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Partners' Capital and Distributions | 3 Months Ended
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Mar. 31, 2021
Partners' Capital Notes [Abstract] |
Partners' Capital and Distributions | Partners’ Capital and Distributions Shares Outstanding The following tables present the activity for our Class A shares, Class B shares and Class C shares:
| Class A Shares |  | Class B Shares |  | Class C Shares
Outstanding at December 31, 2020 | 194,051,436 |  |  | 50,640,192 |  |  | 547,717,762 |
Conversion of AAP Management Units (1) | — |  |  | 414,608 |  |  | — |
Exchange Right exercises (1) | 46,879 |  |  | (46,879) |  |  | — |
Redemption Right exercises (1) | — |  |  | (229,931) |  |  | 229,931 |
Repurchase of common units by a subsidiary under Common Equity Repurchase Program (2) | — |  |  | — |  |  | (350,000) |
Other | — |  |  | — |  |  | 25,431 |
Outstanding at March 31, 2021 | 194,098,315 |  |  | 50,777,990 |  |  | 547,623,124 |
| Class A Shares |  | Class B Shares |  | Class C Shares
Outstanding at December 31, 2019 | 182,138,592 |  |  | 65,785,702 |  |  | 549,538,139 |
Conversion of AAP Management Units (1) | — |  |  | 559,768 |  |  | — |
Exchange Right exercises (1) | 2,101,487 |  |  | (2,101,487) |  |  | — |
Redemption Right exercises (1) | — |  |  | (1,206,599) |  |  | 1,206,599 |
Other | — |  |  | — |  |  | 24,431 |
Outstanding at March 31, 2020 | 184,240,079 |  |  | 63,037,384 |  |  | 550,769,169 |
(1)See Note 12 to our Consolidated Financial Statements included in Part IV of our 2020 Annual Report on Form 10-K for information regarding conversions of AAP Management Units, Exchange Rights and Redemption Rights. (2)Trades for these units were executed in late December 2020, but settled in early January 2021. Distributions The following table details distributions to our Class A shareholders paid during or pertaining to the first three months of 2021 (in millions, except per share data):
Distribution Payment Date |  | Distributions to Class A Shareholders |  | Distributions per Class A Share
May 14, 2021 (1) |  | $ | 35 |  |  | $ | 0.18 |
February 12, 2021 |  | $ | 35 |  |  | $ | 0.18 |
(1)Payable to shareholders of record at the close of business on April 30, 2021 for the period from January 1, 2021 through March 31, 2021. Consolidated Subsidiaries Noncontrolling Interests in Subsidiaries As of March 31, 2021, noncontrolling interests in our subsidiaries consisted of (i) limited partner interests in PAA including a 69% interest in PAA’s common units and PAA’s Series A preferred units combined and 100% of PAA’s Series B preferred units, (ii) an approximate 21% limited partner interest in AAP and (iii) a 33% interest in Red River Pipeline Company LLC (“Red River LLC”). During the three months ended March 31, 2021, we paid distributions of $6 million to noncontrolling interests in Red River Pipeline Company LLC. Subsidiary Distributions PAA Series A Preferred Unit Distributions. The following table details distributions to PAA’s Series A preferred unitholders paid during or pertaining to the first three months of 2021 (in millions, except per unit data):
|  | Series A Preferred Unitholders
Distribution Payment Date |  | Cash Distribution |  |  | Distribution per Unit
May 14, 2021 (1) |  | $ | 37 |  |  |  | $ | 0.525 |
February 12, 2021 |  | $ | 37 |  |  |  | $ | 0.525 |
(1)Payable to unitholders of record at the close of business on April 30, 2021 for the period from January 1, 2021 through March 31, 2021. At March 31, 2021, such amount was accrued as distributions payable in “Other current liabilities” on our Condensed Consolidated Balance Sheet. PAA Series B Preferred Unit Distributions. Distributions on PAA’s Series B preferred units are payable semi-annually in arrears on the 15th day of May and November. The following table details distributions to be paid to PAA’s Series B preferred unitholders (in millions, except per unit data):
|  | Series B Preferred Unitholders
Distribution Payment Date |  | Cash Distribution |  |  | Distribution per Unit
May 17, 2021 (1) |  | $ | 24.5 |  |  |  | $ | 30.625 |
(1)Payable to unitholders of record at the close of business on May 3, 2021 for the period from November 15, 2020 through May 14, 2021. At March 31, 2021, approximately $18 million of accrued distributions payable to PAA’s Series B preferred unitholders was included in “Other current liabilities” on our Condensed Consolidated Balance Sheet. PAA Common Unit Distributions. The following table details distributions to PAA’s common unitholders paid during or pertaining to the first three months of 2021 (in millions, except per unit data):
|  | Distributions |  |  | Cash Distribution per Common Unit
|  | Common Unitholders |  | Total Cash Distribution |  |
Distribution Payment Date |  | Public |  | AAP |  |  |
May 14, 2021 (1) |  | $ | 86 |  |  | $ | 44 |  |  | $ | 130 |  |  |  | $ | 0.18 |
February 12, 2021 |  | $ | 86 |  |  | $ | 44 |  |  | $ | 130 |  |  |  | $ | 0.18 |
(1)Payable to unitholders of record at the close of business on April 30, 2021 for the period from January 1, 2021 through March 31, 2021. AAP Distributions. The following table details the distributions to AAP’s partners paid during or pertaining to the first three months of 2021 from distributions received from PAA (in millions):
|  | Distributions to AAP’s Partners
Distribution Payment Date |  | Noncontrolling Interests |  | PAGP |  | Total Cash Distribution
May 14, 2021 (1) |  | $ | 9 |  |  | $ | 35 |  |  | $ | 44 |
February 12, 2021 |  | $ | 9 |  |  | $ | 35 |  |  | $ | 44 |
(1)Payable to unitholders of record at the close of business on April 30, 2021 for the period from January 1, 2021 through March 31, 2021.

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