Partners' Capital and Distributions

3 Months Ended

Mar. 31, 2019

Partners’ Capital and Distributions

Units Outstanding

The following tables present the activity for our preferred and common units:



	Limited Partners
	Series A Preferred Units	Series B Preferred Units	Common Units
Outstanding at December 31, 2018	71,090,468	800,000	726,361,924
Issuances of common units under equity-indexed compensation plans	—	—	423,889
Outstanding at March 31, 2019	71,090,468	800,000	726,785,813



	Limited Partners
	Series A Preferred Units	Series B Preferred Units	Common Units
Outstanding at December 31, 2017	69,696,542	800,000	725,189,138
Issuance of Series A preferred units in connection with in-kind distribution	1,393,926	—	—
Issuances of common units under equity-indexed compensation plans	—	—	17,766
Outstanding at March 31, 2018	71,090,468	800,000	725,206,904

Distributions

Series A Preferred Unit Distributions. The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first three months of 2019 (in millions, except per unit data):



	Series A Preferred Unitholders
Distribution Payment Date	Cash Distribution		Distribution per Unit
May 15, 2019 ⁽¹⁾	$	37	$	0.525
February 14, 2019	$	37	$	0.525


⁽¹⁾	Payable to unitholders of record at the close of business on May 1, 2019 for the period from January 1, 2019 through March 31, 2019. At March 31, 2019, such amount was accrued to distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Series B Preferred Unit Distributions. Distributions on our 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 our Series B preferred unitholders (in millions, except per unit data):



	Series B Preferred Unitholders
Distribution Payment Date	Cash Distribution		Distribution per Unit
May 15, 2019 ⁽¹⁾	$	24.5	$	30.625


⁽¹⁾	Payable to unitholders of record at the close of business on May 1, 2019 for the period from November 15, 2018 through May 14, 2019.

As of March 31, 2019, we had accrued approximately $18 million of distributions payable to our Series B preferred unitholders in “Other current liabilities” on our Condensed Consolidated Balance Sheet.

Common Unit Distributions. The following table details distributions to our common unitholders paid during or pertaining to the first three months of 2019 (in millions, except per unit data):



	Distributions						Cash Distribution per Common Unit
	Common Unitholders				Total Cash Distribution
Distribution Payment Date	Public		AAP		Total Cash Distribution
May 15, 2019 ⁽¹⁾	$	161	$	101	$	262	$	0.36
February 14, 2019	$	134	$	84	$	218	$	0.30


⁽¹⁾	Payable to unitholders of record at the close of business on May 1, 2019 for the period from January 1, 2019 through March 31, 2019.