DEBT (Tables)

12 Months Ended

Dec. 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 December 31, 2016 and 2015, before the effect of our interest rate hedging activities. Our indebtedness with related parties is discussed in Note 24. Related Party Transactions.

	Interest			December 31,
	Rate			2016		2015
				(in millions)
EEP debt obligations:
Commercial Paper⁽¹⁾		1.656	%	$	392.5	$	326.1
Credit Facilities due 2018 – 2020		1.919	%		1,265.1		1,110.0
Senior Notes due December 2016		5.875	%		—		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		2.990	%		420.0		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					7,927.6		8,076.1
Other:
Unamortized discount					(6.2)		(6.2)
Current maturities of long-term debt		5.875	%		—		(300.0)
Unamortized debt issuance costs					(37.0)		(41.5)
Total long term debt				$	7,884.4	$	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 years ended December 31, 2016, 2015 and 2014 is comprised of the following:

	For the year ended December 31,
	2016		2015		2014
	(in millions)
Interest cost incurred	$	493.1	$	362.9	$	448.5
Less: Interest capitalized		47.6		40.9		45.3
Interest expense, net	$	445.5	$	322.0	$	403.2

Schedule of Maturities of Third Party Debt

The scheduled maturities of outstanding third-party debt, excluding any discounts at December 31, 2016, are summarized as follows:

	(in millions)
2017	$	—
2018		920.0
2019		575.0
2020		2,657.6
2021		775.0
Thereafter		3,000.0
Total	$	7,927.6

Schedule of Line of Credit Facilities

At December 31, 2016, we had approximately $0.8 billion of unutilized commitments under the terms of our Credit Facilities and the EUS 364-day Credit Facility, determined as follows:

	(in millions)
Total commitments under our Credit Facilities	$	2,625.0
Total commitments under the EUS 364-day Credit Facility		750.0
Less: Amounts outstanding under our Credit Facilities		1,265.1
Principal amount of commercial paper outstanding		392.5
Amounts outstanding under the EUS 364-day Credit Facility		750.0
Letters of credit outstanding		121.1
Total unutilized commitments at December 31, 2016	$	846.3