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SEC Filings
10-K
PANHANDLE EASTERN PIPE LINE CO LP filed this Form 10-K on 02/23/2018
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The following tables provide a summary of related party activity included in our consolidated statements of operations:
 
Years Ended December 31,
 
2017
 
2016
 
2015
Operating revenues
$
43

 
$
17

 
$
18

Operating and maintenance
7

 
14

 
16

General and administrative
23

 
27

 
31

Interest income — affiliates
10

 
26

 
23

Income from unconsolidated affiliates
2

 
1

 
26

The Company settled related party payables with a subsidiary of ETP through a non-cash contribution during the year ended December 31, 2017 for $8 million. During the year ended December 31, 2016, the Company settled related party receivables with a subsidiary of ETP through a non-cash distribution for $240 million.
4.
INVESTMENTS IN UNCONSOLIDATED AFFILIATES:
The Company previously held an investment in Regency, which had been received in connection with a contribution transaction in 2013. In April 2015, ETP completed its acquisition of Regency and the Company’s investment converted to 15.5 million ETP common units.
Subsequent to the Regency merger, the Company’s investment in ETP consisted of 17.8 million ETP common units, which included ETP common units already held by the Company prior to the Regency merger. This investment was accounted for using the equity method. Effective September 1, 2015, the Company exchanged these ETP common units for a note receivable from a subsidiary of ETP in the amount of $1.37 billion. The note receivable accrued interest annually at 4.75% and was due on September 1, 2035. On August 31, 2016, the remaining balance of $541 million on the note receivable and related accrued interest from a subsidiary of ETP was settled through a non-cash distribution.
The Company has other equity method investments which are not, individually or in the aggregate, significant to our consolidated financial statements.
5.
DEBT OBLIGATIONS:
The following table sets forth the debt obligations of the Company:
 
December 31,
 
2017
 
2016
6.20% Senior Notes due 2017
$

 
$
300

7.00% Senior Notes due 2018
400

 
400

8.125% Senior Notes due 2019
150

 
150

7.60% Senior Notes due 2024
82

 
82

7.00% Senior Notes due 2029
66

 
66

8.25% Senior Notes due 2029
33

 
33

Floating Rate Junior Subordinated Notes due 2066
54

 
54

Other long term debt
5

 
5

Unamortized fair value adjustments
28

 
51

Total debt outstanding
818

 
1,141

Less: Current maturities of long-term debt
407

 
307

Total long-term debt, less current maturities
$
411

 
$
834

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, 2017 and 2016 was $830 million and $1.14 billion, 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.

F - 15

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