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Partners' Capital and Distributions | 6 Months Ended
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Jun. 30, 2017
Partners' Capital Notes [Abstract] |
Partners' Capital and Distributions | Partners’ Capital and Distributions Units Outstanding The following tables present the activity for our Series A preferred units and common units:
| Limited Partners
| Preferred Units |  | Common Units
Outstanding at December 31, 2016 | 64,388,853 |  |  | 669,194,419 |
Issuances of Series A preferred units in connection with in-kind distributions | 2,601,300 |  |  | — |
Sales of common units | — |  |  | 54,119,893 |
Issuance of common units in connection with acquisition of interest in Advantage Joint Venture (Note 6) | — |  |  | 1,252,269 |
Issuances of common units under LTIP | — |  |  | 130,154 |
Outstanding at June 30, 2017 | 66,990,153 |  |  | 724,696,735 |
| Limited Partners
| Preferred Units |  | Common Units
Outstanding at December 31, 2015 | — |  |  | 397,727,624 |
Sale of Series A preferred units | 61,030,127 |  |  | — |
Issuance of Series A preferred units in connection with in-kind distribution | 858,439 |  |  | — |
Issuance of common units under LTIP | — |  |  | 9,104 |
Outstanding at June 30, 2016 | 61,888,566 |  |  | 397,736,728 |
Sales of Common Units The following table summarizes our sales of common units during the six months ended June 30, 2017 (net proceeds in millions):
Type of Offering |  | Common Units Issued |  | Net Proceeds (1) |
Continuous Offering Program |  | 4,033,567 |  |  | $ | 129 |  | (2 | )
Omnibus Agreement (3) |  | 50,086,326 |  | (4 | ) | 1,535 |  |
|  | 54,119,893 |  |  | $ | 1,664 |  |
(1) | Amounts are net of costs associated with the offerings.
(2) | We pay commissions to our sales agents in connection with common units issuances under our Continuous Offering Program. We paid $1 million of such commissions during the six months ended June 30, 2017.
(3) | Pursuant to the Omnibus Agreement entered into by the Plains Entities in connection with the Simplification Transactions, PAGP has agreed to use the net proceeds from any public or private offering and sale of Class A shares, after deducting the sales agents’ commissions and offering expenses, to purchase from AAP a number of AAP units equal to the number of Class A shares sold in such offering at a price equal to the net proceeds from such offering. The Omnibus Agreement also provides that immediately following such purchase and sale, AAP will use the net proceeds it receives from such sale of AAP units to purchase from us an equivalent number of our common units.
(4) | Includes (i) approximately 1.8 million common units issued to AAP in connection with PAGP’s issuance of Class A shares under its Continuous Offering Program and (ii) 48.3 million common units issued to AAP in connection with PAGP’s March 2017 underwritten offering.
Distributions Cash Distributions. The following table details the distributions paid in cash during or pertaining to the first six months of 2017 (in millions, except per unit data):
|  | Distributions |  |  | Cash Distribution per Common Unit
|  | Common Unitholders |  | Total Cash Distribution |  |
Distribution Payment Date |  | Public |  | AAP |  |  |
August 14, 2017 (1) |  | $ | 240 |  |  | $ | 159 |  |  | $ | 399 |  |  |  | $ | 0.55 |
May 15, 2017 |  | $ | 240 |  |  | $ | 159 |  |  | $ | 399 |  |  |  | $ | 0.55 |
February 14, 2017 |  | $ | 237 |  |  | $ | 134 |  |  | $ | 371 |  |  |  | $ | 0.55 |
(1) | Payable to unitholders of record at the close of business on July 31, 2017 for the period April 1, 2017 through June 30, 2017.
On August 7, 2017, we announced that we were engaged in discussions with our Board of Directors regarding a reassessment of our approach to distributions, with a focus on resetting PAA's common unit distribution to a level supported by the distributable cash flow from our fee-based Transportation and Facilities segments. As of such date, no final decisions had been made regarding such potential change, but we indicated that we intended to complete our reassessment and finalize any changes over the course of the ensuing sixty day period. In-Kind Distributions. On February 14, 2017, we issued 1,287,773 Series A preferred units in lieu of a cash distribution of $34 million on our Series A preferred units outstanding as of the record date for such distribution. On May 15, 2017, we issued 1,313,527 Series A preferred units in lieu of a cash distribution of $34 million on our Series A preferred units outstanding as of the record date for such distribution. On August 14, 2017, we will issue 1,339,796 Series A preferred units in lieu of a cash distribution of $35 million on our Series A preferred units outstanding as of July 31, 2017, the record date for such distribution. Since the August 14, 2017 Series A preferred unit distribution was declared as payment-in-kind, this distribution payable was accrued to partners’ capital as of June 30, 2017 and thus had no net impact on the Series A preferred unitholders’ capital account.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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