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Debt | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Debt | Debt Our outstanding borrowings at March 31, 2017 and December 31, 2016 consisted of the following:
(In millions) | March 31, 2017 |  | December 31, 2016
Marathon Petroleum Corporation: |  |  |
Commercial paper | $ | — |  |  | $ | — |
364-day bank revolving credit facility due July 2017 | — |  |  | — |
Trade receivables securitization facility due July 2019 | — |  |  | — |
Bank revolving credit facility due 2020 | — |  |  | — |
Term loan agreement due 2019 | — |  |  | 200 |
Senior notes, 2.700% due December 2018 | 600 |  |  | 600 |
Senior notes, 3.400% due December 2020 | 650 |  |  | 650 |
Senior notes, 5.125% due March 2021 | 1,000 |  |  | 1,000 |
Senior notes, 3.625%, due September 2024 | 750 |  |  | 750 |
Senior notes, 6.500%, due March 2041 | 1,250 |  |  | 1,250 |
Senior notes, 4.750%, due September 2044 | 800 |  |  | 800 |
Senior notes, 5.850% due December 2045 | 250 |  |  | 250 |
Senior notes, 5.000%, due September 2054 | 400 |  |  | 400 |
MPLX LP: |  |  |
MPLX term loan facility due 2019 | 250 |  |  | 250 |
MPLX bank revolving credit facility due 2020 | — |  |  | — |
MPLX senior notes, 5.500%, due February 2023 | 710 |  |  | 710 |
MPLX senior notes, 4.500%, due July 2023 | 989 |  |  | 989 |
MPLX senior notes, 4.875%, due December 2024 | 1,149 |  |  | 1,149 |
MPLX senior notes, 4.000%, due February 2025 | 500 |  |  | 500 |
MPLX senior notes, 4.875%, due June 2025 | 1,189 |  |  | 1,189 |
MarkWest senior notes, 4.500% - 5.500%, due 2023 - 2025 | 63 |  |  | 63 |
MPLX senior notes, 4.125%, due March 2027 | 1,250 |  |  | — |
MPLX senior notes, 5.200%, due March 2047 | 1,000 |  |  | — |
Capital lease obligations due 2017-2028 | 312 |  |  | 319 |
Total | 13,112 |  |  | 11,069 |
Unamortized debt issuance costs | (64 | ) |  | (44 | )
Unamortized discount(a) | (450 | ) |  | (453 | )
Amounts due within one year | (28 | ) |  | (28 | )
Total long-term debt due after one year | $ | 12,570 |  |  | $ | 10,544 |
(a) | Includes $409 million and $420 million of unamortized discount as of March 31, 2017 and December 31, 2016, respectively, related to the difference between the fair value and the principal amount of assumed MarkWest debt.
During the three months ended March 31, 2017, we borrowed and repaid $300 million under the commercial paper program. At March 31, 2017, we had no amounts outstanding under the commercial paper program. There were no borrowings or letters of credit outstanding under the MPC bank revolving credit facility at March 31, 2017. At March 31, 2017, we had no amounts outstanding under our trade receivables securitization facility. At March 31, 2017, MPLX had no outstanding borrowings and $3 million letters of credit outstanding under the MPLX bank revolving credit facility, resulting in total availability of $2 billion. MPC Term Loan Agreement On March 31, 2017, we repaid the remaining $200 million outstanding under the MPC term loan agreement with available cash on hand. Under the provisions of the MPC term loan agreement, the loan may be prepaid in whole or in part without premium or penalty. The maturity date of the MPC term loan agreement was September 24, 2019. MPLX Senior Notes On February 10, 2017, MPLX completed a public offering of $1.25 billion aggregate principal amount of 4.125% unsecured senior notes due March 2027 and $1.0 billion aggregate principal amount of 5.200% unsecured senior notes due March 2047. The net proceeds, which were approximately $2.22 billion after deducting underwriting discounts, were used by MPLX to fund the $1.5 billion cash portion of the consideration paid to MPC for the dropdown of assets on March 1, 2017, as well as for general partnership purposes. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2017.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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