Debt | Debt The following table presents the Partnership’s outstanding debt as of June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Outstanding Principal Premium (Discount) Total Debt Outstanding Principal Premium (Discount) Total Debt (In millions) Commercial Paper $ 681 $ — $ 681 $ 649 $ — $ 649 Revolving Credit Facility — — — 250 — 250 2019 Term Loan Agreement 850 — 850 — — — 2019 Notes — — — 500 — 500 2024 Notes 600 — 600 600 — 600 2027 Notes 700 (2 ) 698 700 (2 ) 698 2028 Notes 800 (6 ) 794 800 (6 ) 794 2044 Notes 550 — 550 550 — 550 EOIT Senior Notes 250 4 254 250 7 257 Total debt $ 4,431 $ (4 ) $ 4,427 $ 4,299 $ (1 ) $ 4,298 Less: Short-term debt (1) 681 649 Less: Current portion of long-term debt (2) 254 500 Less: Unamortized debt expense (3) 19 20 Total long-term debt $ 3,473 $ 3,129 ____________________ (1) Short-term debt includes $681 million and $649 million of outstanding commercial paper as of June 30, 2019 and December 31, 2018 , respectively. (2) As of June 30, 2019 , Current portion of long-term debt included $254 million outstanding balance of the EOIT Senior Notes due March 15, 2020. As of December 31, 2018 , Current portion of long-term debt included $500 million outstanding balance of the 2019 Notes due May 15, 2019. (3) As of June 30, 2019 and December 31, 2018 , there was an additional $5 million and $6 million , respectively, of unamortized debt expense related to the Revolving Credit Facility included in Other assets, not included above. Commercial Paper The Partnership has a commercial paper program, pursuant to which the Partnership is authorized to issue up to $1.4 billion of commercial paper. The commercial paper program is supported by our Revolving Credit Facility, and outstanding commercial paper effectively reduces our borrowing capacity thereunder. There were $681 million and $649 million outstanding under our commercial paper program at June 30, 2019 and December 31, 2018 , respectively. The weighted average interest rate for the outstanding commercial paper was 3.25% as of June 30, 2019 . Revolving Credit Facility On April 6, 2018, the Partnership amended and restated its Revolving Credit Facility. As amended and restated, the Revolving Credit Facility is a $1.75 billion , 5 -year senior unsecured revolving credit facility, which under certain circumstances may be increased from time to time up to an additional $875 million . The Revolving Credit Facility is scheduled to mature on April 6, 2023, subject to an extension option, which could be exercised two times to extend the term of the Revolving Credit Facility, in each case, for an additional one -year term. As of June 30, 2019 , there were no principal advances and $3 million in letters of credit outstanding under the Revolving Credit Facility. The Revolving Credit Facility provides that outstanding borrowings bear interest at the LIBOR and/or an alternate base rate, at the Partnership’s election, plus an applicable margin. The applicable margin is based on the Partnership’s designated credit ratings from S&P, Moody’s and Fitch Ratings. As of June 30, 2019 , the applicable margin for LIBOR-based borrowings under the Revolving Credit Facility was 1.50% based on the Partnership’s credit ratings. In addition, the Revolving Credit Facility requires the Partnership to pay a fee on unused commitments. The commitment fee is based on the Partnership’s credit ratings. As of June 30, 2019 , the commitment fee under the restated Revolving Credit Facility was 0.20% per annum based on the Partnership’s credit ratings. The commitment fee is recorded as interest expense in the Partnership’s Condensed Consolidated Statements of Income. 2019 Term Loan Agreement On January 29, 2019, the Partnership entered into an unsecured term loan agreement, providing for up to $1 billion in advances with Bank of America, N.A., as administrative agent, and the several lenders thereto. The 2019 Term Loan Agreement has a scheduled maturity date of January 29, 2022, but contains an option, which may be exercised up to two times, to extend the maturity date for an additional one-year term. As of June 30, 2019 , there is a principal advance of $850 million outstanding under the 2019 Term Loan Agreement, and a delayed-draw feature permits the Partnership to borrow up to an additional $150 million within 180 days of the closing date, subject to the terms and conditions of the 2019 Term Loan Agreement. The 2019 Term Loan Agreement provides that outstanding borrowings bear interest at the eurodollar rate and/or an alternate base rate, at the Partnership’s election, plus an applicable margin. The applicable margin is based on the Partnership’s credit ratings. The applicable margin shall equal, (1) in the case of interest rates determined by reference to the eurodollar rate, between 0.75% and 1.50% per annum and (2) in the case of interest rates determined by reference to the alternate base rate, between 0% and 0.50% per annum. As of June 30, 2019 , the applicable margin for LIBOR-based advances under the 2019 Term Loan Facility was 1.25% based on the Partnership’s credit ratings. As of June 30, 2019 , the weighted average interest rate of the 2019 Term Loan Agreement was 3.62% . The 2019 Term Loan Agreement requires the Partnership to, starting April 29, 2019 and continuing until the date on which all commitments have expired or been terminated or the amount available to be drawn is zero, pay a ticking fee on each lender’s unused commitment amount. The ticking fee shall equal a per annum rate of 0.125% on the actual daily amount of such lender’s portion of the unused commitments. Advances under the 2019 Term Loan Agreement are subject to certain conditions precedent, including the accuracy in all material respects of certain representations and warranties and the absence of any default or event of default. Advances under the 2019 Term Loan Agreement may be used to refinance indebtedness outstanding from time to time and for other general corporate purposes, including to fund acquisitions, investments and capital expenditures. Advances under the 2019 Term Loan Agreement can be prepaid, in whole or in part, at any time without premium or penalty, other than usual and customary LIBOR breakage costs, if applicable. The 2019 Term Loan Agreement contains a financial covenant requiring the Partnership to maintain a ratio of consolidated funded debt to consolidated EBITDA as of the last day of each fiscal quarter of less than or equal to 5.00 to 1.00; provided that, for a certain period time following an acquisition by the Partnership or certain of its subsidiaries with a purchase price that when combined with the aggregate purchase price for all other such acquisitions in any rolling 12-month period, is equal to or greater than $25 million , the consolidated funded debt to consolidated EBITDA ratio as of the last day of each such fiscal quarter during such period would be permitted to be up to 5.50 to 1.00. The 2019 Term Loan Agreement also contains covenants that restrict the Partnership and certain of its subsidiaries in respect of, among other things, mergers and consolidations, sales of all or substantially all assets, incurrence of subsidiary indebtedness, incurrence of liens, transactions with affiliates, designation of subsidiaries as Excluded Subsidiaries (as defined in the 2019 Term Loan Agreement), restricted payments, changes in the nature of their respective business and entering into certain restrictive agreements. The 2019 Term Loan Agreement is subject to acceleration upon the occurrence of certain defaults, including, among others, payment defaults on such facility, breach of representations, warranties and covenants, acceleration of indebtedness (other than intercompany and non-recourse indebtedness) of $100 million or more in the aggregate, change of control, nonpayment of uninsured judgments in excess of $100 million , and the occurrence of certain ERISA and bankruptcy events, subject, where applicable, to specified cure periods. Senior Notes As of June 30, 2019 , the Partnership’s debt included the 2024 Notes, 2027 Notes, 2028 Notes and 2044 Notes, which had $8 million of unamortized discount and $19 million of unamortized debt expense at June 30, 2019 , resulting in effective interest rates of 4.01% , 4.57% , 5.20% and 5.08% , respectively, during the six months ended June 30, 2019 . In May 2019, the Partnership’s 2019 Notes matured and were paid using proceeds from the 2019 Term Loan Agreement. As of June 30, 2019 , the Partnership’s debt included EOIT’s Senior Notes. The EOIT Senior Notes had $4 million of unamortized premium at June 30, 2019 , resulting in an effective interest rate of 3.81% during the six months ended June 30, 2019 . As of June 30, 2019 , the Partnership and EOIT were in compliance with all of their debt agreements, including financial covenants. |