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Partners' Capital and Distributions (Tables)
 12 Months Ended
Dec. 31, 2013
Partners' Capital and Distributions  
Per unit cash distributions and the portion of the distributions representing an excess over the MQD

 

 

 

 

Year

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

Excess

 

 

 

Excess

 

 

 

Excess

 

 

 

Distribution (1)

 

over MQD

 

Distribution (1)

 

over MQD

 

Distribution (1)

 

over MQD

 

First Quarter

 

$

0.5625

 

$

0.3375

 

$

0.5125

 

$

0.2875

 

$

0.4788

 

$

0.2538

 

Second Quarter

 

$

0.5750

 

$

0.3500

 

$

0.5225

 

$

0.2975

 

$

0.4850

 

$

0.2600

 

Third Quarter

 

$

0.5875

 

$

0.3625

 

$

0.5325

 

$

0.3075

 

$

0.4913

 

$

0.2663

 

Fourth Quarter

 

$

0.6000

 

$

0.3750

 

$

0.5425

 

$

0.3175

 

$

0.4975

 

$

0.2725

 

 

(1)                                     Distributions represent those declared and paid in the applicable period shown.

 
Total cash distributions paid

 

 

 

 

Distributions Paid

 

Distributions

 

 

 

Common

 

General Partner

 

 

 

per limited

 

Year

 

Units

 

Incentive

 

2%

 

Total

 

partner unit

 

2013

 

$

791

 

$

353

 

$

16

 

$

1,160

 

$

2.33

 

2012

 

$

684

 

$

271

 

$

14

 

$

969

 

$

2.11

 

2011

 

$

575

 

$

204

 

$

12

 

$

791

 

$

1.95

 

 
Equity offerings of common units

Other Equity Offerings.  In addition to sales of our common units under the Continuous Offering Program described above, we completed the following offerings of our common units, during the three years ended December 31, 2013 (in millions, except unit and per unit data):

 

 

 

 

 

 

 

 

 

General

 

 

 

 

 

 

 

 

 

Gross

 

Proceeds

 

Partner

 

 

 

Net

 

Period

 

Units Issued

 

Unit Price

 

from Sale

 

Contribution

 

Costs

 

Proceeds

 

March 2012 (1)

 

11,500,000

 

$

40.015

 

$

460

 

$

9

 

$

(14

)

$

455

 

2012 Total

 

11,500,000

 

 

 

$

460

 

$

9

 

$

(14

)

$

455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

November 2011 (1)

 

12,000,000

 

$

32.515

 

$

390

 

$

9

 

$

(13

)

$

386

 

March 2011 (1)

 

15,870,000

 

$

32.000

 

508

 

10

 

(15

)

503

 

2011 Total

 

27,870,000

 

 

 

$

898

 

$

19

 

$

(28

)

$

889

 

 

 

(1)                                     These offerings of common units were underwritten transactions that required us to pay a gross spread. The net proceeds from these offerings were used to reduce outstanding borrowings under our credit facilities and for general partnership purposes. The net proceeds from the March 2012 offering were also used to fund a portion of the BP NGL Acquisition.
Schedule of effect of changes in the entity's ownership interest in subsidiary on the partner's capital

The following table as required by GAAP sets forth the impact upon net income attributable to PAA giving effect to the changes in our ownership interest in PNG, which was recognized in partners’ capital during the years ended December 31, 2013, 2012 and 2011 (in millions):

 

 

 

Year Ended December 31,

 

 

 

2013

 

2012

 

2011

 

Net income attributable to PAA

 

$

1,361

 

$

1,094

 

$

966

 

Transfers to/from noncontrolling interests:

 

 

 

 

 

 

 

Increase in capital from sale of PNG common units

 

8

 

—

 

64

 

Decrease in capital from purchase of PNG common units in conjunction with the PNG Merger

 

(290

)

—

 

—

 

Net transfers to/from noncontrolling interests

 

(282

)

—

 

64

 

Change from net income attributable to PAA and transfers to/from noncontrolling interests

 

$

1,079

 

$

1,094

 

$

1,030