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Debt (Notes) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Debt | Debt The following table provides information on the principal amount of our outstanding debt balances:
|  | June 30, 2020 |  | December 31, 2019
|  | (In millions, unless otherwise stated) |  |
Current portion of debt |  |  |  |
$4 billion credit facility due November 16, 2023 |  | $ | — |  |  | $ | — |
Commercial paper notes(a) |  | — |  |  | 37 |
Current portion of senior notes |  |  |  |
6.85%, due February 2020(b) |  | — |  |  | 700 |
6.50%, due April 2020(c) |  | — |  |  | 535 |
5.30%, due September 2020 |  | 600 |  |  | 600 |
6.50%, due September 2020 |  | 349 |  |  | 349 |
5.00%, due February 2021 |  | 750 |  |  | — |
3.50%, due March 2021 |  | 750 |  |  | — |
5.80%, due March 2021 |  | 400 |  |  | — |
Trust I preferred securities, 4.75%, due March 2028 |  | 111 |  |  | 111 |
Kinder Morgan G.P. Inc, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock, due August 2057(d) |  | — |  |  | 100 |
Current portion of other debt |  | 46 |  |  | 45 |
Total current portion of debt |  | 3,006 |  |  | 2,477 |
Long-term debt (excluding current portion) |  |  |  |
Senior notes |  | 29,267 |  |  | 30,164 |
EPC Building, LLC, promissory note, 3.967%, due 2020 through 2035 |  | 373 |  |  | 381 |
Trust I preferred securities, 4.75%, due March 2028 |  | 110 |  |  | 110 |
Other |  | 226 |  |  | 228 |
Total long-term debt |  | 29,976 |  |  | 30,883 |
Total debt(e) |  | $ | 32,982 |  |  | $ | 33,360 |
_______ (a)Weighted average interest rate on borrowings outstanding as of December 31, 2019 was 1.90%. (b)On January 9, 2020, we sold the approximate 25 million shares of Pembina Pipeline Corporation (Pembina) common equity that we received as consideration for the sale of KML. We received proceeds of approximately $907 million ($764 million after tax) for the sale of the Pembina shares, which were used to repay debt that matured in February 2020. The fair value of the Pembina common equity of$925 million as of December 31, 2019 was reported as “Marketable securities at fair value” in the accompanying consolidated balance sheet. (c)In April 2020, we repaid $535 million of maturing senior notes. (d)In December 2019, we notified the holder of our intent to redeem these securities. As our notification was irrevocable, the outstanding balance was classified as current in our accompanying consolidated balance sheet as of December 31, 2019. We redeemed these securities, including accrued dividends, on January 15, 2020. (e)Excludes our “Debt fair value adjustments” which, as of June 30, 2020 and December 31, 2019, increased our total debt balances by $1,465 million and $1,032 million, respectively. We and substantially all of our wholly owned domestic subsidiaries are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement. On February 24, 2020, TGP, a wholly owned subsidiary, issued in a private placement $1,000 million aggregate principal amount of its 2.90% senior notes due 2030 and received net proceeds of $991 million. These notes are guaranteed through the cross guarantee agreement discussed above. Credit Facility As of June 30, 2020, we had no borrowings outstanding under our $4.0 billion credit facility, no borrowings outstanding under our commercial paper program and $82 million in letters of credit. Our availability under our credit facility as of June 30, 2020 was $3,918 million. As of June 30, 2020, we were in compliance with all required covenants. Fair Value of Financial Instruments The carrying value and estimated fair value of our outstanding debt balances are disclosed below:
| June 30, 2020 |  |  |  | December 31, 2019 |  |
| Carrying value |  | Estimated fair value |  | Carrying value |  | Estimated fair value
| (In millions) |  |  |  |  |  |
Total debt | $ | 34,447 |  |  | $ | 37,937 |  |  | $ | 34,392 |  |  | $ | 38,016 |
We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both June 30, 2020 and December 31, 2019.

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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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