DEBT (Tables)

3 Months Ended

Mar. 31, 2016

The following table presents the primary components of our outstanding indebtedness with third parties and the weighted average interest rates associated with each component as of March 31, 2016, before the effect of our interest rate hedging activities. Our indebtedness with related parties is discussed in Note 10. Related Party Transactions.


	Interest Rate			March 31, 2016			December 31, 2015
				(in millions)
EEP debt obligations:
Commercial Paper⁽¹⁾		1.378	%	$	189.7		$	326.1
Credit Facilities due 2017 – 2020		1.686	%		1,565.0			1,110.0
Senior Notes due December 2016		5.875	%		300.0			300.0
Senior Notes due April 2018		6.500	%		400.0			400.0
Senior Notes due March 2019		9.875	%		500.0			500.0
Senior Notes due March 2020		5.200	%		500.0			500.0
Senior Notes due October 2020		4.375	%		500.0			500.0
Senior Notes due September 2021		4.200	%		600.0			600.0
Senior Notes due October 2025		5.875	%		500.0			500.0
Senior Notes due June 2033		5.950	%		200.0			200.0
Senior Notes due December 2034		6.300	%		100.0			100.0
Senior Notes due April 2038		7.500	%		400.0			400.0
Senior Notes due September 2040		5.500	%		550.0			550.0
Senior Notes due October 2045		7.375	%		600.0			600.0
Junior subordinated notes due 2067		8.050	%		400.0			400.0
OLP debt obligations:
Senior Notes due October 2018		7.000	%		100.0			100.0
Senior Notes due October 2028		7.125	%		100.0			100.0
MEP debt obligations:
MEP Credit Agreement		2.691	%		440.0			490.0
MEP Series A Senior Notes due September 2019		3.560	%		75.0			75.0
MEP Series B Senior Notes due September 2021		4.040	%		175.0			175.0
MEP Series C Senior Notes due September 2024		4.420	%		150.0			150.0
Total principal amount of debt obligations					8,344.7			8,076.1
Other:
Unamortized discount					(6.0	)		(6.2	)
Current maturities of long-term debt					(300.0	)		(300.0	)
Unamortized debt issuance costs					(41.0	)		(41.5	)
Total long term debt				$	7,997.7		$	7,728.4

⁽¹⁾

Individual issuances of commercial paper generally mature in 90 days or less, but are supported by our Credit Facilities and are therefore considered long-term debt.

Schedule of Interest Costs

Our interest cost for the three months ended March 31, 2016, and 2015, is comprised of the following:


	For the three months ended March 31,
	2016		2015
	(in millions)
Interest cost incurred⁽¹⁾	$	122.0	$	60.5
Less: Interest capitalized		9.1		12.2
Interest expense	$	112.9	$	48.3

⁽¹⁾

Interest cost incurred increased period-over-period, due to an increase in our average outstanding debt balances outstanding and in part due to a decrease in unrealized losses for the three months ended March 31, 2015, that did not occur during the same period in 2016.

Schedule of Line of Credit Facilities

At March 31, 2016, we had approximately $645.5 million available under the terms of our Credit Facilities, determined as follows:


	(in millions)
Total credit available under our Credit Facilities	$	2,600.0
Less: Amounts outstanding under our Credit Facilities		1,565.0
Principal amount of commercial paper outstanding		189.7
Letters of credit outstanding		199.8
Total amount available at March 31, 2016	$	645.5