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Debt | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Debt | Debt Our outstanding borrowings at March 31, 2018 and December 31, 2017 consisted of the following:
(In millions) | March 31, 2018 |  | December 31, 2017
Marathon Petroleum Corporation: |  |  |
Commercial paper | $ | — |  |  | $ | — |
364-day bank revolving credit facility due July 2018 | — |  |  | — |
Trade receivables securitization facility due July 2019 | — |  |  | — |
Bank revolving credit facility due 2022 | — |  |  | — |
Senior notes, 2.700% due December 2018 | — |  |  | 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 |
Capital lease obligations due 2018-2033 | 350 |  |  | 356 |
MPLX LP: |  |  |
MPLX 364-day term loan facility due 2018 | — |  |  | — |
MPLX term loan facility due 2019 | — |  |  | — |
MPLX bank revolving credit facility due 2022 | — |  |  | 505 |
MPLX senior notes, 5.500%, due February 2023 | 710 |  |  | 710 |
MPLX senior notes, 3.375%, due March 2023 | 500 |  |  | — |
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 |  |  | 1,250 |
MPLX senior notes, 4.000%, due March 2028 | 1,250 |  |  | — |
MPLX senior notes, 4.500%, due April 2038 | 1,750 |  |  | — |
MPLX senior notes, 5.200%, due March 2047 | 1,000 |  |  | 1,000 |
MPLX senior notes, 4.700%, due April 2048 | 1,500 |  |  | — |
MPLX senior notes, 4.900%, due April 2058 | 500 |  |  | — |
MPLX capital lease obligations due 2020 | 7 |  |  | 7 |
Total | 17,807 |  |  | 13,418 |
Unamortized debt issuance costs | (109 | ) |  | (59 | )
Unamortized discount(a) | (440 | ) |  | (413 | )
Amounts due within one year | (26 | ) |  | (624 | )
Total long-term debt due after one year | $ | 17,232 |  |  | $ | 12,322 |
(a) | Includes $362 million and $374 million of unamortized discount as of March 31, 2018 and December 31, 2017, respectively, related to the difference between the fair value and the principal amount of assumed MarkWest debt.
Commercial Paper During the three months ended March 31, 2018, we had no borrowings or repayments under the commercial paper program. At March 31, 2018, we had no amounts outstanding under the commercial paper program. Trade Receivables Securitization Facility At March 31, 2018, we had no amounts outstanding under our trade receivables securitization facility. MPC Bank Revolving Credit Facilities There were no borrowings or letters of credit outstanding under the MPC bank revolving credit facility at March 31, 2018. MPC Senior Notes On March 15, 2018, we redeemed all of the $600 million outstanding aggregate principal amount of our 2.700 percent senior notes due December 2018. The 2018 senior notes were redeemed at a price equal to par plus a make whole premium, plus accrued and unpaid interest. The make whole premium of $2.5 million was calculated based on the market yield of the applicable treasury issue as of the redemption date as determined in accordance with the indenture governing the 2018 senior notes. MPLX Credit Agreement During the three months ended March 31, 2018, MPLX borrowed $50 million under the MPLX bank revolving credit facility, at an average interest rate of 3.0 percent, and repaid $555 million. At March 31, 2018, MPLX had no outstanding borrowings and $3 million letters of credit outstanding under the MPLX bank revolving credit facility, resulting in total availability of $2.25 billion. MPLX 364-Day Term Loan On January 2, 2018, MPLX entered into a term loan agreement with a syndicate of lenders providing for a $4.1 billion, 364-day term loan facility. MPLX drew the entire amount of the term loan facility in a single borrowing to fund the cash portion of the consideration for the February 1, 2018 dropdown. On February 8, 2018, MPLX used $4.1 billion of the net proceeds from the issuance of MPLX senior notes to repay the 364-day term-loan facility. MPLX Senior Notes On February 8, 2018, MPLX issued $5.5 billion in aggregate principal amount of senior notes in a public offering, consisting of $500 million aggregate principal amount of 3.375 percent unsecured senior notes due March 2023, $1.25 billion aggregate principal amount of 4.000 percent unsecured senior notes due March 2028, $1.75 billion aggregate principal amount of 4.500 percent unsecured senior notes due April 2038, $1.5 billion aggregate principal amount of 4.700 percent unsecured senior notes due April 2048, and $500 million aggregate principal amount of 4.900 percent unsecured senior notes due April 2058. MPLX used $4.1 billion of the net proceeds of the offering to repay the 364-day term-loan facility. The remaining proceeds were used to repay outstanding borrowings under MPLX’s revolving credit facility and intercompany loan agreement with us and for general partnership purposes.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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