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Debt | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Debt | Debt Consolidated debt at December 31, 2013 and September 30, 2014 was as follows (in thousands, except as otherwise noted):
|  | December 31, 2013 |  | September 30, 2014 |  | Weighted-Average Interest Rate for Nine Months Ending September 30, 2014 (1)
Commercial paper(2) |  | $ | — |  |  | $ | 315,967 |  |  | 0.3%
Revolving credit facility(2) |  | — |  |  | — |  |  | 1.3%
$250.0 million of 6.45% Notes due 2014(2) |  | 249,971 |  |  | — |  |  | 6.3%
$250.0 million of 5.65% Notes due 2016 |  | 251,183 |  |  | 250,864 |  |  | 5.7%
$250.0 million of 6.40% Notes due 2018 |  | 259,346 |  |  | 257,796 |  |  | 5.4%
$550.0 million of 6.55% Notes due 2019 |  | 571,515 |  |  | 568,789 |  |  | 5.7%
$550.0 million of 4.25% Notes due 2021 |  | 557,213 |  |  | 556,535 |  |  | 4.0%
$250.0 million of 6.40% Notes due 2037 |  | 248,998 |  |  | 249,012 |  |  | 6.4%
$250.0 million of 4.20% Notes due 2042 |  | 248,377 |  |  | 248,399 |  |  | 4.2%
$550.0 million ($300.0 million at December 31, 2013) of 5.15% Notes due 2043(2) |  | 298,684 |  |  | 556,345 |  |  | 5.1%
Total debt |  | $ | 2,685,287 |  |  | $ | 3,003,707 |  |  | 5.0%
(1) | Weighted-average interest rate includes the amortization/accretion of discounts, premiums and gains/losses realized on historical cash flow and fair value hedges recognized as interest expense.
(2) | These borrowings were outstanding for only a portion of the nine month period ending September 30, 2014. The weighted-average interest rate for these borrowings was calculated based on the number of days the borrowings were outstanding during the noted period.
All of the instruments detailed in the table above are senior indebtedness. The face value of our debt at December 31, 2013 and September 30, 2014 was $2.7 billion and $3.0 billion, respectively. The difference between the face value and carrying value of the debt outstanding is the unamortized portion of terminated fair value hedges and the unamortized discounts and premiums on debt issuances. Realized gains and losses on fair value hedges and note discounts and premiums are being amortized or accreted to the applicable notes over the respective lives of those notes. 2014 Debt Offering In March 2014, we issued $250.0 million of our 5.15% notes due October 15, 2043 in an underwritten public offering. The notes were issued at 103.1% of par. We used the net proceeds from this offering of approximately $255.0 million, after underwriting discounts and offering expenses of $2.7 million, to repay borrowings outstanding under our revolving credit facility and for general partnership purposes, including expansion capital. Other Debt Revolving Credit Facility. The total borrowing capacity under our revolving credit facility, which matures in November 2018, is $1.0 billion. Borrowings outstanding under the facility are classified as long-term debt on our consolidated balance sheets. Borrowings under the facility are unsecured and bear interest at LIBOR plus a spread ranging from 1.0% to 1.75% based on our credit ratings. Additionally, an unused commitment fee is assessed at a rate from 0.10% to 0.28%, depending on our credit ratings. The unused commitment fee was 0.125% at September 30, 2014. Borrowings under this facility may be used for general partnership purposes, including capital expenditures. As of September 30, 2014, there were no borrowings outstanding under this facility and $5.6 million was obligated for letters of credit. Amounts obligated for letters of credit are not reflected as debt on our consolidated balance sheets, but decrease our borrowing capacity under the facility. Commercial Paper Program. In April 2014, we initiated a commercial paper program. The maturities of the commercial paper notes vary, but may not exceed 397 days from the date of issuance. The commercial paper notes are sold under customary terms in the commercial paper market and are issued at a discount from par, or alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. The commercial paper we can issue is limited by the amounts available under our revolving credit facility up to an aggregate principal amount of $1.0 billion. We have the ability and intent to refinance all of our commercial paper obligations on a long-term basis; therefore, we have elected to classify our commercial paper borrowings outstanding as long-term debt on our consolidated balance sheets. In second quarter 2014, proceeds from commercial paper borrowings were used in part to repay our $250.0 million of 6.45% senior notes that were due June 1, 2014. Additional commercial paper borrowings have been used for general partnership purposes, including expansion capital.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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