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Debt | 9 Months Ended
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Sep. 30, 2020
Debt [Abstract] |
Debt | Note 9—Debt Our debt balance as of September 30, 2020 was $ 15,387 million compared with $ 14,895 million at December 31, 2019. Our revolving credit facility provides a total commitment of $ 6.0 billion and expires in May 2023 . Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $ 500 million, or as support for our commercial paper program. Our commercial paper program consists of the ConocoPhillips Company $ 6.0 billion program, primarily a funding source for short-term working capital needs. Commercial paper maturities are generally limited to 90 days . We issued $ 300 million of commercial paper in the third quarter of 2020, which is included in short-term debt on our consolidated balance sheet. With $ 300 million of commercial paper outstanding and no direct borrowings or letters of credit, we had $ 5.7 billion in available capacity under the revolving credit facility at September 30, 2020. We had no direct outstanding borrowings, letters of credit, nor outstanding commercial paper as of December 31, 2019. In October 2020, S&P affirmed its “A” rating on our senior long-term debt and revised its outlook to “stable” from “negative,” Fitch affirmed its rating of “A” with a “stable” outlook and Moody’s affirmed its rating of “A3” with a “stable” outlook. At September 30, 2020, we had $ 283 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we have the ability and intent to refinance on a long-term basis, therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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