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Debt Obligations | 3 Months Ended
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Mar. 31, 2022
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:
|  | March 31, 2022 |  |  | December 31, 2021 |
EPO senior debt obligations: |  |  |  |  |  |
Commercial Paper Notes, variable-rates |  | $ | 1,380 |  |  | $ | – |
Senior Notes VV, 3.50% fixed-rate, due February 2022 |  |  | – |  |  |  | 750 |
Senior Notes CC, 4.05% fixed-rate, due February 2022 |  |  | – |  |  |  | 650 |
September 2021 364-Day Revolving Credit Agreement, variable-rate, due September 2022 |  |  | – |  |  |  | – |
Senior Notes HH, 3.35% fixed-rate, due March 2023 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes JJ, 3.90% fixed-rate, due February 2024 |  |  | 850 |  |  |  | 850 |
Senior Notes MM, 3.75% fixed-rate, due February 2025 |  |  | 1,150 |  |  |  | 1,150 |
Senior Notes PP, 3.70% fixed-rate, due February 2026 |  |  | 875 |  |  |  | 875 |
September 2021 Multi-Year Revolving Credit Agreement, variable-rate, due September 2026 |  |  | – |  |  |  | – |
Senior Notes SS, 3.95% fixed-rate, due February 2027 |  |  | 575 |  |  |  | 575 |
Senior Notes WW, 4.15% fixed-rate, due October 2028 |  |  | 1,000 |  |  |  | 1,000 |
Senior Notes YY, 3.125% fixed-rate, due July 2029 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes AAA, 2.80% fixed-rate, due January 2030 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes D, 6.875% fixed-rate, due March 2033 |  |  | 500 |  |  |  | 500 |
Senior Notes H, 6.65% fixed-rate, due October 2034 |  |  | 350 |  |  |  | 350 |
Senior Notes J, 5.75% fixed-rate, due March 2035 |  |  | 250 |  |  |  | 250 |
Senior Notes W, 7.55% fixed-rate, due April 2038 |  |  | 400 |  |  |  | 400 |
Senior Notes R, 6.125% fixed-rate, due October 2039 |  |  | 600 |  |  |  | 600 |
Senior Notes Z, 6.45% fixed-rate, due September 2040 |  |  | 600 |  |  |  | 600 |
Senior Notes BB, 5.95% fixed-rate, due February 2041 |  |  | 750 |  |  |  | 750 |
Senior Notes DD, 5.70% fixed-rate, due February 2042 |  |  | 600 |  |  |  | 600 |
Senior Notes EE, 4.85% fixed-rate, due August 2042 |  |  | 750 |  |  |  | 750 |
Senior Notes GG, 4.45% fixed-rate, due February 2043 |  |  | 1,100 |  |  |  | 1,100 |
Senior Notes II, 4.85% fixed-rate, due March 2044 |  |  | 1,400 |  |  |  | 1,400 |
Senior Notes KK, 5.10% fixed-rate, due February 2045 |  |  | 1,150 |  |  |  | 1,150 |
Senior Notes QQ, 4.90% fixed-rate, due May 2046 |  |  | 975 |  |  |  | 975 |
Senior Notes UU, 4.25% fixed-rate, due February 2048 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes XX, 4.80% fixed-rate, due February 2049 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes ZZ, 4.20% fixed-rate, due January 2050 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes BBB, 3.70% fixed-rate, due January 2051 |  |  | 1,000 |  |  |  | 1,000 |
Senior Notes DDD, 3.20% fixed-rate, due February 2052 |  |  | 1,000 |  |  |  | 1,000 |
Senior Notes EEE, 3.30% fixed-rate, due February 2053 |  |  | 1,000 |  |  |  | 1,000 |
Senior Notes NN, 4.95% fixed-rate, due October 2054 |  |  | 400 |  |  |  | 400 |
Senior Notes CCC, 3.95% fixed rate, due January 2060 |  |  | 1,000 |  |  |  | 1,000 |
Total principal amount of senior debt obligations |  |  | 27,155 |  |  |  | 27,175 |
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1) |  |  | 232 |  |  |  | 232 |
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2) |  |  | 700 |  |  |  | 700 |
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3) |  |  | 1,000 |  |  |  | 1,000 |
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4) |  |  | 700 |  |  |  | 700 |
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1) |  |  | 14 |  |  |  | 14 |
Total principal amount of senior and junior debt obligations |  |  | 29,801 |  |  |  | 29,821 |
Other, non-principal amounts |  |  | (283 | ) |  |  | (286 | )
Less current maturities of debt |  |  | (2,629 | ) |  |  | (1,400 | )
Total long-term debt |  | $ | 26,889 |  |  | $ | 28,135 |
(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. Variable Interest Rates The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the three months ended March 31, 2022:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
Commercial Paper Notes | 0.20% to 0.98% | 0.50%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes | 2.95% to 3.30% | 3.07%
Amounts borrowed under EPO’s September 2021 364-Day Revolving Credit Agreement and September 2021 Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) LIBOR, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest 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) LIBOR for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO's debt ratings. In July 2017, the Financial Conduct Authority in the U.K. announced a desire to phase out LIBOR as a benchmark by the end of June 2023. Financial industry working groups are developing replacement rates and methodologies to transition existing agreements that depend on LIBOR as a reference rate. We currently do not expect the transition from LIBOR to have a material financial impact on us. Scheduled Maturities of Debt The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at March 31, 2022 for the next five years, and in total thereafter:
|  |  |  |  | Scheduled Maturities of Debt |
|  | Total |  |  | Remainder of 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | Thereafter |
Commercial Paper Notes |  | $ | 1,380 |  |  | $ | 1,380 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Senior Notes |  |  | 25,775 |  |  |  | – |  |  |  | 1,250 |  |  |  | 850 |  |  |  | 1,150 |  |  |  | 875 |  |  |  | 21,650 |
Junior Subordinated Notes |  |  | 2,646 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,646 |
Total |  | $ | 29,801 |  |  | $ | 1,380 |  |  | $ | 1,250 |  |  | $ | 850 |  |  | $ | 1,150 |  |  | $ | 875 |  |  | $ | 24,296 |
In February 2022, EPO repaid all of the $750 million and $650 million in principal amount of its Senior Notes VV and CC, respectively, using remaining cash on hand attributable to its September 2021 senior notes offering and proceeds from the issuance of short-term notes under its commercial paper program. March 2022 Delayed Draw Term Loan Agreement On March 1, 2022, EPO entered into a delayed draw term loan agreement (the “March 2022 Delayed Draw Term Loan Agreement”). Under the terms of the March 2022 Delayed Draw Term Loan Agreement, EPO could have borrowed up to an aggregate of $500 million by April 30, 2022 at a variable interest rate based on EPO’s senior debt credit rating. However, because EPO elected not to borrow under the facility by April 30, 2022, the March 2022 Delayed Draw Term Loan Agreement automatically terminated at that date in accordance with its terms. Letters of Credit At March 31, 2022, EPO had $100 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 March 31, 2022. Parent-Subsidiary Guarantor Relationships The Partnership 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, the Partnership would be responsible for full and unconditional repayment of such obligations.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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