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Partners' Capital and Distributions (Tables) | 3 Months Ended
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Mar. 31, 2024
Limited Partners' Capital Account |
Schedule of Activity for Preferred Units and Common Units | 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, 2023 | 71,090,468 |  |  | 800,000 |  |  | 701,008,749 |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 62,282 |
Outstanding at March 31, 2024 | 71,090,468 |  |  | 800,000 |  |  | 701,071,031 |
| Limited Partners
| Series A Preferred Units |  | Series B Preferred Units |  | Common Units
Outstanding at December 31, 2022 | 71,090,468 |  |  | 800,000 |  |  | 698,354,498 |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 35,508 |
Outstanding at March 31, 2023 | 71,090,468 |  |  | 800,000 |  |  | 698,390,006 |
Schedule of Distributions to Noncontrolling Interests | The following table details distributions paid to noncontrolling interests during the periods presented (in millions):
|  |  | Three Months Ended March 31, |  |
|  |  |  |  | 2024 |  | 2023 |  |
Permian JV |  |  |  |  | $ | 74 |  |  | $ | 58 |  |  |
Cactus II |  |  |  |  | 20 |  |  | 14 |  |  |
Red River |  |  |  |  | 6 |  |  | 6 |  |  |
|  |  |  |  | $ | 100 |  |  | $ | 78 |  |  |
Series A Preferred Units |
Limited Partners' Capital Account |
Schedule of Distributions | The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first three months of 2024 (in millions, except per unit data):
|  | Series A Preferred Unitholders
Distribution Payment Date |  | Cash Distribution |  |  | Distribution per Unit
May 15, 2024 (1) |  | $ | 44 |  |  |  | $ | 0.615 |
February 14, 2024 |  | $ | 44 |  |  |  | $ | 0.615 |
(1)Payable to unitholders of record at the close of business on May 1, 2024 for the period from January 1, 2024 through March 31, 2024. At March 31, 2024, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
Series B Preferred Units |
Limited Partners' Capital Account |
Schedule of Distributions | The following table details distributions paid or to be 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 15, 2024 (1) |  | $ | 19 |  |  |  | $ | 24.20 |
February 15, 2024 |  | $ | 20 |  |  |  | $ | 24.92 |
(1)Payable to unitholders of record at the close of business on May 1, 2024 for the period from February 15, 2024 through May 14, 2024. At March 31, 2024, approximately $10 million of accrued distributions payable to our Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet.
Common Units |
Limited Partners' Capital Account |
Schedule of Distributions | The following table details distributions to our common unitholders paid during or pertaining to the first three months of 2024 (in millions, except per unit data):
|  | Distributions |  |  | Distribution per Common Unit
|  | Common Unitholders |  | Total Cash Distribution |  |
Distribution Payment Date |  | Public |  | AAP |  |  |
May 15, 2024 (1) |  | $ | 149 |  |  | $ | 74 |  |  | $ | 223 |  |  |  | $ | 0.3175 |
February 14, 2024 |  | $ | 149 |  |  | $ | 74 |  |  | $ | 223 |  |  |  | $ | 0.3175 |
(1)Payable to unitholders of record at the close of business on May 1, 2024 for the period from January 1, 2024 through March 31, 2024.

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