v3.19.3.a.u2

Partners' Capital and Distributions | 12 Months Ended
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Dec. 31, 2019
Partners' Capital Notes [Abstract] |
Partners' Capital and Distributions | Partners’ Capital and Distributions Partners’ Capital The following table details the changes in the number of our common units outstanding from January 1, 2017 through December 31, 2019:
Common units outstanding on January 1, 2017 | 227,783,916
January 2017—Settlement of employee LTIP awards | 216,679
During 2017—Other(a) | 23,961
Common units outstanding on December 31, 2017 | 228,024,556
January 2018—Settlement of employee LTIP awards | 168,913
During 2018—Other(a) | 1,691
Common units outstanding on December 31, 2018 | 228,195,160
February 2019—Settlement of employee LTIP awards | 199,792
During 2019—Other(a) | 8,476
Common units outstanding on December 31, 2019 | 228,403,428
(a) | Common 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 our unitholders. Common unitholders 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 common unit ownership to substitute common unitholders;
• | 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 unitholder’s 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 unitholder’s 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 unitholders in proportion to the positive balances in their respective capital accounts. The common unitholders’ liability is generally limited to their investment. Distributions Distributions we paid during 2017, 2018 and 2019 were as follows (in thousands, except per unit amount):
Payment Date |  | Per Unit Cash Distribution Amount |  | Total Cash Distribution
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 |
2/14/2019 |  | $ | 0.9975 |  |  | $ | 227,832 |
5/15/2019 |  | 1.0050 |  |  | 229,545 |
8/14/2019 |  | 1.0125 |  |  | 231,258 |
11/14/2019 |  | 1.0200 |  |  | 232,971 |
Total |  | $ | 4.0350 |  |  | $ | 921,606 |

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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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