XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Debt Obligations | 9 Months Ended
--- | ---
Sep. 30, 2018
Debt Obligations [Abstract] |
Debt Obligations | Note 7. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
|  | September 30, 2018 |  |  | December 31, 2017 |
EPO senior debt obligations: |  |  |  |  |  |
Commercial Paper Notes, variable-rates |  | $ | 2,707.6 |  |  | $ | 1,755.7 |
Senior Notes V, 6.65% fixed-rate, repaid April 2018 |  |  | -- |  |  |  | 349.7 |
Senior Notes OO, 1.65% fixed-rate, repaid May 2018 |  |  | -- |  |  |  | 750.0 |
Senior Notes N, 6.50% fixed-rate, due January 2019 |  |  | 700.0 |  |  |  | 700.0 |
364-Day Revolving Credit Agreement, variable-rate, due September 2019 |  |  | -- |  |  |  | -- |
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 TT, 2.80% fixed-rate, due February 2021 |  |  | 750.0 |  |  |  | -- |
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 UU, 4.25% fixed-rate, due February 2048 |  |  | 1,250.0 |  |  |  | -- |
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, repaid April 2018 |  |  | -- |  |  |  | 0.3 |
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 |  |  | 0.4 |  |  |  | 0.4 |
Total principal amount of senior debt obligations |  |  | 23,457.6 |  |  |  | 21,605.7 |
EPO Junior Subordinated Notes A, variable-rate, redeemed August 2018 |  |  | -- |  |  |  | 521.1 |
EPO Junior Subordinated Notes B, fixed/variable-rate, redeemed March 2018 |  |  | -- |  |  |  | 682.7 |
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1) |  |  | 256.4 |  |  |  | 256.4 |
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2) |  |  | 700.0 |  |  |  | 700.0 |
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3) |  |  | 1,000.0 |  |  |  | 1,000.0 |
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4) |  |  | 700.0 |  |  |  | -- |
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 |  |  | 14.2 |  |  |  | 14.2 |
Total principal amount of senior and junior debt obligations |  |  | 26,128.2 |  |  |  | 24,780.1 |
Other, non-principal amounts |  |  | (214.2 | ) |  |  | (211.4 | )
Less current maturities of debt |  |  | (3,405.5 | ) |  |  | (2,855.0 | )
Total long-term debt |  | $ | 22,508.5 |  |  | $ | 21,713.7 |
(1) Variable rate is reset quarterly and based on 3-month LIBOR plus 2.778%. (2) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (3) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. (4) Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. |
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the nine months ended September 30, 2018:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
Commercial Paper Notes | 1.50% to 2.50% | 2.23%
Multi-Year Revolving Credit Facility | 2.58% to 5.00% | 3.37%
EPO Junior Subordinated Notes A (prior to redemption) | 5.08% to 6.07% | 5.71%
EPO Junior Subordinated Notes B (prior to redemption) | 7.03% | 7.03%
EPO Junior Subordinated Notes C | 4.26% to 5.10% | 4.80%
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at September 30, 2018 for the next five years, and in total thereafter:
|  |  |  |  | Scheduled Maturities of Debt |
|  | Total |  |  | Remainder of 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | Thereafter |
Commercial Paper Notes |  | $ | 2,707.6 |  |  | $ | 2,707.6 |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Senior Notes |  |  | 20,750.0 |  |  |  | -- |  |  |  | 1,500.0 |  |  |  | 1,500.0 |  |  |  | 1,325.0 |  |  |  | 650.0 |  |  |  | 15,775.0 |
Junior Subordinated Notes |  |  | 2,670.6 |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 2,670.6 |
Total |  | $ | 26,128.2 |  |  | $ | 2,707.6 |  |  | $ | 1,500.0 |  |  | $ | 1,500.0 |  |  | $ | 1,325.0 |  |  | $ | 650.0 |  |  | $ | 18,445.6 |
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. Issuance of $3.0 Billion of Senior Notes in October 2018 In October 2018, EPO issued $3.0 billion aggregate principal amount of senior notes comprised of (i) $750 million principal amount of senior notes due February 2022, (ii) $1.0 billion principal amount of senior notes due October 2028 and (iii) $1.25 billion principal amount of senior notes due February 2049. See Note 19 for information regarding this subsequent event and related use of proceeds. Issuance of $2.0 Billion of Senior Notes and $700 Million of Junior Subordinated Notes in February 2018 In February 2018, EPO issued $2.7 billion aggregate principal amount of notes comprised of (i) $750 million principal amount of senior notes due February 2021 (“Senior Notes TT”), (ii) $1.25 billion principal amount of senior notes due February 2048 (“Senior Notes UU”) and (iii) $700 million principal amount of junior subordinated notes due February 2078 (“Junior Subordinated Notes F”). Net proceeds from the February 2018 offerings were used by EPO for the temporary repayment of amounts outstanding under its commercial paper program, general company purposes, and the redemption of all $682.7 million outstanding aggregate principal amount of its Junior Subordinated Notes B. Senior Notes TT were issued at 99.946% of their principal amount and have a fixed-rate interest rate of 2.80% per year. Senior Notes UU were issued at 99.865% of their principal amount and have a fixed-rate interest rate of 4.25% per year. Enterprise Products Partners L.P. has guaranteed the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. The Junior Subordinated Notes F are redeemable at EPO’s option, in whole or in part, on one or more occasions, on or after February 15, 2028 at 100% of their principal amount, plus any accrued and unpaid interest thereon, and bear interest at a fixed rate of 5.375% per year through February 14, 2028. Beginning February 15, 2028, the Junior Subordinated Notes F will bear interest at a floating rate based on a three-month LIBOR plus 2.57%, reset quarterly. Enterprise Products Partners L.P. has guaranteed the Junior Subordinated Notes F through an unconditional guarantee on an unsecured and subordinated basis. Redemption of Junior Subordinated Notes In March 2018, EPO redeemed all of the $682.7 million outstanding aggregate principal amount of its Junior Subordinated Notes B at a price equal to 100% of the principal amount of the notes being redeemed, plus all accrued and unpaid interest thereon to, but not including, the redemption date. This redemption was funded by EPO’s issuance of senior notes and junior subordinated notes in February 2018. In August 2018, EPO redeemed all of the $521.1 million outstanding aggregate principal amount of its Junior Subordinated Notes A at a price equal to 100% of the principal amount of the notes being redeemed, plus all accrued and unpaid interest thereon to, but not including, the redemption date. This redemption was funded by the issuance of short-term notes under EPO’s commercial paper program. 364-Day Revolving Credit Agreement In September 2018, 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 2019. 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 $2.0 billion (which may be increased by up to $200 million to $2.2 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of up to 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 2020. Borrowings under this revolving credit agreement may be used for working capital, capital expenditures, acquisitions and general company purposes. The new 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 new 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by Enterprise Products Partners L.P. Increase in Amount Authorized under Commercial Paper Program In June 2018, EPO increased the aggregate principal amount of short-term notes that it could issue (and have outstanding at any time) under its commercial paper program from $2.5 billion to $3.0 billion. All commercial paper notes issued under the program are senior unsecured obligations of EPO that are unconditionally guaranteed by Enterprise Products Partners L.P. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at September 30, 2018. Letters of Credit At September 30, 2018, EPO had $101.4 million of letters of credit outstanding primarily related to our commodity hedging activities.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration