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Long-Term Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt 
Long-term debt consisted of the following:
September 30,
2021		December 31,
2020
(in millions)
Sale leaseback financing obligation $92 $97 
2018 Revolver250 — 
4.875% Senior Notes Due 2023 (1)
— 436 
5.500% Senior Notes Due 2026 (2)
800 800 
6.000% Senior Notes Due 2027
600 600 
5.875% Senior Notes Due 2028 (2)
400 400 
4.500% Senior Notes Due 2029 (3)
800 800 
Finance leases9 6 
Total debt2,951 3,139 
Less: current maturities6 6 
Less: debt issuance costs23 27 
Long-term debt, net$2,922 $3,106 
(1) On January 15, 2021, we used proceeds from borrowings on our 2018 Revolver (described below) to repurchase the remaining $436 million outstanding principal amount of our 4.875% senior notes due 2023.
(2) In connection with the merger of ETO into ET on April 1, 2021, as discussed in Note 1, the guarantees of the Partnership's senior notes due 2026 and 2028 have been assumed by ET. On October 20, 2021, the Partnership completed a private offering of $800 million in aggregate principal amount of 4.500% senior notes due 2030. The Partnership used the proceeds from the private offering to fund a tender offer and repurchase all of the 2026 senior notes. In connection with our issuance of the 2030 Notes, we entered into a registration rights agreement with the initial purchasers pursuant to which we agreed to complete an offer to exchange the 2030 Notes for an issue of registered notes with terms substantively identical to the 2030 Notes and evidencing the same indebtedness as the 2030 Notes on or before October 20, 2022.
(3) In connection with our issuance of the 2029 Notes, we entered into a registration rights agreement with the initial purchasers pursuant to which we agreed to complete an offer to exchange the 2029 Notes for an issue of registered notes with terms substantively identical to the 2029 Notes and evidencing the same indebtedness as the 2029 Notes on or before November 9, 2021. The exchange offer was completed on July 6, 2021.
Revolving Credit Agreement
The Partnership is party to an Amended and Restated Credit Agreement among the Partnership, as borrower, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent, collateral agent, swingline lender and a line of credit issuer (the “2018 Revolver”). As of September 30, 2021, the balance on the 2018 Revolver was $250 million, and $6 million in standby letters of credit were outstanding. The unused availability on the 2018 Revolver at September 30, 2021 was $1.2 billion. The weighted average interest rate on the total amount outstanding at September 30, 2021 was 2.09%. The Partnership was in compliance with all financial covenants at September 30, 2021.
Fair Value of Debt
The estimated fair value of debt is calculated using Level 2 inputs. The estimated fair value of debt as of September 30, 2021 was approximately $3.0 billion, based on outstanding balances as of the end of the period using current interest rates for similar securities.