(Deficit) Equity (Tables)

3 Months Ended

Mar. 31, 2021

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, 2020	December 31, 2019	$	57	$	—	$	50	$	52	$	3	$	162	$	0.4600
May 15, 2020	March 31, 2020	57		—		50		52 (2)		3 (3)		162		0.4600
August 14, 2020	June 30, 2020 (1)	57		12		104		—		—		173		0.4600
November 13, 2020	September 30, 2020 (1)	57		12		104		—		—		173		0.4600
February 12, 2021	December 31, 2020 (1)	57		12		104		—		—		173		0.4600
May 14, 2021	March 31, 2021 (1) (4)	57		12		104		—		—		173		0.4600

(1) Includes the impact of waived distributions to SPLC with respect to the transaction completed in April 2020 as described above.

(2) This amount represents the Final IDR Payment (as defined in the Partnership Interests Restructuring Agreement) to which our general partner (or its assignee) was entitled pursuant to the Partnership Interests Restructuring Agreement. Also pursuant to the Partnership Interests Restructuring Agreement, our 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 transaction completed in April 2020 for the quarter in which it receives the Final IDR Payment. Our general partner is not entitled to any payments with respect to the IDRs, as they were cancelled as a part of the transaction completed in April 2020.

(3) This amount represents the final distribution payment on the 2% economic general partner interest. Our general partner is not entitled to any payments with respect to the economic general partner interest, as it was converted into a non-economic general partner interest as a part of the transaction completed in April 2020.

(4) See Note 12 — Subsequent Events for additional information.