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Partners' Capital and Distributions | 9 Months Ended
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Sep. 30, 2024
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, 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 |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 10,268 |
Outstanding at June 30, 2024 | 71,090,468 |  |  | 800,000 |  |  | 701,081,299 |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 2,587,760 |
Outstanding at September 30, 2024 | 71,090,468 |  |  | 800,000 |  |  | 703,669,059 |
| 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 and June 30, 2023 | 71,090,468 |  |  | 800,000 |  |  | 698,390,006 |
Issuances of common units under equity-indexed compensation plans | — |  |  | — |  |  | 2,602,506 |
Outstanding at September 30, 2023 | 71,090,468 |  |  | 800,000 |  |  | 700,992,512 |
Distributions Series A Preferred Unit Distributions. Distributions on the Series A preferred units accumulate and are payable quarterly within 45 days following the end of each quarter. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2023 Annual Report on Form 10-K for additional information regarding Series A preferred unit distributions. The following table details distributions to our Series A preferred unitholders paid during or pertaining to the first nine months of 2024 (in millions, except per unit data):
|  | Series A Preferred Unitholders
Distribution Payment Date |  | Cash Distribution |  |  | Distribution per Unit
November 14, 2024 (1) |  | $ | 44 |  |  |  | $ | 0.615 |
August 14, 2024 |  | $ | 44 |  |  |  | $ | 0.615 |
May 15, 2024 |  | $ | 44 |  |  |  | $ | 0.615 |
February 14, 2024 |  | $ | 44 |  |  |  | $ | 0.615 |
(1)Payable to unitholders of record at the close of business on October 31, 2024 for the period from July 1, 2024 through September 30, 2024. At September 30, 2024, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet. Series B Preferred Unit Distributions. Distributions on the Series B preferred units accumulate and are payable quarterly in arrears on the 15th day of February, May, August and November. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2023 Annual Report on Form 10-K for additional information regarding Series B preferred unit 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
November 15, 2024 (1) |  | $ | 19 |  |  |  | $ | 24.25 |
August 15, 2024 |  | $ | 20 |  |  |  | $ | 24.77 |
May 15, 2024 |  | $ | 19 |  |  |  | $ | 24.20 |
February 15, 2024 |  | $ | 20 |  |  |  | $ | 24.92 |
(1)Payable to unitholders of record at the close of business on November 1, 2024 for the period from August 15, 2024 through November 14, 2024. At September 30, 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 Unit Distributions. The following table details distributions to our common unitholders paid during or pertaining to the first nine months of 2024 (in millions, except per unit data):
|  | Distributions |  |  | Distribution per Common Unit
|  | Common Unitholders |  | Total Cash Distribution |  |
Distribution Payment Date |  | Public |  | AAP |  |  |
November 14, 2024 (1) |  | $ | 149 |  |  | $ | 74 |  |  | $ | 223 |  |  |  | $ | 0.3175 |
August 14, 2024 |  | $ | 149 |  |  | $ | 74 |  |  | $ | 223 |  |  |  | $ | 0.3175 |
May 15, 2024 |  | $ | 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 October 31, 2024 for the period from July 1, 2024 through September 30, 2024. Noncontrolling Interests in Subsidiaries As of September 30, 2024, noncontrolling interests in our subsidiaries consisted of (i) a 35% interest in Plains Oryx Permian Basin LLC (the “Permian JV”), (ii) a 30% interest in Cactus II Pipeline LLC (“Cactus II”) and (iii) a 33% interest in Red River Pipeline Company LLC (“Red River”). Distributions to Noncontrolling Interests The following table details distributions paid to noncontrolling interests during the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Permian JV | $ | 87 |  |  | $ | 67 |  |  | $ | 235 |  |  | $ | 178 |  |  |
Cactus II | 20 |  |  | 14 |  |  | 56 |  |  | 43 |  |  |
Red River | 6 |  |  | 5 |  |  | 19 |  |  | 16 |  |  |
| $ | 113 |  |  | $ | 86 |  |  | $ | 310 |  |  | $ | 237 |  |  |

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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 -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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