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Partners' Capital and Distributions | 6 Months Ended
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Jun. 30, 2022
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, 2021 | 194,192,777 |  |  | 46,645,514 |  |  | 534,596,831 |
Conversion of AAP Management Units (1) | — |  |  | 205,024 |  |  | — |
Exchange Right exercises (1) | 35,700 |  |  | (35,700) |  |  | — |
Redemption Right exercises (1) | — |  |  | (11,957) |  |  | 11,957 |
Repurchase of common units by a subsidiary under the Common Equity Repurchase Program | — |  |  | — |  |  | (2,375,299) |
Other | — |  |  | — |  |  | 51,937 |
Outstanding at March 31, 2022 | 194,228,477 |  |  | 46,802,881 |  |  | 532,285,426 |
Conversion of AAP Management Units (1) | — |  |  | 53,023 |  |  | — |
Repurchase of common units by a subsidiary under Common Equity Repurchase Program | — |  |  | — |  |  | (4,876,062) |
Other | — |  |  | — |  |  | 147,830 |
Outstanding at June 30, 2022 | 194,228,477 |  |  | 46,855,904 |  |  | 527,557,194 |
| 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 the Common Equity Repurchase Program | — |  |  | — |  |  | (350,000) |
Other | — |  |  | — |  |  | 25,431 |
Outstanding at March 31, 2021 | 194,098,315 |  |  | 50,777,990 |  |  | 547,623,124 |
Exchange Right exercises (1) | 25,554 |  |  | (25,554) |  |  | — |
Redemption Right exercises (1) | — |  |  | (535,009) |  |  | 535,009 |
Repurchase of common units by a subsidiary under Common Equity Repurchase Program | — |  |  | — |  |  | (4,940,592) |
Other | — |  |  | — |  |  | 256,321 |
Outstanding at June 30, 2021 | 194,123,869 |  |  | 50,217,427 |  |  | 543,473,862 |
(1)See Note 12 to our Consolidated Financial Statements included in Part IV of our 2021 Annual Report on Form 10-K for information regarding conversions of AAP Management Units, Exchange Rights and Redemption Rights. Distributions The following table details distributions to our Class A shareholders paid during or pertaining to the first six months of 2022 (in millions, except per share data):
Distribution Payment Date |  | Distributions to Class A Shareholders |  | Distributions per Class A Share
August 12, 2022 (1) |  | $ | 42 |  |  | $ | 0.2175 |
May 13, 2022 |  | $ | 42 |  |  | $ | 0.2175 |
February 14, 2022 |  | $ | 35 |  |  | $ | 0.1800 |
(1)Payable to shareholders of record at the close of business on July 29, 2022 for the period from April 1, 2022 through June 30, 2022. Consolidated Subsidiaries Noncontrolling Interests in Subsidiaries As of June 30, 2022, 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 19% limited partner interest in AAP, (iii) a 35% interest in Plains Oryx Permian Basin LLC (the “Permian JV”) and (iv) a 33% interest in Red River Pipeline Company LLC (“Red River LLC”). Common Equity Repurchase Program PAA repurchased 7.3 million and 5.3 million common units under the 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 PAA common units were canceled immediately upon acquisition, as were the Class C shares held by PAA 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. 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 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. 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 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 16, 2022 |  | $ | 24.5 |  |  |  | $ | 30.625 |
At June 30, 2022, approximately $6 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 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. AAP Distributions. The following table details the distributions to AAP’s partners paid during or pertaining to the first six months of 2022 from distributions received from PAA (in millions):
|  | Distributions to AAP’s Partners
Distribution Payment Date |  | Noncontrolling Interests |  | PAGP |  | Total Cash Distribution
August 12, 2022 (1) |  | $ | 11 |  |  | $ | 42 |  |  | $ | 53 |
May 13, 2022 |  | $ | 11 |  |  | $ | 42 |  |  | $ | 53 |
February 14, 2022 |  | $ | 8 |  |  | $ | 35 |  |  | $ | 43 |
(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. Other Distributions. During the six months ended June 30, 2022, we paid distributions of $112 million and $9 million to noncontrolling interests in the Permian JV and Red River LLC, respectively.

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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 https://asc.fasb.org/topic&trid=2208762 + Details
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