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Debt Obligations (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt |
|  | September 30, 2024 |  |  | December 31, 2023 |
Current: |  |  |  |  |  |
Partnership accounts receivable securitization facility, due August 2025 (1) |  | $ | 600.0 |  |  | $ | 575.0 |
Finance lease liabilities |  |  | 53.3 |  |  |  | 45.7 |
Current debt obligations |  |  | 653.3 |  |  |  | 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) |  |  | 951.0 |  |  |  | 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 |
5.500% fixed rate, due February 2035 |  |  | 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 |  |  | (29.7 | ) |  |  | (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 |
|  |  | 13,455.7 |  |  |  | 12,179.9 |
Debt issuance costs, net of amortization |  |  | (91.6 | ) |  |  | (90.8 | )
Finance lease liabilities |  |  | 237.3 |  |  |  | 244.1 |
Long-term debt |  |  | 13,601.4 |  |  |  | 12,333.2 |
Total debt obligations |  | $ | 14,254.7 |  |  | $ | 12,953.9 |
Irrevocable standby letters of credit: (3) |  |  |  |  |  |
Letters of credit outstanding under the TRGP senior revolving credit facility |  | $ | 15.5 |  |  | $ | 22.3 |
(1) In August 2024, the Partnership amended its $600.0 million accounts receivable securitization facility (the “Securitization Facility”) to extend the termination date of the Securitization Facility to August 29, 2025. As of September 30, 2024, the Partnership had $600.0 million of qualifying receivables under the Securitization Facility, resulting in no 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 (“Term Loan Facility”). 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 September 30, 2024, the TRGP Revolver had no borrowings outstanding and the Commercial Paper Program had $951.0 million borrowings outstanding, resulting in approximately $1.8 billion of available liquidity, after accounting for outstanding letters of credit. (4) We guarantee all of the Partnership’s outstanding senior unsecured notes.
Range of Interest Rates and Weighted Average Interest Rate Incurred on Variable Rate Debt Obligations | The following table shows the range of interest rates and weighted average interest rate incurred on our variable-rate debt obligations during the nine months ended September 30, 2024:
|  | Range of Interest Rates Incurred |  | Weighted Average Interest Rate Incurred
TRGP Revolver and Commercial Paper Program |  | 5.4% - 6.2% |  | 6.0%
Securitization Facility |  | 5.7% - 6.4% |  | 6.2%
Term Loan Facility |  | 6.7% - 6.8% |  | 6.7%

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