Short-Term Loans	12 Months Ended
Dec. 31, 2012
Short-Term Loans
Short-Term Loans	12. Short-Term Loans The Company has a $1.5 billion revolving credit facility that expires on December 8, 2016. The Company may request two one-year extensions of the expiration date subject to satisfaction of certain conditions. The revolving credit facility may be used for working capital, capital expenditures, share repurchases and any other lawful corporate purposes. Subject to certain terms and conditions, the Company may, on a one-time basis, request that the lenders’ commitments be increased to an aggregate amount up to $2.0 billion. Each lender in the facility may decide if it will increase its commitment. The credit facility is underwritten by a syndicate of 16 financial institutions, each of which is obligated to fund its pro-rata portion of any borrowings by the Company. The Company’s obligations under the credit facility are unsecured. The Company is not required to maintain compensating bank balances. The Company’s debt issuer credit ratings, as determined by S&P, Moody’s or Fitch Ratings Service on its non-credit-enhanced, senior unsecured long-term debt, determine the level of fees associated with its lines of credit in addition to the interest rate charged by the counterparties on any amounts borrowed against the lines of credit; the lower the Company’s debt credit rating, the higher the level of fees and borrowing rate. In connection with its IPO, the Partnership entered into a $350 million revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders, which will expire on July 2, 2017. The credit facility is available to fund working capital requirements and capital expenditures, to purchase assets, to pay distributions and repurchase units and for general partnership purposes. The Company is not a guarantor of the Partnership’s obligations under the credit facility. The Partnership’s obligations under the revolving portion of the credit facility are unsecured. As of December 31, 2012 and 2011, neither the Company nor the Partnership had loans or letters of credit outstanding under their respective revolving credit facilities. Commitment fees averaging approximately 25 basis points for the year ended December 31, 2012 and 30 basis points for the year ended December 31, 2011 were incurred to maintain credit availability under the Company’s revolving credit facility. The Partnership incurred commitment fees averaging approximately 25 basis points for the year ended December 31, 2012 to maintain credit availability under its revolving credit facility. Neither the Company nor the Partnership had any short-term loans outstanding at any time during the year ended December 31, 2012. The maximum amount of outstanding short-term loans at any time for the Company during the year ended 2011 was $104.0 million. The average daily balance of short-term loans outstanding for the Company during the year ended December 31, 2011 was approximately $5.5 million at a weighted average annual interest rate of 1.81%. The Company’s debt instruments and other financial obligations include provisions that, if not complied with, could require early payment, additional collateral support or similar actions. The most significant default events include maintaining covenants with respect to maximum debt-to-total capitalization ratio, insolvency events, nonpayment of scheduled principal or interest payments, acceleration of other financial obligations and change of control provisions. The Company’s current credit facility contains financial covenants that require a total debt-to-total capitalization ratio of no greater than 65%. The calculation of this ratio excludes the effects of accumulated other comprehensive income. As of December 31, 2012, the Company was in compliance with all debt covenants. The Partnership’s credit facility contains various covenants and restrictive provisions that, if not complied with, could require early payment or similar action, including a requirement to maintain a consolidated leverage ratio of not more than 5.00 to 1.00 (or, after the Partnership obtains an investment grade rating, not more than 5.50 to 1.00 for certain measurement periods following the consummation of certain acquisitions) and, until the Partnership obtains an investment grade rating, a consolidated interest coverage ratio of not less than 3.00 to 1.00. As of December 31, 2012, the Partnership was in compliance with all debt provisions and covenants.

12. Short-Term Loans

The Company has a $1.5 billion revolving credit facility that expires on December 8, 2016. The Company may request two one-year extensions of the expiration date subject to satisfaction of certain conditions.

The revolving credit facility may be used for working capital, capital expenditures, share repurchases and any other lawful corporate purposes. Subject to certain terms and conditions, the Company may, on a one-time basis, request that the lenders’ commitments be increased to an aggregate amount up to $2.0 billion. Each lender in the facility may decide if it will increase its commitment. The credit facility is underwritten by a syndicate of 16 financial institutions, each of which is obligated to fund its pro-rata portion of any borrowings by the Company. The Company’s obligations under the credit facility are unsecured.

The Company is not required to maintain compensating bank balances. The Company’s debt issuer credit ratings, as determined by S&P, Moody’s or Fitch Ratings Service on its non-credit-enhanced, senior unsecured long-term debt, determine the level of fees associated with its lines of credit in addition to the interest rate charged by the counterparties on any amounts borrowed against the lines of credit; the lower the Company’s debt credit rating, the higher the level of fees and borrowing rate.

In connection with its IPO, the Partnership entered into a $350 million revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders, which will expire on July 2, 2017. The credit facility is available to fund working capital requirements and capital expenditures, to purchase assets, to pay distributions and repurchase units and for general partnership purposes. The Company is not a guarantor of the Partnership’s obligations under the credit facility. The Partnership’s obligations under the revolving portion of the credit facility are unsecured.

As of December 31, 2012 and 2011, neither the Company nor the Partnership had loans or letters of credit outstanding under their respective revolving credit facilities. Commitment fees averaging approximately 25 basis points for the year ended December 31, 2012 and 30 basis points for the year ended December 31, 2011 were incurred to maintain credit availability under the Company’s revolving credit facility. The Partnership incurred commitment fees averaging approximately 25 basis points for the year ended December 31, 2012 to maintain credit availability under its revolving credit facility.

Neither the Company nor the Partnership had any short-term loans outstanding at any time during the year ended December 31, 2012. The maximum amount of outstanding short-term loans at any time for the Company during the year ended 2011 was $104.0 million. The average daily balance of short-term loans outstanding for the Company during the year ended December 31, 2011 was approximately $5.5 million at a weighted average annual interest rate of 1.81%.

The Company’s debt instruments and other financial obligations include provisions that, if not complied with, could require early payment, additional collateral support or similar actions. The most significant default events include maintaining covenants with respect to maximum debt-to-total capitalization ratio, insolvency events, nonpayment of scheduled principal or interest payments, acceleration of other financial obligations and change of control provisions. The Company’s current credit facility contains financial covenants that require a total debt-to-total capitalization ratio of no greater than 65%. The calculation of this ratio excludes the effects of accumulated other comprehensive income. As of December 31, 2012, the Company was in compliance with all debt covenants.

The Partnership’s credit facility contains various covenants and restrictive provisions that, if not complied with, could require early payment or similar action, including a requirement to maintain a consolidated leverage ratio of not more than 5.00 to 1.00 (or, after the Partnership obtains an investment grade rating, not more than 5.50 to 1.00 for certain measurement periods following the consummation of certain acquisitions) and, until the Partnership obtains an investment grade rating, a consolidated interest coverage ratio of not less than 3.00 to 1.00. As of December 31, 2012, the Partnership was in compliance with all debt provisions and covenants.