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Debt Obligations
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Obligations DEBT OBLIGATIONS:
The following table sets forth the debt obligations of the Company:
December 31,
20212020
7.60% Senior Notes due February 1, 2024$82 $82 
7.00% Senior Notes due July 15, 202966 66 
8.25% Senior Notes due November 15, 202933 33 
Floating Rate Junior Subordinated Notes due November 1, 206654 54 
Unamortized fair value adjustments
8 10 
Total long-term debt outstanding$243 $245 
Based on the estimated borrowing rates currently available to the Company and its subsidiaries for loans with similar terms and average maturities, the aggregate fair value of the Company’s consolidated debt obligations at December 31, 2021 and 2020 was $253 million and $256 million, respectively. The fair value of the Company’s consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.
As of December 31, 2021, the Company has scheduled long-term debt principal payments as follows:
Years Ending December 31,
2022$— 
2023— 
202482 
2025— 
2026— 
Thereafter153 
Total$235 
Floating Rate Junior Subordinated Notes
The interest rate on PEPL’s junior subordinated notes due 2066 is a variable rate based upon the three-month London Interbank Offered Rate plus 3.0175%. The balance of the floating rate junior subordinated notes was $54 million at December 31, 2021 and 2020 at an effective interest rate of 3.149% and 3.232%, respectively.
Compliance With Our Covenants
The Company’s notes are subject to certain requirements, such as the maintenance of a fixed charge coverage ratio and a leverage ratio, which if not maintained, restrict the ability of the Company to make certain payments and impose limitations on the ability of the Company to subject its property to liens. Other covenants impose limitations on restricted payments, including dividends and loans to related companies, and additional indebtedness. As of December 31, 2021, the Company is in compliance with these covenants.
The Company will continue to opportunistically evaluate alternatives for funding its debt repayment obligations. Alternatives include, but are not limited to, refinancing of amounts due with new senior notes, a term loan facility or a loan provided by Energy Transfer or other affiliates.