XML 47 R34.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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.


	June 30, 2020						December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

	(In millions)
Debt
Revolving Credit Facility (Level 2) ⁽¹⁾	$	400	$	400	$	—	$	—
2019 Term Loan Agreement (Level 2)	800		800		800		800

2024 Notes (Level 2)	600		588		600		614
2027 Notes (Level 2)	698		648		698		698
2028 Notes (Level 2)	795		742		795		811
2029 Notes (Level 2)	546		476		549		526
2044 Notes (Level 2)	531		424		550		506
EOIT Senior Notes (Level 2)	—		—		251		252

____________________

(1) Borrowing capacity is effectively reduced by our borrowings outstanding under the commercial paper program. $30 million and $155 million of commercial paper was outstanding as of June 30, 2020 and December 31, 2019, respectively.

^[1]

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.


June 30, 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)	$	6	$	23	$	—	$	—
Significant other observable inputs (Level 2)	32		6		15		13

Total fair value	38		29		15		13
Netting adjustments	(28)		(28)		—		—
Total	$	10	$	1	$	15	$	13


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 June 30, 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 June 30, 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 $6 million and $8 million at June 30, 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.

^[2],[3],[4]

[1]	Borrowing capacity is effectively reduced by our borrowings outstanding under the commercial paper program. $30 million and $155 million of commercial paper was outstanding as of June 30, 2020 and December 31, 2019, respectively.
[2]	Gas imbalance assets exclude fuel reserves for under retained fuel due from shippers of $23 million and $21 million at June 30, 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 $6 million and $8 million at June 30, 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.
[4]	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 June 30, 2020 and December 31, 2019.