2.2.0.7 false Debt and Banking Arrangements 0204 - Disclosure - Debt and Banking Arrangements true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 EPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Debt and Banking Arrangements [Abstract] 0 wpz_DebtAndBankingArrangementsAbstract wpz false na duration Debt and Banking Arrangements. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string Debt and Banking Arrangements. false 3 Debt and Banking Arrangements 1 us-gaap_DebtDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0 Note 4. Debt and Banking Arrangements Long-Term DebtAs of September 30, 2010, our debt is unsecured with a weighted-average interest rate of 6.1 percent, payable through 2040. Interest rates range from 3.8 percent to 9.0 percent. Certain of our debt agreements contain covenants that restrict or limit, among other things, our ability to create liens supporting indebtedness, sell assets, make certain distributions, repurchase equity, and incur additional debt.  Revolving Credit and Letter of Credit Facility  In connection with the Dropdown, we entered into a new $1.75 billion three-year senior unsecured revolving credit facility (Credit Facility) with Transco and Northwest Pipeline as co-borrowers. This Credit Facility replaced our unsecured $450 million credit facility, comprised of a $200 million revolving credit facility and a $250 million term loan, which was terminated as part of the Dropdown. At the closing, we utilized $250 million of the Credit Facility to repay the outstanding term loan. During the third quarter of 2010, we had a maximum of $430 million outstanding under this credit facility, which was primarily used to purchase an additional ownership interest in Overland Pass Pipeline Company LLC (OPPL). In September 2010, the outstanding balance was reduced to zero, primarily with proceeds from our equity offering. (See Note 5.) As of September 30, 2010, no loans are outstanding under the Credit Facility.  The Credit Facility expires February 17, 2013, and may, under certain conditions, be increased by up to an additional $250 million. The full amount of the Credit Facility is available to us to the extent not otherwise utilized by Transco and Northwest Pipeline. Transco and Northwest Pipeline each have access to borrow up to $400 million under the Credit Facility to the extent not otherwise utilized by other co-borrowers. Each time funds are borrowed, the borrower may choose from two methods of calculating interest: a fluctuating base rate equal to Citibank N.A.'s adjusted base rate plus an applicable margin, or a periodic fixed rate equal to LIBOR plus an applicable margin. The adjusted base rate will be the highest of (i) the federal funds rate plus 0.5 percent, (ii) Citibank N.A.'s publicly announced base rate, and (iii) one-month LIBOR plus 1.0 percent. We are required to pay a commitment fee (currently 0.5 percent) based on the unused portion of the Credit Facility. The applicable margin and the commitment fee are based on the specific borrower's senior unsecured long-term debt ratings. The Credit Facility contains various covenants that limit, among other things, a borrower's and its respective subsidiaries' ability to incur indebtedness, grant certain liens supporting indebtedness, merge or consolidate, sell all or substantially all of its assets, enter into certain affiliate transactions, make certain distributions during an event of default and allow any material change in the nature of its business. Significant financial covenants under the Credit Facility include:  <ul><li>Our ratio of debt to EBITDA (each as defined in the Credit Facility) must be no greater than 5 to 1.</li></ul> <ul><li>The ratio of debt to capitalization (defined as net worth plus debt) must be no greater than 55 percent for Transco and Northwest Pipeline.</li></ul> Each of the above ratios are tested at the end of each fiscal quarter, and the debt to EBITDA ratio is measured on a rolling four-quarter basis (with the first full year measured on an annualized basis). At September 30, 2010, we are in compliance with these financial covenants. The Credit Facility includes customary events of default. If an event of default with respect to a borrower occurs under the Credit Facility, the lenders will be able to terminate the commitments for all borrowers and accelerate the maturity of the loans of the defaulting borrower under the Credit Facility and exercise other rights and remedies.  Issuances  In connection with the Dropdown, we issued $3.5 billion face value of senior unsecured notes as follows:<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"> </td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"> </td><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"> </td><td style="width: 500px; text-align:left;border-color:#000000;min-width:500px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td colspan="2" style="width: 70px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;">(Millions) </td></tr><tr style="height: 20px"><td colspan="4" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;">3.80% Senior Notes due 2015</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">$</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:60px;"> 750</td></tr><tr style="height: 17px"><td colspan="4" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;">5.25% Senior Notes due 2020</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; text-align:right;border-color:#000000;min-width:60px;"> 1,500</td></tr><tr style="height: 17px"><td colspan="4" style="width: 545px; text-align:left;border-color:#000000;min-width:545px;">6.30% Senior Notes due 2040</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 10px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 60px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:60px;"> 1,250</td></tr><tr style="height: 18px"><td style="width: 15px; text-align:left;border-color:#000000;min-width:15px;"> </td><td colspan="3" style="width: 530px; text-align:left;border-color:#000000;min-width:530px;">Total</td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;"> </td><td style="width: 10px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:left;border-color:#000000;min-width:10px;">$</td><td style="width: 60px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:60px;"> 3,500</td></tr></table></div>Prior to the issuance of this debt, we entered into forward starting interest rate swaps to hedge against variability in interest rates on a portion of the anticipated debt issuance. Upon the issuance of the debt, these instruments were terminated, which resulted in a payment of $7 million. This amount has been recorded in accumulated other comprehensive income (loss) (AOCI) and is being amortized over the term of the related debt.  As part of the issuance of the $3.5 billion unsecured notes, we entered into registration rights agreements with the initial purchasers of the notes. An offer to exchange these unregistered notes for substantially identical new notes that are registered under the Securities Act of 1933, as amended, was commenced in June 2010 and completed in July 2010. Note 4. Debt and Banking Arrangements Long-Term DebtAs of September 30, 2010, our debt is unsecured with a weighted-average interest rate of 6.1 percent, false false false us-types:textBlockItemType textblock 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, 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. 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