Partners' Capital

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Owners' Equity

Partners' Capital

The following table details the changes in the number of our limited partner units outstanding from January 1, 2013 through December 31, 2015:

Limited partner units outstanding on January 1, 2013	226,200,872
01/13—Settlement of 2010 award grants	476,682
During 2013—Other(a)	1,884
Limited partner units outstanding on December 31, 2013	226,679,438
02/14—Settlement of 2011 award grants	387,216
During 2014—Other(a)	1,603
Limited partner units outstanding on December 31, 2014	227,068,257
02/15—Settlement of 2012 award grants	354,529
During 2015—Other(a)	4,461
Limited partner units outstanding on December 31, 2015	227,427,247

(a) Limited partner units issued to settle the equity-based retainer paid to independent directors of our general partner.

Our partnership agreement allows us to issue additional partnership securities for any partnership purpose at any time and from time to time for consideration and on terms and conditions as our general partner determines, all without approval by the limited partners.

Limited partners holding our limited partner units have the following rights, among others:

• right to receive distributions of our available cash within 45 days after the end of each quarter;

• right to elect the board members of our general partner;

• right to remove Magellan GP, LLC as our general partner upon a 100% vote of outstanding unitholders;

• right to transfer limited partner unit ownership to substitute limited partners;

• right to receive an annual report, containing audited financial statements and a report on those financial statements by our independent public accountants, within 120 days after the close of the fiscal year end;

• right to receive information reasonably required for tax reporting purposes within 90 days after the close of the calendar year;

• right to vote according to the limited partners’ percentage interest in us at any meeting that may be called by our general partner; and

• right to inspect our books and records at the unitholders’ own expense.

In the event of liquidation, we would distribute all property and cash in excess of that required to discharge all liabilities to the partners in proportion to the positive balances in their respective capital accounts. The limited partners' liability is generally limited to their investment.