1 unchanged sentence
Market Information, Holders and Distributions
−Removed: Our Class A shares are listed and traded on the New York Stock Exchange under the symbol “PAGP.” As of February 12, 2020, there were 182,138,592 Class A shares outstanding and approximately 37,000 record holders and beneficial owners (held in street name).
+Added: Our Class A shares are listed and traded on The Nasdaq Global Select Market under the symbol “PAGP.” As of February 11, 2021, there were 194,097,504 Class A shares outstanding and approximately 35,000 record holders and beneficial owners (held in street name).
The following table presents cash distributions per Class A share pertaining to the quarter presented, which were declared and paid in the following calendar quarter (see the “Cash Distribution Policy” section below for a discussion of our policy regarding distribution payments):
14 unchanged sentences
Alerian MLP Index $ 100.00 $ 118.31 $ 110.59 $ 96.86 $ 103.21 $ 73.60
+Added: Index to Financial Statements
This information shall not be deemed to be “soliciting material” or to be “filed” with the Commission or subject to Regulation 14A or 14C under the Exchange Act, other than as provided in Item 201(e) of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that we specifically request that such information be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act.
10 unchanged sentences
The issuance of Class A shares in connection with the exercise of the Exchange Rights was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.
−Removed: Issuer Purchases of Equity Securities
Cash Distribution Policy
9 unchanged sentences
AAP currently receives all of its cash flows from its ownership of PAA common units.
−Removed: Therefore, our cash flow and resulting ability to make distributions will be completely dependent upon the ability of PAA to make distributions to AAP in respect of the common units AAP owns.
+Added: Therefore, our cash flow and resulting ability to make distributions is dependent upon the ability of PAA to make distributions to AAP in respect of the common units AAP owns.
As of December 31, 2020, AAP owned approximately 245.8 million PAA common units.
4 unchanged sentences
Our general partner owns a non-economic general partner interest in us, which does not entitle it to receive cash distributions.
+Added: Index to Financial Statements
Selected Financial Data
5 unchanged sentences
2020 2019 2018 2017 2016
−Removed: (in millions, except per share data and volumes)
+Added: (in millions, except per share data)
Statement of operations data:
1 unchanged sentence
$ 23,290 $ 33,669 $ 34,055 $ 26,223 $ 20,182
−Removed: Operating income
+Added: Operating income/(loss) (1)
$ (2,383) $ 1,980 $ 2,272 $ 1,147 $ 990
34 unchanged sentences
Capital expenditures:
−Removed: Acquisition capital
−Removed: $ 50 $ — $ 1,323 $ 289 $ 105
−Removed: Expansion capital
+Added: Investment capital
$ 921 $ 1,340 $ 1,888 $ 1,135 $ 1,405
1 unchanged sentence
$ 216 $ 287 $ 252 $ 247 $ 186
+Added: Acquisition capital
+Added: $ 310 $ 50 $ — $ 1,323 $ 289
+Added: Index to Financial Statements
Year Ended December 31,
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1,318 1,369 1,309 1,219 1,153
+Added: (1) During the year ended December 31, 2020, we recognized impairments of approximately $3.4 billion.
+Added: See Note 6, Note 7 and Note 8 to our Consolidated Financial Statements for additional information.
(2) During the year ended December 31, 2017, we recorded approximately $823 million related to the re-measurement of our existing deferred tax asset as a result of the reduction in our effective tax rate from the change in corporate federal income tax rate from 35% to 21%.
−Removed: See Note 15 to our Consolidated Financial Statements for additional information.
+Added: See Note 15 to our Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2017 for additional information.
(3) Represents cash distributions declared and paid per share during the year presented.
See Note 12 to our Consolidated Financial Statements for further discussion regarding our distributions.
+Added: (4) See Note 7 for discussion of our acquisitions and dispositions completed during the three years ended December 31, 2020.
(5) On January 1, 2019, we adopted Accounting Standards Update 2016-02, Leases (Topic 842) using the optional transitional method.
1 unchanged sentence
(6) Average volumes are calculated as the total volumes (attributable to our interest) for the year divided by the number of days or months in the year.
−Removed: (5) Facilities segment total volumes is calculated as the sum of:
+Added: (7) Facilities segment total volumes are calculated as the sum of:
(i) liquids storage capacity;
2 unchanged sentences
(8) Includes volumes (attributable to our interest) from facilities owned by unconsolidated entities.
+Added: Index to Financial Statements
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.