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Debt Obligations | 12 Months Ended
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Dec. 31, 2017
Debt Obligations [Abstract] |
Debt Obligations | Note 8. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
|  | December 31, |
|  | 2017 |  |  | 2016 |
EPO senior debt obligations: |  |  |  |  |  |
Commercial Paper Notes, variable-rates |  | $ | 1,755.7 |  |  | $ | 1,777.2 |
Senior Notes L, 6.30% fixed-rate, due September 2017 |  |  | -- |  |  |  | 800.0 |
Senior Notes V, 6.65% fixed-rate, due April 2018 |  |  | 349.7 |  |  |  | 349.7 |
Senior Notes OO, 1.65% fixed-rate, due May 2018 |  |  | 750.0 |  |  |  | 750.0 |
364-Day Revolving Credit Agreement, variable-rate, due September 2018 |  |  | -- |  |  |  | -- |
Senior Notes N, 6.50% fixed-rate, due January 2019 |  |  | 700.0 |  |  |  | 700.0 |
Senior Notes LL, 2.55% fixed-rate, due October 2019 |  |  | 800.0 |  |  |  | 800.0 |
Senior Notes Q, 5.25% fixed-rate, due January 2020 |  |  | 500.0 |  |  |  | 500.0 |
Senior Notes Y, 5.20% fixed-rate, due September 2020 |  |  | 1,000.0 |  |  |  | 1,000.0 |
Senior Notes RR, 2.85% fixed-rate, due April 2021 |  |  | 575.0 |  |  |  | 575.0 |
Senior Notes CC, 4.05% fixed-rate, due February 2022 |  |  | 650.0 |  |  |  | 650.0 |
Multi-Year Revolving Credit Facility, variable-rate, due September 2022 |  |  | -- |  |  |  | -- |
Senior Notes HH, 3.35% fixed-rate, due March 2023 |  |  | 1,250.0 |  |  |  | 1,250.0 |
Senior Notes JJ, 3.90% fixed-rate, due February 2024 |  |  | 850.0 |  |  |  | 850.0 |
Senior Notes MM, 3.75% fixed-rate, due February 2025 |  |  | 1,150.0 |  |  |  | 1,150.0 |
Senior Notes PP, 3.70% fixed-rate, due February 2026 |  |  | 875.0 |  |  |  | 875.0 |
Senior Notes SS, 3.95% fixed-rate, due February 2027 |  |  | 575.0 |  |  |  | 575.0 |
Senior Notes D, 6.875% fixed-rate, due March 2033 |  |  | 500.0 |  |  |  | 500.0 |
Senior Notes H, 6.65% fixed-rate, due October 2034 |  |  | 350.0 |  |  |  | 350.0 |
Senior Notes J, 5.75% fixed-rate, due March 2035 |  |  | 250.0 |  |  |  | 250.0 |
Senior Notes W, 7.55% fixed-rate, due April 2038 |  |  | 399.6 |  |  |  | 399.6 |
Senior Notes R, 6.125% fixed-rate, due October 2039 |  |  | 600.0 |  |  |  | 600.0 |
Senior Notes Z, 6.45% fixed-rate, due September 2040 |  |  | 600.0 |  |  |  | 600.0 |
Senior Notes BB, 5.95% fixed-rate, due February 2041 |  |  | 750.0 |  |  |  | 750.0 |
Senior Notes DD, 5.70% fixed-rate, due February 2042 |  |  | 600.0 |  |  |  | 600.0 |
Senior Notes EE, 4.85% fixed-rate, due August 2042 |  |  | 750.0 |  |  |  | 750.0 |
Senior Notes GG, 4.45% fixed-rate, due February 2043 |  |  | 1,100.0 |  |  |  | 1,100.0 |
Senior Notes II, 4.85% fixed-rate, due March 2044 |  |  | 1,400.0 |  |  |  | 1,400.0 |
Senior Notes KK, 5.10% fixed-rate, due February 2045 |  |  | 1,150.0 |  |  |  | 1,150.0 |
Senior Notes QQ, 4.90% fixed-rate, due May 2046 |  |  | 975.0 |  |  |  | 975.0 |
Senior Notes NN, 4.95% fixed-rate, due October 2054 |  |  | 400.0 |  |  |  | 400.0 |
TEPPCO senior debt obligations: |  |  |  |  |  |  |  |
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018 |  |  | 0.3 |  |  |  | 0.3 |
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 |  |  | 0.4 |  |  |  | 0.4 |
Total principal amount of senior debt obligations |  |  | 21,605.7 |  |  |  | 22,427.2 |
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066 (1) |  |  | 521.1 |  |  |  | 521.1 |
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 (2) |  |  | 256.4 |  |  |  | 256.4 |
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 (3) |  |  | 682.7 |  |  |  | 682.7 |
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (4) |  |  | 700.0 |  |  |  | -- |
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5) |  |  | 1,000.0 |  |  |  | -- |
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 |  |  | 14.2 |  |  |  | 14.2 |
Total principal amount of senior and junior debt obligations |  |  | 24,780.1 |  |  |  | 23,901.6 |
Other, non-principal amounts |  |  | (211.4 | ) |  |  | (203.9 | )
Less current maturities of debt |  |  | (2,855.0 | ) |  |  | (2,576.8 | )
Total long-term debt |  | $ | $ 21,713.7 |  |  | $ | $ 21,120.9 |
(1) Variable rate is reset quarterly and based on 3-month LIBOR plus 3.708%. (2) Fixed rate of 7.000% through May 31, 2017; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.778%. (3) Fixed rate of 7.034% through January 14, 2018; thereafter, the rate will be the greater of 7.034% or a variable rate reset quarterly and based on 3-month LIBOR plus 2.680%. These notes are expected to be redeemed in March 2018 (see Note 22). (4) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (5) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. |
See Note 22, Subsequent Events, for information regarding the issuance of Senior Notes TT and UU and Junior Subordinated Notes F in February 2018 and the expected redemption of Junior Subordinated Notes B in March 2018. Information Regarding Variable Interest Rates Paid The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the year ended December 31, 2017:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
Commercial Paper Notes | 0.90% to 1.80% | 1.34%
Multi-Year Revolving Credit Facility | 2.23% to 2.23% | 2.23%
EPO Junior Subordinated Notes A | 4.59% to 5.08% | 4.89%
EPO Junior Subordinated Notes C | 3.98% to 4.26% | 4.07%
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at December 31, 2017 for the next five years, and in total thereafter:
|  |  |  |  | Scheduled Maturities of Debt |
|  | Total |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | Thereafter |
Commercial Paper Notes |  | $ | 1,755.7 |  |  | $ | 1,755.7 |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Senior Notes |  |  | 19,850.0 |  |  |  | 1,100.0 |  |  |  | 1,500.0 |  |  |  | 1,500.0 |  |  |  | 575.0 |  |  |  | 650.0 |  |  |  | 14,525.0 |
Junior Subordinated Notes |  |  | 3,174.4 |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 3,174.4 |
Total |  | $ | 24,780.1 |  |  | $ | 2,855.7 |  |  | $ | 1,500.0 |  |  | $ | 1,500.0 |  |  | $ | 575.0 |  |  | $ | 650.0 |  |  | $ | 17,699.4 |
Parent-Subsidiary Guarantor Relationships Enterprise Products Partners L.P. acts as guarantor of the consolidated debt obligations of EPO, with the exception of the remaining debt obligations of TEPPCO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. EPO Debt Obligations Commercial Paper Notes. EPO maintains a commercial paper program under which it may issue (and have outstanding at any time) up to $2.5 billion in the aggregate of short-term notes. As a back-stop to the program, we intend to maintain a minimum available borrowing capacity under EPO’s Multi-Year Revolving Credit Facility equal to the aggregate amount outstanding under our commercial paper notes. All commercial paper notes issued under the program are senior unsecured obligations of EPO that are unconditionally guaranteed by Enterprise Products Partners L.P. 364-Day Credit Agreement. In September 2017, EPO entered into a 364-Day Revolving Credit Agreement that replaced its prior 364-day credit facility. The new 364-Day Revolving Credit Agreement matures in September 2018. There are currently no principal amounts outstanding under this revolving credit agreement. Under the terms of the new 364-Day Revolving Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of 364 days, subject to the terms and conditions set forth therein. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as a non-revolving term loan for a period of one additional year, payable in September 2019. Borrowings under this revolving credit agreement may be used for working capital, capital expenditures, acquisitions and general company purposes. The 364-Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The credit agreement also restricts EPO’s ability to pay cash distributions to its parent, Enterprise Products Partners L.P., if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom. EPO’s obligations under the 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by Enterprise Products Partners L.P. Multi-Year Revolving Credit Facility. In September 2017, EPO entered into a revolving credit agreement that matures in September 2022 (the “Multi-Year Revolving Credit Facility”). This new facility replaced EPO’s prior multi-year revolving credit facility that was scheduled to mature in September 2020. There are currently no principal amounts outstanding under the new credit facility. Under the terms of the new Multi-Year Revolving Credit Facility, EPO may borrow up to $4.0 billion (which may be increased by up to $500 million to $4.5 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of five years, subject to the terms and conditions set forth therein. Borrowings under this revolving credit facility may be used as a backstop for commercial paper and for working capital, capital expenditures, acquisitions and general company purposes. The Multi-Year Revolving Credit Facility contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit facility. The credit facility also restricts EPO’s ability to pay cash distributions to its parent, Enterprise Products Partners L.P., if an event of default (as defined in the credit facility) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom. EPO’s obligations under the Multi-Year Revolving Credit Facility are not secured by any collateral; however, they are guaranteed by Enterprise Products Partners L.P. Senior Notes. EPO’s fixed-rate senior notes are unsecured obligations of EPO that rank equal with its existing and future unsecured and unsubordinated indebtedness. They are senior to any existing and future subordinated indebtedness of EPO. EPO’s senior notes are subject to make-whole redemption rights and were issued under indentures containing certain covenants, which generally restrict its ability (with certain exceptions) to incur debt secured by liens and engage in sale and leaseback transactions. In total, EPO issued $1.25 billion and $2.5 billion of senior notes during the years ended December 31, 2016 and 2015, respectively. See Note 22, Subsequent Events, for information regarding the issuance of Senior Notes TT and UU in February 2018. EPO Junior Subordinated Notes. EPO’s payment obligations under its junior notes are subordinated to all of its current and future senior indebtedness (as defined in the related indenture agreement). Enterprise Products Partners L.P. guarantees repayment of amounts due under these junior notes through an unsecured and subordinated guarantee. The indenture agreement governing these notes allows EPO to defer interest payments on one or more occasions for up to ten consecutive years subject to certain conditions. Subject to certain exceptions, during any period in which interest payments are deferred, neither we nor EPO can declare or make any distributions on any of our respective equity securities or make any payments on indebtedness or other obligations that rank equal with or are subordinate to our junior notes. Each series of our junior notes rank equal with each other. Generally, each series of junior notes are not redeemable by EPO while such notes bear interest at a fixed annual rate. In connection with the issuance of each series of junior notes, other than Junior Notes D and Junior Notes E (in each case, as defined below), EPO entered into separate Replacement Capital Covenants in favor of covered debt holders (as defined in the underlying documents) pursuant to which EPO agreed, for the benefit of such debt holders, that it would not redeem or repurchase such junior notes unless such redemption or repurchase is made using proceeds from the issuance of certain securities. In August 2017, EPO issued a combined $1.7 billion in principal amount of junior subordinated notes. The EPO Junior Subordinated Notes D (“Junior Notes D”), which were issued at $700 million principal amount in the aggregate, are redeemable at EPO’s option, in whole or in part, on one or more occasions, on or after August 16, 2022 (the non-call 5 notes) at 100% of their principal amount, plus any accrued and unpaid interest. Junior Notes D bear interest at a fixed rate of 4.875% per year through August 15, 2022. Beginning August 16, 2022, Junior Notes D will bear interest at a floating rate based on a three-month LIBOR rate plus 2.986%, reset quarterly. Junior Notes D mature in August 2077. The EPO Junior Subordinated Notes E (“Junior Notes E”), which were issued at $1.0 billion principal amount in the aggregate, are redeemable at EPO’s option, in whole or in part, on one or more occasions, on or after August 16, 2027 (the non-call 10 notes) at 100% of their principal amount, plus any accrued and unpaid interest. Junior Notes E bear interest at a fixed rate of 5.25% per year through August 15, 2027. Beginning August 16, 2027, Junior Notes E will bear interest at a floating rate based on a three-month LIBOR rate plus 3.033%, reset quarterly. Junior Notes E also mature in August 2077. Net proceeds from the issuance of Junior Notes D and E were used for (i) the temporary repayment of approximately $900 million of amounts then outstanding under EPO’s commercial paper program and (ii) the repayment of $800 million in principal amount of Senior Notes L that matured in September 2017. The following table summarizes the interest rate terms of our junior subordinated notes:
Series | Fixed Annual Interest Rate | Variable Annual Interest Rate Thereafter
EPO Junior Subordinated Notes A | 8.375% through July 31, 2016 (1) | 3-month LIBOR rate + 3.708% (6)
EPO Junior Subordinated Notes B | 7.034% through January 14, 2018 (2) | Greater of: (i) 3-month LIBOR rate + 2.680% or (ii) 7.034% (7)
EPO Junior Subordinated Notes C | 7.000% through May 31, 2017 (3) | 3-month LIBOR rate + 2.778% (8)
EPO Junior Subordinated Notes D | 4.875% through August 15, 2022 (4) | 3-month LIBOR rate + 2.986% (9)
EPO Junior Subordinated Notes E | 5.250% through August 15, 2027 (5) | 3-month LIBOR rate + 3.033% (10)
(1) Interest is payable semi-annually in arrears in February and August of each year, which commenced in February 2007. (2) Interest was payable semi-annually in arrears in January and July of each year, which commenced in January 2008. (3) Interest is payable semi-annually in arrears in June and December of each year, which commenced in December 2009. (4) Interest is payable semi-annually in arrears in February and August of each year, which commenced in February 2018. (5) Interest is payable semi-annually in arrears in February and August of each year, which commenced in February 2018. (6) Interest is payable quarterly in arrears in February, May, August and November of each, which commenced in November 2016. (7) Interest was payable quarterly in arrears in January, April, July and October of each year commencing in April 2018. (8) Interest is payable quarterly in arrears in March, June, September and December of each year, which commenced in September 2017. (9) Interest is payable quarterly in arrears in February, May, August and November of each year commencing in November 2022. (10) Interest is payable quarterly in arrears in February, May, August and November of each year commencing in November 2027.
See Note 22, Subsequent Events, for information regarding the issuance of Junior Subordinated Notes F in February 2018 and the expected redemption of all $682.7 million aggregate principal amount of Junior Subordinated Notes B in March 2018. Letters of Credit At December 31, 2017, EPO had $66.4 million of letters of credit outstanding primarily related to our commodity hedging activities. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at December 31, 2017.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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