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Debt Obligations | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt Obligations | Note 6 — De bt Obligations
|  | 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. 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%
Compliance with Debt Covenants As of September 30, 2024, we were in compliance with the covenants contained in our various debt agreements. Senior Unsecured Notes Issuance In August 2024, we completed an underwritten public offering of $1.0 billion aggregate principal amount of our 5.500% Senior Notes due 2035 (the “5.500% Notes”), resulting in net proceeds of approximately $990.1 million. The 5.500% Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by our subsidiaries that guarantee the TRGP Revolver, so long as such subsidiary guarantors satisfy certain conditions. The 5.500% Notes were issued pursuant to the Indenture, dated as of April 6, 2022, as supplemented by that certain Ninth Supplemental Indenture, dated as of August 9, 2024, among us, each subsidiary guarantor and U.S. Bank Trust Company, National Association, as trustee. We used the net proceeds from the issuance to repay borrowings under the Commercial Paper Program, a portion of which were incurred to repay the remaining balance under the Term Loan Facility, and for general corporate purposes.

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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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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