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Partners' Capital, Mezzanine Equity and Distributions | 6 Months Ended
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Jun. 30, 2018
Partners' Capital and Distributions [Abstract] |
Partners' Capital, Mezzanine Equity and Distributions | Partners’ Capital, Mezzanine Capital and Distributions At June 30, 2018, our outstanding common units consisted of 122,539,221 Class A units and 39,997 Class B units. Distributions We paid or will pay the following distributions to our common unitholders in 2017 and 2018:
Distribution For |  | Date Paid |  | Per Unit Amount |  | Total Amount |
2017 |  |  |  |  |  |  |
1 st Quarter |  | May 15, 2017 |  | $ | 0.7200 |  |  | $ | 88,257 |  |
2 nd Quarter |  | August 14, 2017 |  | $ | 0.7225 |  |  | $ | 88,563 |  |
3 rd Quarter |  | November 14, 2017 |  | $ | 0.5000 |  |  | $ | 61,290 |  |
4 th Quarter |  | February 14, 2018 |  | $ | 0.5100 |  |  | $ | 62,515 |  |
2018 |  |  |  |  |  |  |
1 st Quarter |  | May 15, 2018 |  | $ | 0.5200 |  |  | $ | 63,741 |  |
2 nd Quarter |  | August 14, 2018 | (1) | $ | 0.5300 |  |  | $ | 64,967 |  |
(1) This distribution was declared on July 16, 2018 and will be paid to unitholders of record as of July 31, 2018. Class A Convertible Preferred Units On September 1, 2017, we sold $750 million of our preferred units in a private placement, comprised of 22,249,494 units for a cash purchase price per unit of $33.71 (subject to certain adjustments, the “Issue Price”) to two initial purchasers. Our general partner executed an amendment to our partnership agreement in connection therewith, which, among other things, authorized and established the rights and preferences of our preferred units. Our preferred units are a new class of security that ranks senior to all of our currently outstanding classes or series of limited partner interests with respect to distribution and/or liquidation rights. Holders of our preferred units vote on an as-converted basis with holders of our common units and have certain class voting rights, including with respect to any amendment to the partnership agreement that would adversely affect the rights, preferences or privileges, or otherwise modify the terms, of those preferred units. Accounting for the Class A Convertible Preferred Units Our preferred units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed liquidation event that is outside our control. Therefore, we present them as temporary equity in the mezzanine section of the Consolidated Balance Sheet. Because our preferred units are not currently redeemable and we do not have plans or expect any events that constitute a change of control in our partnership agreement, we present our preferred units at their initial carrying amount. However, we would be required to adjust that carrying amount if it becomes probable that we would be required to redeem our preferred units. Initial and Subsequent Measurement We initially recognized our preferred units at their issuance date fair value, net of issuance costs. We will not be required to adjust the carrying amount of our preferred units until it becomes probable that they would become redeemable. Once redemption becomes probable, we would adjust the carrying amount of our preferred units to the redemption value over a period of time comprising the date the feature first becomes probable and the date the units can first be redeemed. Preferred unit distributions are recognized on the date in which they are declared. In January 2018, we declared a $16.5 million distribution on our preferred units owned as of January 31, 2018. This distribution was paid in kind ("PIK") through the issuance of 490,252 additional preferred units. In April 2018, we declared a $16.9 million distribution on our preferred units owned of record as of May 1, 2018. This distribution was PIK through the issuance of 500,976 additional preferred units. The following tables show the change in our mezzanine and preferred units balances from December 31, 2017 to June 30, 2018:
|  | As of June 30,
Mezzanine Capital Balance |  | 2018
Balance as of December 31, 2017 |  | $ | 697,151 |
Distribution paid-in-kind |  | 33,414 |
Allocation of Distribution paid in-kind to Preferred Distribution Rate Reset Election (Note 16) |  | (2,106 | )
Balance as of June 30, 2018 |  | $ | 728,459 |
|  | Six months ended June 30,
Number of Class A Convertible Preferred Units |  | 2018
Balance as of December 31, 2017 |  | $ | 22,411,728 |
Distribution paid-in-kind |  | 991,228 |
Balance as of June 30, 2018 |  | $ | 23,402,956 |
Net income attributable to common unitholders is reduced by preferred unit distributions that accumulated during the period. During 2018, net income attributable to common unitholders was reduced by $34.1 million as a result of distributions that accumulated during the period. With respect to our preferred units to be issued relating to the second quarter of 2018, we elected to make a PIK payment for the quarterly distribution, which will result in the issuance of an additional 511,934 preferred units. This PIK amount equates to a distribution of $0.7374 per preferred unit for the quarter, or $2.9496 annualized. These distributions will be paid on August 14, 2018 to unitholders holders of record at the close of business July 31, 2018.

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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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