with respect to the economic general partner interest going forward, as it was converted into a non-economic general partner interest as a part of the April 2020 Transaction.