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Partners' Capital and Distributions | 12 Months Ended
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Dec. 31, 2016
Partners' Capital Notes [Abstract] |
Partners' Capital And Distributions | Partners’ Capital and Distributions At December 31, 2016, our outstanding equity consisted of 117,939,221 Class A common units and 39,997 Class B common units. The Class A units are traditional common units in us. The Class B units are identical to the Class A units and, accordingly, have voting and distribution rights equivalent to those of the Class A units, and, in addition, the Class B units have the right to elect all of our board of directors and are convertible into Class A units under certain circumstances, subject to certain exceptions. Distributions Generally, we will distribute 100% of our available cash (as defined by our partnership agreement) within 45 days after the end of each quarter to unitholders of record. Available cash generally means, for each fiscal quarter, all cash on hand at the end of the quarter:
• | less the amount of cash reserves that our general partner determines in its reasonable discretion is necessary or appropriate to:
• | provide for the proper conduct of our business;
• | comply with applicable law, any of our debt instruments, or other agreements; or
• | provide funds for distributions to our unitholders for any one or more of the next four quarters;
• | plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings. Working capital borrowings are generally borrowings that are made under our credit facility and in all cases are used solely for working capital purposes or to pay distributions to partners.
We paid distributions in 2017, 2016 and 2015 as follows:
Distribution For | Date Paid |  | Per Unit Amount |  | Total Amount
2014 |  |  |  |  |
4th Quarter | February 13, 2015 |  | $ | 0.5950 |  |  | $ | 56,542 |
2015 |  |  |  |  |
1st Quarter | May 15, 2015 |  | $ | 0.6100 |  |  | $ | 60,774 |
2nd Quarter | August 14, 2015 |  | $ | 0.6250 |  |  | $ | 68,737 |
3rd Quarter | November 13, 2015 |  | $ | 0.6400 |  |  | $ | 70,387 |
4th Quarter | February 12, 2016 |  | $ | 0.6550 |  |  | $ | 72,036 |
2016 |  |  |  |  |
1st Quarter | May 13, 2016 |  | $ | 0.6725 |  |  | $ | 73,961 |
2nd Quarter | August 12, 2016 |  | $ | 0.6900 |  |  | $ | 81,406 |
3rd Quarter | November 14, 2016 |  | $ | 0.7000 |  |  | $ | 82,585 |
4th Quarter | February 14, 2017 |  | $ | 0.7100 |  |  | $ | 83,765 |
Equity Issuances and Contributions Our partnership agreement authorizes our general partner to cause us to issue additional limited partner interests and other equity securities, the proceeds from which could be used to provide additional funds for acquisitions or other needs. On July 27, 2016, we issued 8,000,000 Class A common units in a public offering at a price of $37.90 per unit. We received proceeds, net of underwriting discounts and offering costs, of approximately $298.0 million from that offering. We used those proceeds to repay a portion of the borrowings outstanding under our credit facility. On July 22, 2015, we issued 10,350,000 Class A common units in a public offering at a price of $43.77 per unit, which included the exercise by the underwriters of an option to purchase up to 1,350,000 additional common units from us. We received proceeds, net of underwriting discounts and offering costs, of approximately $437.2 million from that offering. We used the net proceeds to fund a portion of the purchase price for our Enterprise acquisition. On April 10, 2015, we issued 4,600,000 Class A common units in a public offering at a price of $44.42 per unit, which included the exercise by the underwriters of an option to purchase up to 600,000 additional common units from us. We received proceeds, net of underwriting discounts and offering costs, of approximately $198.2 million from that offering. We used the net proceeds for general partnership purposes, including the repayment of a portion of the borrowings outstanding under our credit facility. In September 2014, we issued 4,600,000 Class A common units in a public offering at a price of $50.71 per unit. We received proceeds, net of underwriting discounts and offering costs, of approximately $225.7 million from that offering. We used the net proceeds for general partnership purposes, including the repayment of outstanding borrowings under our credit facility. The new common units issued in 2016, 2015 and 2014 to the public for cash were as follows:
Period | Purchaser of Common Units | Units |  | Gross Unit Price |  | Issuance Value |  | Costs |  | Net Proceeds
July 2016 | Public | 8,000 |  |  | $ | 37.90 |  |  | $ | 303,200 |  |  | $ | (4,748 | ) |  | $ | 298,452 |
July 2015 | Public | 10,350 |  |  | $ | 43.77 |  |  | $ | 453,020 |  |  | $ | (15,856 | ) |  | $ | 437,164 |
April 2015 | Public | 4,600 |  |  | $ | 44.42 |  |  | $ | 204,332 |  |  | $ | (6,164 | ) |  | $ | 198,168 |
September 2014 | Public | 4,600 |  |  | $ | 50.71 |  |  | $ | 233,266 |  |  | $ | (7,541 | ) |  | $ | 225,725 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187171-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 + Details
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