v3.10.0.1

Partners' Capital and Distributions | 12 Months Ended
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Dec. 31, 2018
Partners' Capital Notes [Abstract] |
Partners' Capital and Distributions | Partners’ Capital and Distributions Partners’ Capital In May 2017, we filed a prospectus supplement to the shelf registration statement for our continuous equity offering program (which we refer to as an at-the-market program, or “ATM”) pursuant to which we may issue up to $750.0 million of common units in amounts, at prices and on terms to be determined by market conditions at the time. The net proceeds from any sales under the ATM, after deducting the sales agents’ commissions and our offering expenses, will be used for general partnership purposes, including repayment of indebtedness or capital expenditures. No units were issued pursuant to this program during 2017 or 2018. The following table details the changes in the number of our limited partner units outstanding from January 1, 2016 through December 31, 2018:
Limited partner units outstanding on January 1, 2016 | 227,427,247
February 2016—Settlement of employee LTIP awards | 350,552
During 2016—Other(a) | 6,117
Limited partner units outstanding on December 31, 2016 | 227,783,916
January 2017—Settlement of employee LTIP awards | 216,679
During 2017—Other(a) | 23,961
Limited partner units outstanding on December 31, 2017 | 228,024,556
January 2018—Settlement of employee LTIP awards | 168,913
During 2018—Other(a) | 1,691
Limited partner units outstanding on December 31, 2018 | 228,195,160
(a) | Limited partner units issued to settle the equity-based retainer paid to independent directors of our general partner.
Our partnership agreement allows us to issue additional partnership securities for any partnership purpose at any time and from time to time for consideration and on terms and conditions as our general partner determines, all without approval by the limited partners. Limited partners holding our limited partner units have the following rights, among others:
• | right to receive distributions of our available cash within 45 days after the end of each quarter;
• | right to elect the board members of our general partner;
• | right to remove Magellan GP, LLC as our general partner upon a 100% vote of outstanding unitholders;
• | right to transfer limited partner unit ownership to substitute limited partners;
• | right to receive an annual report, containing audited financial statements and a report on those financial statements by our independent public accountants, within 120 days after the close of the fiscal year end;
• | right to receive information reasonably required for tax reporting purposes within 90 days after the close of the calendar year;
• | right to vote according to the limited partners’ percentage interest in us at any meeting that may be called by our general partner; and
• | right to inspect our books and records at the unitholders’ own expense.
In the event of liquidation, we would distribute all property and cash in excess of that required to discharge all liabilities to the partners in proportion to the positive balances in their respective capital accounts. The limited partners’ liability is generally limited to their investment. Distributions Distributions we paid during 2016, 2017 and 2018 were as follows (in thousands, except per unit amount):
Payment Date |  | Per Unit Cash Distribution Amount |  | Total Cash Distribution
2/12/2016 |  | $ | 0.7850 |  |  | $ | 178,808 |
5/13/2016 |  | 0.8025 |  |  | 182,797 |
8/12/2016 |  | 0.8200 |  |  | 186,783 |
11/14/2016 |  | 0.8375 |  |  | 190,769 |
Total |  | $ | 3.2450 |  |  | $ | 739,157 |
2/14/2017 |  | $ | 0.8550 |  |  | $ | 194,961 |
5/15/2017 |  | 0.8725 |  |  | 198,951 |
8/14/2017 |  | 0.8900 |  |  | 202,942 |
11/14/2017 |  | 0.9050 |  |  | 206,362 |
Total |  | $ | 3.5225 |  |  | $ | 803,216 |
2/14/2018 |  | $ | 0.9200 |  |  | $ | 209,940 |
5/15/2018 |  | 0.9375 |  |  | 213,933 |
8/14/2018 |  | 0.9575 |  |  | 218,497 |
11/14/2018 |  | 0.9775 |  |  | 223,061 |
Total |  | $ | 3.7925 |  |  | $ | 865,431 |

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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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