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Equity | 12 Months Ended
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Dec. 31, 2019
Partners' Capital Notes [Abstract] |
Equity | EQUITY: Limited Partner Units Limited partner interests in the Partnership are represented by Common Units that entitle the holders thereof to the rights and privileges specified in the Partnership Agreement. The Partnership’s Common Units are registered under the Securities Exchange Act of 1934 (as amended) and are listed for trading on the NYSE. Each holder of a Common Unit is entitled to one vote per unit on all matters presented to the Limited Partners for a vote. In addition, if at any time any person or group (other than the Partnership’s General Partner and its affiliates) owns beneficially 20% or more of all Common Units, any Common Units owned by that person or group may not be voted on any matter and are not considered to be outstanding when sending notices of a meeting of Unitholders (unless otherwise required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under the Partnership Agreement. The Common Units are entitled to distributions of Available Cash as described below under “Parent Company Quarterly Distributions of Available Cash.” As of December 31, 2019, there were issued and outstanding 2.69 billion Common Units representing an aggregate 99.9% limited partner interest in the Partnership. Our Partnership Agreement contains specific provisions for the allocation of net earnings and losses to the partners for purposes of maintaining the partner capital accounts. For any fiscal year that the Partnership has net profits, such net profits are first allocated to the General Partner until the aggregate amount of net profits for the current and all prior fiscal years equals the aggregate amount of net losses allocated to the General Partner for the current and all prior fiscal years. Second, such net profits shall be allocated to the Limited Partners pro rata in accordance with their respective sharing ratios. For any fiscal year in which the Partnership has net losses, such net losses shall be first allocated to the Limited Partners in proportion to their respective adjusted capital account balances, as defined by the Partnership Agreement, (before taking into account such net losses) until their adjusted capital account balances have been reduced to zero. Second, all remaining net losses shall be allocated to the General Partner. The General Partner may distribute to the Limited Partners funds of the Partnership that the General Partner reasonably determines are not needed for the payment of existing or foreseeable Partnership obligations and expenditures. Common Units The change in ET Common Units during the years ended December 31, 2019, 2018 and 2017 was as follows:
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
Number of Common Units, beginning of period | 2,619.4 |  |  | 1,079.1 |  |  | 1,046.9 |
Conversion of ET Series A Convertible Preferred Units to common units | — |  |  | 79.1 |  |  | — |
Common Units issued in mergers and acquisitions | 57.6 |  |  | 1,458.9 |  |  | — |
Common Units repurchased | (1.9 | ) |  | — |  |  | — |
Issuance of Common Units | 14.5 |  |  | 2.3 |  |  | 32.2 |
Number of Common Units, end of period | 2,689.6 |  |  | 2,619.4 |  |  | 1,079.1 |
In October 2018, ET issued 1.46 billion ET Common Units in connection with the Energy Transfer Merger. In December 2019, ET issued 57.6 million ET Common Units in connection with the SemGroup acquisition. ET Equity Distribution Agreement In March 2017, the Partnership entered into an equity distribution agreement relating to at-the-market offerings of its common units with an aggregate offering price up to $1 billion. As of December 31, 2019, there have been no sales of common units under the equity distribution agreement. ET Series A Convertible Preferred Units In May 2018, the Partnership converted its 329.3 million Series A Convertible Preferred Units into approximately 79.1 million ET common units in accordance with the terms of ET’s partnership agreement. ET Class A Units In connection with the Energy Transfer Merger, the Partnership issued 647,745,099 Class A units (“ET Class A Units”) representing limited partner interests in the Partnership to LE GP, LLC (“LE GP”), the general partner of ET. The number of ET Class A Units issued allows LE GP and its affiliates to retain a voting interest in the Partnership that is identical to their voting interest in the Partnership prior to the completion of the Merger. The ET Class A Units are entitled to vote together with the Partnership’s common units, as a single class, except as required by law. Additionally, ET’s partnership agreement provides that, under certain circumstances, upon the issuance by the Partnership of additional common units or any securities that have voting rights that are pari passu with the Partnership common units, the Partnership will issue to any holder of ET Class A Units additional ET Class A Units such that the holder maintains a voting interest in the Partnership that is identical to its voting interest in the Partnership prior to such issuance. The ET Class A Units are not entitled to distributions and otherwise have no economic attributes. ET Repurchase Program In February 2015, the Partnership announced a common unit repurchase program, whereby the Partnership may repurchase up to an additional $2 billion of ET Common Units in the open market at the Partnership’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. The Partnership repurchased 1.9 million ET Common Units under this program in 2019 and no ET Common Units in 2018 or 2017 and there was $911 million available to use under the program as of December 31, 2019. ET Distribution Reinvestment Program During the year ended December 31, 2019, distributions of $148 million were reinvested under the distribution reinvestment program. As of December 31, 2019, a total of 29 million common units remain available to be issued under the existing registration statement in connection with the distribution reinvestment program. Sale of Common Units by Subsidiaries The Parent Company accounts for the difference between the carrying amount of its investment in subsidiaries and the underlying book value arising from issuance of units by subsidiaries (excluding unit issuances to the Parent Company) as a capital transaction. If a subsidiary issues units at a price less than the Parent Company’s carrying value per unit, the Parent Company assesses whether the investment has been impaired, in which case a provision would be reflected in our statement of operations. The Parent Company did not recognize any impairment related to the issuances of subsidiary common units during the periods presented. ETO Class K Units As of December 31, 2019, a total of 101.5 million Class K Units were held by wholly-owned subsidiaries of ETO. Each Class K Unit is entitled to a quarterly cash distribution of $0.67275 per Class K Unit prior to ETO making distributions of available cash to any class of units, excluding any cash available distributions or dividends or capital stock sales proceeds received by ETO from ETP Holdco. If the Partnership is unable to pay the Class K Unit quarterly distribution with respect to any quarter, the accrued and unpaid distributions will accumulate until paid and any accumulated balance will accrue 1.5% per annum until paid. ETO Class L Units On December 31, 2018, ETO issued a new class of limited partner interests titled Class L Units to two wholly-owned subsidiaries of the Partnership when the Partnership’s previously outstanding Class E units and Class G units held by such subsidiaries were converted into Class L Units. As a result of the conversion, the Class E units and Class G units were cancelled. The Class L Units generally do not have any voting rights. The Class L Units are entitled to aggregate cash distributions equal to 7.65% per annum of the total amount of cash generated by us and our subsidiaries, other than ETP Holdco, and available for distribution. Distributions shall be paid quarterly, in arrears, within 45 days after the end of each quarter. As the Class L Units are owned by a wholly-owned subsidiary, the cash distributions on those units are eliminated in our consolidated financial statements. ETO Class M Units On July 1, 2019, ETO issued a new class of limited partner interests titled Class M Units to ETP Holdco, a wholly-owned subsidiary of the Partnership, in exchange for the contribution of ETP Holdco’s equity ownership interest in Panhandle to the Partnership. The Class M Units generally do not have any voting rights. The Class M Units are entitled to aggregate cash distributions equal to 8.00% per annum of the total amount of cash generated by us and our subsidiaries, other than ETP Holdco, and available for distribution. Distributions shall be paid quarterly, in arrears, within 45 days after the end of each quarter. As the Class M Units are owned by a wholly-owned subsidiary, the cash distributions on those units are eliminated in our consolidated financial statements. ETO Preferred Units In November 2017, ETO issued 950,000 of its 6.250% Series A Preferred Units at a price of $1,000 per unit and 550,000 of its 6.625% Series B Preferred Units at a price of $1,000 per unit. In April 2018, ETO issued 18 million of its 7.375% Series C Preferred Units at a price of $25 per unit. In July 2018, ETO issued 17.8 million of its 7.625% Series D Preferred Units at a price of $25 per unit. In April 2019, ETO issued 32 million of its 7.600% Series E Preferred Units at a price of $25 per unit. As of December 31, 2019 all of ETO Series A, Series B, Series C, Series D and Series E Preferred Units issued remain outstanding. ETO Series A Preferred Units Distributions on the Series A Preferred Units will accrue and be cumulative from and including the date of original issue to, but excluding, February 15, 2023, at a rate of 6.250% per annum of the stated liquidation preference of $1,000. On and after February 15, 2023, distributions on the Series A Preferred Units will accumulate at a percentage of the $1,000 liquidation preference equal to an annual floating rate of the three-month LIBOR, determined quarterly, plus a spread of 4.028% per annum. The Series A Preferred Units are redeemable at ETO’s option on or after February 15, 2023 at a redemption price of $1,000 per Series A Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption. ETO Series B Preferred Units Distributions on the Series B Preferred Units will accrue and be cumulative from and including the date of original issue to, but excluding, February 15, 2028, at a rate of 6.625% per annum of the stated liquidation preference of $1,000. On and after February 15, 2028, distributions on the Series B Preferred Units will accumulate at a percentage of the $1,000 liquidation preference equal to an annual floating rate of the three-month LIBOR, determined quarterly, plus a spread of 4.155% per annum. The Series B Preferred Units are redeemable at ETO’s option on or after February 15, 2028 at a redemption price of $1,000 per Series B Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption. ETO Series C Preferred Units Distributions on the Series C Preferred Units will accrue and be cumulative from and including the date of original issue to, but excluding, May 15, 2023, at a rate of 7.375% per annum of the stated liquidation preference of $25. On and after May 15, 2023, distributions on the Series C Preferred Units will accumulate at a percentage of the $25 liquidation preference equal to an annual floating rate of the three-month LIBOR, determined quarterly, plus a spread of 4.530% per annum. The Series C Preferred Units are redeemable at ETO’s option on or after May 15, 2023 at a redemption price of $25 per Series C Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption. ETO Series D Preferred Units Distributions on the Series D Preferred Units will accrue and be cumulative from and including the date of original issue to, but excluding, August 15, 2023, at a rate of 7.625% per annum of the stated liquidation preference of $25. On and after August 15, 2023, distributions on the Series D Preferred Units will accumulate at a percentage of the $25 liquidation preference equal to an annual floating rate of the three-month LIBOR, determined quarterly, plus a spread of 4.738% per annum. The Series D Preferred Units are redeemable at ETO’s option on or after August 15, 2023 at a redemption price of $25 per Series D Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption. ETO Series E Preferred Units Distributions on the Series E Preferred Units will accrue and be cumulative from and including the date of original issue to, but excluding, May 15, 2024, at a rate of 7.600% per annum of the stated liquidation preference of $25. On and after May 15, 2024, distributions on the Series E Preferred Units will accumulate at a percentage of the $25 liquidation preference equal to an annual floating rate of the three-month LIBOR, determined quarterly, plus a spread of 5.161% per annum. The Series E Preferred Units are redeemable at ETO’s option on or after May 15, 2024 at a redemption price of $25 per Series E Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption. ETO Series F Preferred Units On January 22, 2020, the Partnership issued 500,000 of its 6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units representing limited partner interest in the Partnership, at a price to the public of $1,000 per unit. Distributions on the Series F Preferred Units are cumulative from and including the original issue date and will be payable semi-annually in arrears on the 15th day of May and November of each year, commencing on May 15, 2020 to, but excluding, May 15, 2025, at a rate equal to 6.750% per annum of the $1,000 liquidation preference. On and after May 15, 2025, the distribution rate on the Series F Preferred Units will equal a percentage of the $1,000 liquidation preference equal to the five-year U.S. treasury rate plus a spread of 5.134% per annum. The Series F Preferred Units are redeemable at ETO’s option on or after May 15, 2025 at a redemption price of $1,000 per Series F Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption. ETO Series G Preferred Units On January 22, 2020, the Partnership issued 1,100,000 of its 7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units representing limited partner interest in the Partnership, at a price to the public of $1,000 per unit. Distributions on the Series G Preferred Units are cumulative from and including the original issue date and will be payable semi-annually in arrears on the 15th day of May and November of each year, commencing on May 15, 2020 to, but excluding, May 15, 2030, at a rate equal to 7.125% per annum of the $1,000 liquidation preference. On and after May 15, 2030, the distribution rate on the Series G Preferred Units will equal a percentage of the $1,000 liquidation preference equal to the five-year U.S. treasury rate plus a spread of 5.306% per annum. The Series G Preferred Units are redeemable at ETO’s option on or after May 15, 2030 at a redemption price of $1,000 per Series G Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption. PennTex Tender Offer and Limited Call Right Exercise In June 2017, ETO purchased all of the outstanding PennTex common units not previously owned by ETO for $20.00 per common unit in cash. ETO now owns all of the economic interests of PennTex, and PennTex common units are no longer publicly traded or listed on the NASDAQ. Subsidiary Equity Transactions Sunoco LP’s Common Unit Repurchase In February 2018, after the record date for Sunoco LP’s fourth quarter 2017 cash distributions, Sunoco LP repurchased 17,286,859 Sunoco LP common units owned by ETO for aggregate cash consideration of approximately $540 million. ETO used the proceeds from the sale of the Sunoco LP common units to repay amounts outstanding under its revolving credit facility. Sunoco LP’s Equity Distribution Program Sunoco LP is party to an equity distribution agreement for an at-the-market (“ATM”) offering pursuant to which Sunoco LP may sell its common units from time to time. For the years ended December 31, 2019 and 2018, Sunoco LP issued no units under its ATM program. For the year ended December 31, 2017, Sunoco LP issued an additional 1.3 million units with total net proceeds of $33 million , net of commissions of $0.3 million. As of December 31, 2019, $295 million of Sunoco LP common units remained available to be issued under the currently effective equity distribution agreement. Sunoco LP’s Series A Preferred Units On March 30, 2017, ET purchased 12.0 million Sunoco LP Series A Preferred Units representing limited partner interests in Sunoco LP in a private placement transaction for an aggregate purchase price of $300 million. The distribution rate of Sunoco LP Series A Preferred Units is 10.00%, per annum, of the $25.00 liquidation preference per unit until March 30, 2022, at which point the distribution rate will become a floating rate of 8.00% plus three-month LIBOR of the liquidation preference. In January 2018, Sunoco LP redeemed all outstanding Sunoco LP Series A Preferred Units held by ET for an aggregate redemption amount of approximately $313 million. The redemption amount included the original consideration of $300 million and a 1% call premium plus accrued and unpaid quarterly distributions. USAC’s Distribution Reinvestment Program During the year ended December 31, 2019 and nine months ended December 31, 2018, distributions of $1 million and $0.6 million, respectively, were reinvested under the USAC distribution reinvestment program resulting in the issuance of approximately 60,584 and 39,280 USAC common units, respectively. USAC’s Warrant Private Placement On April 2, 2018, USAC issued two tranches of warrants to purchase USAC common units (the “USAC Warrants”), which included USAC Warrants to purchase 5,000,000 common units with a strike price of $17.03 per unit and USAC Warrants to purchase 10,000,000 common units with a strike price of $19.59 per unit. The USAC Warrants may be exercised by the holders thereof at any time beginning on the one year anniversary of the closing date and before the tenth anniversary of the closing date. Upon exercise of the USAC Warrants, USAC may, at its option, elect to settle the USAC Warrants in common units on a net basis. USAC’s Class B Units The USAC Class B Units, all of which are owned by ETO, are a new class of partnership interests of USAC that have substantially all of the rights and obligations of a USAC common unit, except the USAC Class B Units will not participate in distributions for the first four quarters following the closing date of the USAC Transaction on April 2, 2018. Each USAC Class B Unit automatically converted into one USAC common unit on the first business day following the record date attributable to the quarter ending June 30, 2019. On July 30, 2019, the 6,397,965 USAC Class B units held by the Partnership converted into 6,397,965 common units representing limited partner interests in USAC. These common units participate in distributions declared by USAC. Parent Company Quarterly Distributions of Available Cash Our distribution policy is consistent with the terms of our Partnership Agreement, which requires that we distribute all of our available cash quarterly. The Parent Company’s only cash-generating assets currently consist of distributions from its interest in ETO. Our distributions declared and paid with respect to our common units were as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2016 (1) |  | February 7, 2017 |  | February 21, 2017 |  | $ | 0.2850 |
March 31, 2017 (1) |  | May 10, 2017 |  | May 19, 2017 |  | 0.2850 |
June 30, 2017 (1) |  | August 7, 2017 |  | August 21, 2017 |  | 0.2850 |
September 30, 2017 (1) |  | November 7, 2017 |  | November 20, 2017 |  | 0.2950 |
December 31, 2017 (1) |  | February 8, 2018 |  | February 20, 2018 |  | 0.3050 |
March 31, 2018 |  | May 7, 2018 |  | May 21, 2018 |  | 0.3050 |
June 30, 2018 |  | August 6, 2018 |  | August 20, 2018 |  | 0.3050 |
September 30, 2018 |  | November 8, 2018 |  | November 19, 2018 |  | 0.3050 |
December 31, 2018 |  | February 8, 2019 |  | February 19, 2019 |  | 0.3050 |
March 31, 2019 |  | May 7, 2019 |  | May 20, 2019 |  | 0.3050 |
June 30, 2019 |  | August 6, 2019 |  | August 19, 2019 |  | 0.3050 |
September 30, 2019 |  | November 5, 2019 |  | November 19, 2019 |  | 0.3050 |
December 31, 2019 |  | February 7, 2020 |  | February 19, 2020 |  | 0.3050 |
(1) | Certain common unitholders elected to participate in a plan pursuant to which those unitholders elected to forego their cash distributions on all or a portion of their common units for a period of up to nine quarters commencing with the distribution for the quarter ended March 31, 2016 and, in lieu of receiving cash distributions on these common units for each such quarter, each said unitholder received ET Series A Convertible Preferred Units (on a one-for-one basis for each common unit as to which the participating unitholder elected be subject to this plan) that entitled them to receive a cash distribution of up to $0.11 per unit. See additional information below.
Our distributions declared and paid with respect to ET Series A Convertible Preferred Unit were as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2016 |  | February 7, 2017 |  | February 21, 2017 |  | $ | 0.1100 |
March 31, 2017 |  | May 10, 2017 |  | May 19, 2017 |  | 0.1100 |
June 30, 2017 |  | August 7, 2017 |  | August 21, 2017 |  | 0.1100 |
September 30, 2017 |  | November 7, 2017 |  | November 20, 2017 |  | 0.1100 |
December 31, 2017 |  | February 8, 2018 |  | February 20, 2018 |  | 0.1100 |
March 31, 2018 |  | May 7, 2018 |  | May 21, 2018 |  | 0.1100 |
ETO Preferred Unit Distributions Distributions on the ETO’s Series A, Series B, Series C, Series D and Series E preferred units declared and/or paid by ETO were as follows:
Period Ended |  | Record Date |  | Payment Date |  | Series A (1) |  | Series B (1) |  | Series C |  | Series D |  | Series E |
December 31, 2017 |  | February 1, 2018 |  | February 15, 2018 |  | $ | 15.4510 |  | * | $ | 16.3780 |  | * | $ | — |  |  | $ | — |  |  | $ | — |  |
June 30, 2018 |  | August 1, 2018 |  | August 15, 2018 |  | 31.2500 |  |  | 33.1250 |  |  | 0.5634 |  | * | — |  |  | — |  |
September 30, 2018 |  | November 1, 2018 |  | November 15, 2018 |  | — |  |  | — |  |  | 0.4609 |  |  | 0.5931 |  | * | — |  |
December 31, 2018 |  | February 1, 2019 |  | February 15, 2019 |  | 31.2500 |  |  | 33.1250 |  |  | 0.4609 |  |  | 0.4766 |  |  | — |  |
March 31, 2019 |  | May 1, 2019 |  | May 15, 2019 |  | — |  |  | — |  |  | 0.4609 |  |  | 0.4766 |  |  | — |  |
June 30, 2019 |  | August 1, 2019 |  | August 15, 2019 |  | 31.2500 |  |  | 33.1250 |  |  | 0.4609 |  |  | 0.4766 |  |  | 0.5806 |  | *
September 30, 2019 |  | November 1, 2019 |  | November 15, 2019 |  | — |  |  | — |  |  | 0.4609 |  |  | 0.4766 |  |  | 0.4750 |  |
December 31, 2019 |  | February 3, 2020 |  | February 18, 2020 |  | 31.2500 |  |  | 33.1250 |  |  | 0.4609 |  |  | 0.4766 |  |  | 0.4750 |  |
* | Represent prorated initial distributions. Prorated initial distributions on the recently issued ETO Series F Preferred Units and ETO Series G Preferred Units will be payable in May 2020.
(1) ETO Series A Preferred Units and ETO Series B Preferred Unit distributions are paid on a semi-annual basis. Sunoco LP Cash Distributions The following table illustrates the percentage allocations of available cash from operating surplus between Sunoco LP’s common unitholders and the holder of its IDRs based on the specified target distribution levels, after the payment of distributions to Class C unitholders. The amounts set forth under “marginal percentage interest in distributions” are the percentage interests of the IDR holder and the common unitholders in any available cash from operating surplus which Sunoco LP distributes up to and including the corresponding amount in the column “total quarterly distribution per unit target amount.” The percentage interests shown for common unitholders and IDR holder for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution.
|  |  |  | Marginal Percentage Interest in Distributions
|  | Total Quarterly Distribution Target Amount |  | Common Unitholders |  | Holder of IDRs
Minimum Quarterly Distribution |  | $0.4375 |  | 100% |  | —%
First Target Distribution |  | $0.4375 to $0.503125 |  | 100% |  | —%
Second Target Distribution |  | $0.503125 to $0.546875 |  | 85% |  | 15%
Third Target Distribution |  | $0.546875 to $0.656250 |  | 75% |  | 25%
Thereafter |  | Above $0.656250 |  | 50% |  | 50%
Distributions on Sunoco LP’s units declared and/or paid by Sunoco LP were as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2016 |  | February 13, 2017 |  | February 21, 2017 |  | $ | 0.8255 |
March 31, 2017 |  | May 9, 2017 |  | May 16, 2017 |  | 0.8255 |
June 30, 2017 |  | August 7, 2017 |  | August 15, 2017 |  | 0.8255 |
September 30, 2017 |  | November 7, 2017 |  | November 14, 2017 |  | 0.8255 |
December 31, 2017 |  | February 6, 2018 |  | February 14, 2018 |  | 0.8255 |
March 31, 2018 |  | May 7, 2018 |  | May 15, 2018 |  | 0.8255 |
June 30, 2018 |  | August 7, 2018 |  | August 15, 2018 |  | 0.8255 |
September 30, 2018 |  | November 6, 2018 |  | November 14, 2018 |  | 0.8255 |
December 31, 2018 |  | February 6, 2019 |  | February 14, 2019 |  | 0.8255 |
March 31, 2019 |  | May 7, 2019 |  | May 15, 2019 |  | 0.8255 |
June 30, 2019 |  | August 6, 2019 |  | August 14, 2019 |  | 0.8255 |
September 30, 2019 |  | November 5, 2019 |  | November 19, 2019 |  | 0.8255 |
December 31, 2019 |  | February 7, 2020 |  | February 19, 2020 |  | 0.8255 |
USAC Cash Distributions Subsequent to the Energy Transfer Merger and USAC Transactions described in Note 1 and Note 3, respectively, ETO owned approximately 39.7 million USAC common units and 6.4 million USAC Class B units. Subsequent to the conversion of the USAC Class B Units to USAC common units on July 30, 2019, ETO owns approximately 46.1 million USAC common units. As of December 31, 2019, USAC had approximately 96.6 million common units outstanding. USAC currently has a non-economic general partner interest and no outstanding IDRs. Distributions on USAC’s units declared and/or paid by USAC subsequent to the USAC transaction on April 2, 2018 were as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Rate
March 31, 2018 |  | May 1, 2018 |  | May 11, 2018 |  | $ | 0.5250 |
June 30, 2018 |  | July 30, 2018 |  | August 10, 2018 |  | 0.5250 |
September 30, 2018 |  | October 29, 2018 |  | November 09, 2018 |  | 0.5250 |
December 31, 2018 |  | January 28, 2019 |  | February 8, 2019 |  | 0.5250 |
March 31, 2019 |  | April 29, 2019 |  | May 10, 2019 |  | 0.5250 |
June 30, 2019 |  | July 29, 2019 |  | August 9, 2019 |  | 0.5250 |
September 30, 2019 |  | October 28, 2019 |  | November 8, 2019 |  | 0.5250 |
December 31, 2019 |  | January 27, 2020 |  | February 7, 2020 |  | 0.5250 |
Accumulated Other Comprehensive Income The following table presents the components of AOCI, net of tax:
| December 31,
| 2019 |  | 2018
Available-for-sale securities | $ | 13 |  |  | $ | 2 |
Foreign currency translation adjustment | 2 |  |  | (5 | )
Actuarial loss related to pensions and other postretirement benefits | (25 | ) |  | (48 | )
Investments in unconsolidated affiliates, net | (1 | ) |  | 9 |
Total AOCI, net of tax | $ | (11 | ) |  | $ | (42 | )
The table below sets forth the tax amounts included in the respective components of other comprehensive income:
| December 31,
| 2019 |  | 2018
Available-for-sale securities | $ | (1 | ) |  | $ | (1 | )
Foreign currency translation adjustment | 2 |  |  | 2 |
Actuarial loss relating to pension and other postretirement benefits | 8 |  |  | 12 |
Total | $ | 9 |  |  | $ | 13 |

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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