Debt and Financing Arrangement (Notes)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt and Financing Arrangement

DEBT AND FINANCING ARRANGEMENT

Credit Facility

We, along with WPZ and Transcontinental Gas Pipe Line Company, LLC (Transco), are a party to a credit agreement with aggregate commitments available of $3.5 billion, with up to an additional $500 million increase in aggregate commitments available under certain circumstances. Total letter of credit capacity available to WPZ under this credit facility is $1.125 billion. We are able to borrow up to $500 million under this credit facility to the extent not otherwise utilized by WPZ and Transco. At March 31, 2016, no letters of credit have been issued and $625 million of loans to WPZ are outstanding under the credit facility.

WPZ participates in a commercial paper program, and WPZ management considers amounts outstanding under this program to be a reduction of available capacity under the credit facility. The program allows a maximum outstanding amount at any time of $3 billion of unsecured commercial paper notes. At March 31, 2016, WPZ had $135 million of commercial paper outstanding.

Long-Term Debt Due Within One Year

The long-term debt due within one year at March 31, 2016 is associated with the $175 million 7% senior unsecured notes that mature on June 15, 2016.