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Debt Obligations | 12 Months Ended
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Dec. 31, 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:
|  | December 31, |
|  | 2018 |  |  | 2017 |
EPO senior debt obligations: |  |  |  |  |  |
Commercial Paper Notes, variable-rates |  | $ | -- |  |  | $ | 1,755.7 |
Senior Notes V, 6.65% fixed-rate, due April 2018 |  |  | -- |  |  |  | 349.7 |
Senior Notes OO, 1.65% fixed-rate, due 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 VV, 3.50% fixed-rate, due February 2022 |  |  | 750.0 |  |  |  | -- |
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 WW, 4.15% fixed-rate, due October 2028 |  |  | 1,000.0 |  |  |  | -- |
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 XX, 4.80% fixed-rate, due February 2049 |  |  | 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, due 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 |  |  | 23,750.0 |  |  |  | 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, fixed/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 |  |  | 26,420.6 |  |  |  | 24,780.1 |
Other, non-principal amounts |  |  | (242.4 | ) |  |  | (211.4 | )
Less current maturities of debt |  |  | (1,500.1 | ) |  |  | (2,855.0 | )
Total long-term debt |  | $ | $ 24,678.1 |  |  | $ | $ 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%. |
References in this footnote to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009. 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, 2018:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
Commercial Paper Notes | 1.50% to 2.50% | 2.24%
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 5.52% | 4.91%
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at December 31, 2018 for the next five years, and in total thereafter:
|  |  | Scheduled Maturities of Debt |
| Total |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |
Senior Notes |  | $ | 23,750.0 |  |  | $ | 1,500.0 |  |  | $ | 1,500.0 |  |  | $ | 1,325.0 |  |  | $ | 1,400.0 |  |  | $ | 1,250.0 |  |  | $ | 16,775.0 |
Junior Subordinated Notes |  |  | 2,670.6 |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 2,670.6 |
Total |  | $ | 26,420.6 |  |  | $ | 1,500.0 |  |  | $ | 1,500.0 |  |  | $ | 1,325.0 |  |  | $ | 1,400.0 |  |  | $ | 1,250.0 |  |  | $ | 19,445.6 |
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. EPO Debt Obligations Commercial Paper Notes 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. 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 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. 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 $5.0 billion and $1.25 billion of senior notes during the years ended December 31, 2018 and 2016, respectively. In February 2018, EPO issued $2.0 billion aggregate principal amount of senior notes comprised of (i) $750 million principal amount of senior notes due February 2021 (“Senior Notes TT”) and (ii) $1.25 billion principal amount of senior notes due February 2048 (“Senior Notes UU”). Net proceeds from the February 2018 senior notes offerings, together with the net proceeds from the February 2018 offering of Junior Subordinated Notes F (described below), 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. 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 (“Senior Notes VV”), (ii) $1.00 billion principal amount of senior notes due October 2028 (“Senior Notes WW”) and (iii) $1.25 billion principal amount of senior notes due February 2049 (“Senior Notes XX”). Net proceeds from this offering were used by EPO for the temporary repayment of amounts outstanding under its commercial paper program and for general company purposes, including for growth capital expenditures. Senior Notes VV were issued at 99.985% of their principal amount and have a fixed-rate interest rate of 3.50% per year. Senior Notes WW were issued at 99.764% of their principal amount and have a fixed-rate interest rate of 4.15% per year. Senior Notes XX were issued at 99.390% of their principal amount and have a fixed-rate interest rate of 4.80% per year. Enterprise Products Partners L.P. has guaranteed the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. 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 total, EPO issued $700.0 million and $1.7 billion of junior notes during the years ended December 31, 2018 and 2017, respectively. In connection with the issuance of EPO’s Junior Subordinated Notes A, Junior Subordinated Notes B and Junior Subordinated Notes C, 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 February 2018, EPO issued $700 million in principal amount of junior subordinated notes. 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 rate 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. 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. Letters of Credit At December 31, 2018, EPO had $101.4 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, 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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