v3.20.2
PARTNERS' EQUITY
9 Months Ended
Sep. 30, 2020
Partners' Capital Notes [Abstract]  
PARTNERS' EQUITY PARTNERS' EQUITY
Series A, B and C Preferred Units
We allocate net income to our 8.50% Series A, 7.625% Series B and 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (collectively, the Series A, B and C Preferred Units) equal to the amount of distributions earned during the period. Distributions on our Series A, B and C Preferred Units are payable out of any legally available funds, accrue and are cumulative from the original issuance dates, and are payable on the 15th day (or next business day) of each of March, June, September and December of each year to holders of record on the first business day of each payment month as follows (until the distribution rate changes to a floating rate):

UnitsFixed Distribution Rate Per Unit Per QuarterFixed Distribution
Per Quarter
Date at Which Distribution
Rate Becomes Floating
(Thousands of Dollars)
Series A Preferred Units$0.53125 $4,813 December 15, 2021
Series B Preferred Units$0.47657 $7,339 June 15, 2022
Series C Preferred Units$0.56250 $3,881 December 15, 2022

In October 2020, our board of directors declared distributions with respect to the Series A, B and C Preferred Units to be paid on December 15, 2020.

Common Limited Partners
We make quarterly distributions to common unitholders of 100% of our “Available Cash,” generally defined as cash receipts less cash disbursements, including distributions to our preferred units, and cash reserves established by the general partner, in its sole discretion. These quarterly distributions are declared and paid within 45 days subsequent to each quarter-end. The common unitholders receive a distribution each quarter as determined by the board of directors, subject to limitation by the distributions in arrears, if any, on our preferred units.

The following table summarizes information about quarterly cash distributions declared for our common limited partners:
Quarter EndedCash Distributions
Per Unit
Total Cash
Distributions
Record DatePayment Date
(Thousands of Dollars)
September 30, 2020$0.40 $43,678 November 6, 2020November 13, 2020
June 30, 2020$0.40 $43,678 August 7, 2020August 13, 2020
March 31, 2020$0.40 $43,730 May 11, 2020May 15, 2020
December 31, 2019$0.60 $65,128 February 10, 2020February 14, 2020
Accumulated Other Comprehensive Income (Loss)
The balance of and changes in the components included in AOCI were as follows:

Three Months Ended September 30,
20202019
Foreign Currency TranslationCash Flow HedgesPension and Other Postretirement BenefitsTotalForeign Currency TranslationCash Flow HedgesPension and Other Postretirement BenefitsTotal
(Thousands of Dollars)
Balance as of July 1$(47,962)$(44,890)$(8,603)$(101,455)$(44,431)$(15,402)$(7,830)$(67,663)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassification adjustments
1,594 — — 1,594 (1,066)(10,866)— (11,932)
Net gain on pension costs reclassified into other income, net
— — (305)(305)— — (579)(579)
Net loss on cash flow hedges reclassified into interest expense, net
— 1,372 — 1,372 — 906 — 906 
Other
— — — — 
Other comprehensive income (loss)
1,594 1,372 (302)2,664 (1,066)(9,960)(572)(11,598)
Balance as of September 30$(46,368)$(43,518)$(8,905)$(98,791)$(45,497)$(25,362)$(8,402)$(79,261)

Nine Months Ended September 30,
20202019
Foreign
Currency
Translation
Cash Flow
Hedges
Pension and
Other
Postretirement
Benefits
TotalForeign
Currency
Translation
Cash Flow
Hedges
Pension and
Other
Postretirement
Benefits
Total
(Thousands of Dollars)
Balance as of January 1$(43,772)$(16,124)$(8,000)$(67,896)$(47,299)$(893)$(6,686)$(54,878)
Other comprehensive income (loss):
Other comprehensive (loss) income before reclassification adjustments
(2,596)(30,291)— (32,887)1,802 (27,458)— (25,656)
Net gain on pension costs reclassified into other income, net
— — (915)(915)— — (1,736)(1,736)
Net loss on cash flow hedges reclassified into interest expense, net
— 2,897 — 2,897 — 2,989 — 2,989 
Other
— — 10 10 — — 20 20 
Other comprehensive (loss) income
(2,596)(27,394)(905)(30,895)1,802 (24,469)(1,716)(24,383)
Balance as of September 30$(46,368)$(43,518)$(8,905)$(98,791)$(45,497)$(25,362)$(8,402)$(79,261)