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Debt Obligations | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt Obligations | Note 6 — De bt Obligations
|  | June 30, 2024 |  |  | December 31, 2023 |
Current: |  |  |  |  |  |
Partnership accounts receivable securitization facility, due August 2024 (1) |  | $ | 550.0 |  |  | $ | 575.0 |
Finance lease liabilities |  |  | 51.2 |  |  |  | 45.7 |
Current debt obligations |  |  | 601.2 |  |  |  | 620.7 |
Long-term: |  |  |  |  |  |
Term loan facility, variable rate, due July 2025 (2) |  |  | — |  |  |  | 500.0 |
TRGP senior revolving credit facility, variable rate, due February 2027 (3) |  |  | 1,303.0 |  |  |  | 175.0 |
Senior unsecured notes issued by TRGP: |  |  |  |  |  |
5.200% fixed rate, due July 2027 |  |  | 750.0 |  |  |  | 750.0 |
6.150% fixed rate, due March 2029 |  |  | 1,000.0 |  |  |  | 1,000.0 |
4.200% fixed rate, due February 2033 |  |  | 750.0 |  |  |  | 750.0 |
6.125% fixed rate, due March 2033 |  |  | 900.0 |  |  |  | 900.0 |
6.500% fixed rate, due March 2034 |  |  | 1,000.0 |  |  |  | 1,000.0 |
4.950% fixed rate, due April 2052 |  |  | 750.0 |  |  |  | 750.0 |
6.250% fixed rate, due July 2052 |  |  | 500.0 |  |  |  | 500.0 |
6.500% fixed rate, due February 2053 |  |  | 850.0 |  |  |  | 850.0 |
Unamortized discount |  |  | (29.5 | ) |  |  | (29.5 | )
Senior unsecured notes issued by the Partnership: (4) |  |  |  |  |  |
6.500% fixed rate, due July 2027 |  |  | 705.2 |  |  |  | 705.2 |
5.000% fixed rate, due January 2028 |  |  | 700.3 |  |  |  | 700.3 |
6.875% fixed rate, due January 2029 |  |  | 679.3 |  |  |  | 679.3 |
5.500% fixed rate, due March 2030 |  |  | 949.6 |  |  |  | 949.6 |
4.875% fixed rate, due February 2031 |  |  | 1,000.0 |  |  |  | 1,000.0 |
4.000% fixed rate, due January 2032 |  |  | 1,000.0 |  |  |  | 1,000.0 |
|  |  | 12,807.9 |  |  |  | 12,179.9 |
Debt issuance costs, net of amortization |  |  | (84.6 | ) |  |  | (90.8 | )
Finance lease liabilities |  |  | 242.5 |  |  |  | 244.1 |
Long-term debt |  |  | 12,965.8 |  |  |  | 12,333.2 |
Total debt obligations |  | $ | 13,567.0 |  |  | $ | 12,953.9 |
Irrevocable standby letters of credit: (3) |  |  |  |  |  |
Letters of credit outstanding under the TRGP senior revolving credit facility |  | $ | 26.0 |  |  | $ | 22.3 |
(1) As of June 30, 2024, the Partnership had $550.0 million of qualifying receivables under its $600.0 million accounts receivable securitization facility (the “Securitization Facility”), resulting in $50.0 million of availability. (2) On May 21, 2024, we repaid the remaining balance and subsequently terminated the $1.5 billion unsecured term loan facility due July 2025. As a result of the repayment, we recorded a loss due to debt extinguishment of $0.8 million. (3) We maintain an unsecured commercial paper note program (the “Commercial Paper Program”), the borrowings of which are supported through maintaining a minimum available borrowing capacity under our $2.75 billion TRGP senior revolving credit facility (the “TRGP Revolver”) equal to the aggregate amount outstanding under the Commercial Paper Program. As of June 30, 2024, the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $1.3 billion borrowings outstanding, resulting in approximately $1.4 billion of available liquidity, after accounting for outstanding letters of credit. (4) We guarantee all of the Partnership’s outstanding senior unsecured notes. The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the six months ended June 30, 2024:
|  | Range of Interest Rates Incurred |  | Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program |  | 5.9% - 6.2% |  | 6.0%
Securitization Facility |  | 6.3% - 6.4% |  | 6.3%
Term Loan Facility |  | 6.7% - 6.8% |  | 6.7%
Compliance with Debt Covenants As of June 30, 2024, we were in compliance with the covenants contained in our various debt agreements.

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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/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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