Debt and Financing Arrangements (Notes)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt and Financing Arrangements

DEBT AND FINANCING ARRANGEMENTS

Credit Facility

We, along with Williams and Northwest Pipeline LLC (Northwest) (the “borrowers”), are party to a Credit Agreement with aggregate commitments available of $4.5 billion, with up to an additional $500 million increase in aggregate commitments available under certain circumstances. We and Northwest are each subject to a $500 million borrowing sublimit. Letter of credit commitments of $1 billion are, subject to the $500 million borrowing sublimit applicable to us and Northwest, available to the borrowers. At March 31, 2020, no letters of credit have been issued and loans to Williams of $1.7 billion were outstanding under the credit facility.

Williams participates in a commercial paper program and Williams 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 $4 billion of unsecured commercial paper notes. At March 31, 2020, Williams had no outstanding commercial paper.

Other Financing Obligations

Dalton Expansion Project

At March 31, 2020, the amount included in Long-Term Debt on our Condensed Consolidated Balance Sheet for this financing obligation is $256.2 million, and the amount included in Long-term debt due within one year on our Condensed Consolidated Balance Sheet for this financing obligation is $2.1 million.

Atlantic Sunrise Project

During the first three months of 2020, we received an additional $1.7 million of funding from a co-owner for its proportionate share of construction costs related to its undivided ownership interest in certain parts of the project. This additional funding is reflected in Long-Term Debt on our Condensed Consolidated Balance Sheet. At March 31, 2020, the amount included in Long-Term Debt on our Condensed Consolidated Balance Sheet for this financing obligation is $835.9 million, and the amount included in Long-term debt due within one year on our Condensed Consolidated Balance Sheet for this financing obligation is $18.5 million.

Long-Term Debt Due Within One Year

The long-term debt due within one year at March 31, 2020 is associated with the previously described other financing obligations.