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Debt Obligations | 6 Months Ended
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Jun. 30, 2020
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:
|  | June 30, 2020 |  |  | December 31, 2019 |
EPO senior debt obligations: |  |  |  |  |  |
Commercial Paper Notes, variable-rates |  | $ | – |  |  | $ | 482.0 |
Senior Notes Q, 5.25% fixed-rate, due January 2020 |  |  | – |  |  |  | 500.0 |
Senior Notes Y, 5.20% fixed-rate, due September 2020 |  |  | 1,000.0 |  |  |  | 1,000.0 |
September 2019 364-Day Revolving Credit Agreement, variable-rate, due September 2020 |  |  | – |  |  |  | – |
Senior Notes TT, 2.80% fixed-rate, due February 2021 |  |  | 750.0 |  |  |  | 750.0 |
Senior Notes RR, 2.85% fixed-rate, due April 2021 |  |  | 575.0 |  |  |  | 575.0 |
April 2020 364-Day Revolving Credit Agreement, variable-rate, due April 2021 |  |  | – |  |  |  | – |
Senior Notes VV, 3.50% fixed-rate, due February 2022 |  |  | 750.0 |  |  |  | 750.0 |
Senior Notes CC, 4.05% fixed-rate, due February 2022 |  |  | 650.0 |  |  |  | 650.0 |
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 |
Multi-Year Revolving Credit Agreement, variable-rate, due September 2024 |  |  | – |  |  |  | – |
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 |  |  |  | 1,000.0 |
Senior Notes YY, 3.125% fixed-rate, due July 2029 |  |  | 1,250.0 |  |  |  | 1,250.0 |
Senior Notes AAA, 2.80% fixed-rate, due January 2030 |  |  | 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 |  |  |  | 1,250.0 |
Senior Notes XX, 4.80% fixed-rate, due February 2049 |  |  | 1,250.0 |  |  |  | 1,250.0 |
Senior Notes ZZ, 4.20% fixed-rate, due January 2050 |  |  | 1,250.0 |  |  |  | 1,250.0 |
Senior Notes BBB, 3.70% fixed-rate, due January 2051 |  |  | 1,000.0 |  |  |  | – |
Senior Notes NN, 4.95% fixed-rate, due October 2054 |  |  | 400.0 |  |  |  | 400.0 |
Senior Notes CCC, 3.95% fixed rate, due January 2060 |  |  | 1,000.0 |  |  |  | – |
TEPPCO senior debt obligations: |  |  |  |  |  |  |  |
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 |  |  | 0.4 |  |  |  | 0.4 |
Total principal amount of senior debt obligations |  |  | 27,250.0 |  |  |  | 25,232.0 |
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1) |  |  | 232.2 |  |  |  | 232.2 |
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 |  |  |  | 700.0 |
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1) |  |  | 14.2 |  |  |  | 14.2 |
Total principal amount of senior and junior debt obligations |  |  | 29,896.4 |  |  |  | 27,878.4 |
Other, non-principal amounts |  |  | (286.2 | ) |  |  | (253.3 | )
Less current maturities of debt |  |  | (2,325.0 | ) |  |  | (1,981.9 | )
Total long-term debt |  | $ | 27,285.2 |  |  | $ | 25,643.2 |
(1) | Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate ("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 to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009. The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2020:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
Commercial Paper Notes | 1.78% to 2.08% | 1.86%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes | 3.13% to 4.68% | 4.26%
Amounts borrowed under EPO’s 364-Day and Multi-Year Revolving Credit Agreements bear interest, at its election, equal to: (i) LIBOR, plus an additional variable spread; or (ii) an alternate base rate, which is the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) the LIBO Market Index Rate in effect on such day plus 1% and a variable spread. The applicable spreads are determined based on EPO's debt ratings. The following table presents the scheduled contractual maturities of principal amounts of our consolidated debt obligations at June 30, 2020 for the next five years and in total thereafter:
|  |  |  |  | Scheduled Maturities of Debt |
|  | Total |  |  | Remainder of 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Thereafter |
Principal amount of senior and junior debt obligations |  | $ | 29,896.4 |  |  | $ | 1,000.0 |  |  | $ | 1,325.0 |  |  | $ | 1,400.0 |  |  | $ | 1,250.0 |  |  | $ | 850.0 |  |  | $ | 24,071.4 |
Expected Renewal of September 2019 364-Day Revolving Credit Agreement EPO’s September 2019 364-Day Revolving Credit Agreement is scheduled to mature in September 2020. As a result, EPO expects to renew this credit agreement during the third quarter of 2020. At June 30, 2020, there were no principal amounts outstanding under the September 2019 364-Day Revolving Credit Agreement. April 2020 364-Day Revolving Credit Agreement In April 2020, EPO entered into an additional 364-day revolving credit agreement (the “April 2020 364-Day Revolving Credit Agreement”). The new agreement provides EPO with an incremental $1.0 billion of borrowing capacity, thereby increasing its overall borrowing capacity under its revolving credit agreements to $6.0 billion. Under the terms of the April 2020 364-Day Revolving Credit Agreement, EPO may borrow up to $1.0 billion at a variable interest rate for a term of 364 days, subject to the terms and conditions set forth therein. EPO may use proceeds from borrowings under the April 2020 364-Day Revolving Credit Agreement for working capital, capital expenditures, acquisitions and other company purposes. Senior Notes Offering in January 2020 In January 2020, EPO issued $3.0 billion aggregate principal amount of senior notes comprised of (i) $1.0 billion principal amount of senior notes due January 2030 (“Senior Notes AAA”), (ii) $1.0 billion principal amount of senior notes due January 2051 (“Senior Notes BBB”) and (iii) $1.0 billion principal amount of senior notes due January 2060 (“Senior Notes CCC”). Net proceeds from this offering were used by EPO for the repayment of $500 million principal amount of its Senior Notes Q that matured in January 2020, temporary repayment of amounts outstanding under its commercial paper program and for general company purposes. In addition, net proceeds from this offering will be used by EPO for the repayment of $1.0 billion principal amount of its Senior Notes Y upon their maturity in September 2020. Senior Notes AAA were issued at 99.921% of their principal amount and have a fixed-rate interest rate of 2.80% per year. Senior Notes BBB were issued at 99.413% of their principal amount and have a fixed-rate interest rate of 3.70% per year. Senior Notes CCC were issued at 99.360% of their principal amount and have a fixed-rate interest rate of 3.95% per year. EPD guaranteed these senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. See Note 19 for a subsequent event involving the reopening of Senior Notes AAA and the issuance of $1.25 billion aggregate principal amount of new senior notes in August 2020. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2020. Letters of Credit At June 30, 2020, EPO had $150.7 million of letters of credit outstanding primarily related to our commodity hedging activities. Parent-Subsidiary Guarantor Relationships EPD 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, EPD would be responsible for full and unconditional repayment of that obligation.

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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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