XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.22.2

Partners' Capital and Distributions | 6 Months Ended
--- | ---
Jun. 30, 2022
Partners' Capital Notes [Abstract] |
Partners' Capital and Distributions | 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, 2021 | 71,090,468 |  |  | 800,000 |  |  | 704,991,540 |
Repurchase and cancellation of common units under the Common Equity Repurchase Program | — |  |  | — |  |  | (2,375,299) |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 51,937 |
Outstanding at March 31, 2022 | 71,090,468 |  |  | 800,000 |  |  | 702,668,178 |
Repurchase and cancellation of common units under Common Equity Repurchase Program | — |  |  | — |  |  | (4,876,062) |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 147,830 |
Outstanding at June 30, 2022 | 71,090,468 |  |  | 800,000 |  |  | 697,939,946 |
| Limited Partners
| Series A Preferred Units |  | Series B Preferred Units |  | Common Units
Outstanding at December 31, 2020 | 71,090,468 |  |  | 800,000 |  |  | 722,380,416 |
Repurchase and cancellation of common units under the Common Equity Repurchase Program | — |  |  | — |  |  | (350,000) |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 25,431 |
Outstanding at March 31, 2021 | 71,090,468 |  |  | 800,000 |  |  | 722,055,847 |
Repurchase and cancellation of common units under Common Equity Repurchase Program | — |  |  | — |  |  | (4,940,592) |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 256,321 |
Outstanding at June 30, 2021 | 71,090,468 |  |  | 800,000 |  |  | 717,371,576 |
Common Equity Repurchase Program We repurchased 7.3 million and 5.3 million common units under our Common Equity Repurchase Program (the “Program”) through open market purchases that settled during the six months ended June 30, 2022 and 2021, respectively, for a total purchase price of $74 million and $53 million, respectively, including commissions and fees. The repurchased common units were canceled immediately upon acquisition, as were the PAGP Class C shares held by us associated with the repurchased common units. At June 30, 2022, the remaining available capacity under the Program was $198 million. See Note 12 to our Consolidated Financial Statements included in Part IV of our 2021 Annual Report on Form 10-K for additional information regarding the Program. Distributions Series A Preferred Unit Distributions. The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first six months of 2022 (in millions, except per unit data):
|  | Series A Preferred Unitholders
Distribution Payment Date |  | Cash Distribution |  |  | Distribution per Unit
August 12, 2022 (1) |  | $ | 37 |  |  |  | $ | 0.525 |
May 13, 2022 |  | $ | 37 |  |  |  | $ | 0.525 |
February 14, 2022 |  | $ | 37 |  |  |  | $ | 0.525 |
(1)Payable to unitholders of record at the close of business on July 29, 2022 for the period from April 1, 2022 through June 30, 2022. At June 30, 2022, such amount was accrued as 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 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 16, 2022 |  | $ | 24.5 |  |  |  | $ | 30.625 |
At June 30, 2022, approximately $6 million of accrued distributions payable to our Series B preferred unitholders was included 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 six months of 2022 (in millions, except per unit data):
|  | Distributions |  |  | Cash Distribution per Common Unit
|  | Common Unitholders |  | Total Cash Distribution |  |
Distribution Payment Date |  | Public |  | AAP |  |  |
August 12, 2022 (1) |  | $ | 99 |  |  | $ | 53 |  |  | $ | 152 |  |  |  | $ | 0.2175 |
May 13, 2022 |  | $ | 100 |  |  | $ | 53 |  |  | $ | 153 |  |  |  | $ | 0.2175 |
February 14, 2022 |  | $ | 84 |  |  | $ | 43 |  |  | $ | 127 |  |  |  | $ | 0.1800 |
(1)Payable to unitholders of record at the close of business on July 29, 2022 for the period from April 1, 2022 through June 30, 2022. Noncontrolling Interests in Subsidiaries As of June 30, 2022, noncontrolling interests in our subsidiaries consisted of (i) a 35% interest in Plains Oyrx Permian Basin LLC (the “Permian JV”) and (ii) a 33% interest in Red River Pipeline Company LLC (“Red River LLC”). During the six months ended June 30, 2022, we paid distribu tions of $112 million and $9 million to no ncontrolling interests in the Permian JV and Red River LLC, respectively.

X
- References No definition available. + Details
Name: | us-gaap_PartnersCapitalNotesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_PartnersCapitalNotesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration