v3.21.2

PARTNERS' EQUITY | 9 Months Ended
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Sep. 30, 2021
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):
Units |  |  |  |  |  |  |  |  |  | Fixed Distribution Rate Per Unit Per Quarter |  | Fixed 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 2021, our board of directors declared distributions with respect to the Series A, B and C Preferred Units to be paid on December 15, 2021. 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 Ended |  | Cash Distributions Per Unit |  | Total Cash Distributions |  | Record Date |  | Payment Date
|  |  |  | (Thousands of Dollars) |  |  |  |
September 30, 2021 |  | $ | 0.40 |  |  | $ | 43,814 |  |  | November 8, 2021 |  | November 12, 2021
June 30, 2021 |  | $ | 0.40 |  |  | $ | 43,814 |  |  | August 6, 2021 |  | August 12, 2021
March 31, 2021 |  | $ | 0.40 |  |  | $ | 43,834 |  |  | May 10, 2021 |  | May 14, 2021
December 31, 2020 |  | $ | 0.40 |  |  | $ | 43,787 |  |  | February 8, 2021 |  | February 12, 2021
Accumulated Other Comprehensive Income (Loss) The balance of and changes in the components included in AOCI were as follows:
| Three Months Ended September 30,
| 2021 |  | 2020
| Foreign Currency Translation |  | Cash Flow Hedges |  | Pension and Other Postretirement Benefits |  | Total |  | Foreign Currency Translation |  | Cash Flow Hedges |  | Pension and Other Postretirement Benefits |  | Total
| (Thousands of Dollars)
Balance as of July 1 | $ | (40,311) |  |  | $ | (39,467) |  |  | $ | (12,514) |  |  | $ | (92,292) |  |  | $ | (47,962) |  |  | $ | (44,890) |  |  | $ | (8,603) |  |  | $ | (101,455) |
Other comprehensive (loss) income before reclassification adjustments | (1,684) |  |  | — |  |  | — |  |  | (1,684) |  |  | 1,594 |  |  | — |  |  | — |  |  | 1,594 |
Net gain on pension costs reclassified into other income, net | — |  |  | — |  |  | (187) |  |  | (187) |  |  | — |  |  | — |  |  | (305) |  |  | (305) |
Net loss on cash flow hedges reclassified into interest expense, net | — |  |  | 1,343 |  |  | — |  |  | 1,343 |  |  | — |  |  | 1,372 |  |  | — |  |  | 1,372 |
Other | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Other comprehensive (loss) income | (1,684) |  |  | 1,343 |  |  | (185) |  |  | (526) |  |  | 1,594 |  |  | 1,372 |  |  | (302) |  |  | 2,664 |
Balance as of September 30 | $ | (41,995) |  |  | $ | (38,124) |  |  | $ | (12,699) |  |  | $ | (92,818) |  |  | $ | (46,368) |  |  | $ | (43,518) |  |  | $ | (8,905) |  |  | $ | (98,791) |
| Nine Months Ended September 30,
| 2021 |  | 2020
| Foreign Currency Translation |  | Cash Flow Hedges |  | Pension and Other Postretirement Benefits |  | Total |  | Foreign Currency Translation |  | Cash Flow Hedges |  | Pension and Other Postretirement Benefits |  | Total
| (Thousands of Dollars)
Balance as of January 1 | $ | (42,362) |  |  | $ | (42,150) |  |  | $ | (12,144) |  |  | $ | (96,656) |  |  | $ | (43,772) |  |  | $ | (16,124) |  |  | $ | (8,000) |  |  | $ | (67,896) |
Other comprehensive income (loss) before reclassification adjustments | 367 |  |  | — |  |  | — |  |  | 367 |  |  | (2,596) |  |  | (30,291) |  |  | — |  |  | (32,887) |
Net gain on pension costs reclassified into other income, net | — |  |  | — |  |  | (560) |  |  | (560) |  |  | — |  |  | — |  |  | (915) |  |  | (915) |
Net loss on cash flow hedges reclassified into interest expense, net | — |  |  | 4,026 |  |  | — |  |  | 4,026 |  |  | — |  |  | 2,897 |  |  | — |  |  | 2,897 |
Other | — |  |  | — |  |  | 5 |  |  | 5 |  |  | — |  |  | — |  |  | 10 |  |  | 10 |
Other comprehensive income (loss) | 367 |  |  | 4,026 |  |  | (555) |  |  | 3,838 |  |  | (2,596) |  |  | (27,394) |  |  | (905) |  |  | (30,895) |
Balance as of September 30 | $ | (41,995) |  |  | $ | (38,124) |  |  | $ | (12,699) |  |  | $ | (92,818) |  |  | $ | (46,368) |  |  | $ | (43,518) |  |  | $ | (8,905) |  |  | $ | (98,791) |

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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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