XML 44 R34.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Fair Value and Carrying Amount of Financial Instruments

The following table summarizes the fair value and carrying amount of the Partnership’s financial instruments.



	March 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

	(In millions)
Debt
Revolving Credit Facility (Level 2) ⁽¹⁾	$	300	$	300	$	—	$	—
2019 Term Loan Agreement (Level 2)	800		800		800		800
2024 Notes (Level 2)	600		333		600		614
2027 Notes (Level 2)	698		340		698		698
2028 Notes (Level 2)	795		398		795		811
2029 Notes (Level 2)	549		253		549		526
2044 Notes (Level 2)	550		236		550		506
EOIT Senior Notes (Level 2)	—		—		251		252

____________________

(1)

Borrowing capacity is effectively reduced by our borrowings outstanding under the commercial paper program. $110 million and $155 million of commercial paper was outstanding as of March 31, 2020 and December 31, 2019, respectively.

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize the Partnership’s other assets and liabilities that are measured at fair value on a recurring basis.



March 31, 2020	Commodity Contracts						Gas Imbalances ⁽¹⁾
	Assets			Liabilities			Assets ⁽²⁾		Liabilities ⁽³⁾

	(In millions)
Quoted market prices in active market for identical assets (Level 1)	$	5		$	18		$	—	$	—
Significant other observable inputs (Level 2)	42			8			13		10
Total fair value	47			26			13		10
Netting adjustments	(26		)	(26		)	—		—
Total	$	21		$	—		$	13	$	10



December 31, 2019	Commodity Contracts						Gas Imbalances ⁽¹⁾
	Assets			Liabilities			Assets ⁽²⁾		Liabilities ⁽³⁾

	(In millions)
Quoted market prices in active market for identical assets (Level 1)	$	5		$	31		$	—	$	—
Significant other observable inputs (Level 2)	44			7			14		11
Total fair value	49			38			14		11
Netting adjustments	(37		)	(37		)	—		—
Total	$	12		$	1		$	14	$	11

______________________


(1)	The Partnership uses the market approach to fair value its gas imbalance assets and liabilities at individual, or where appropriate an average of, current market indices applicable to the Partnership’s operations, not to exceed net realizable value. There were no netting adjustments as of March 31, 2020 and December 31, 2019.


(2)	Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $23 million and $21 million at March 31, 2020 and December 31, 2019, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created, and which are not subject to revaluation at fair market value.

(3)

Gas imbalance liabilities exclude fuel reserves for over retained fuel due to shippers of $7 million and $8 million at March 31, 2020 and December 31, 2019, respectively, which fuel reserves are based on the value of natural gas at the time the imbalance was created, and which are not subject to revaluation at fair market value.