BORROWINGS

Short-term and long-term borrowings are comprised of the following:



	June 30, 2018		December 31, 2017
Short-term borrowings
Short-term bank borrowings	$	55	$	171
Current portion of long-term borrowings	—		639
Short-term borrowings from GE	939		1,124
Other borrowings	73		103
Total short-term borrowings	$	1,067	$	2,037

Long-term borrowings
3.2% Senior Notes due August 2021	$	525	$	526
2.773% Senior Notes due December 2022	1,244		1,244
8.55% Debentures due June 2024	133		135
3.337% Senior Notes due December 2027	1,342		1,342
6.875% Notes due January 2029	302		308
5.125% Notes due September 2040	1,309		1,311
4.08% Senior Notes due December 2047	1,336		1,337
Capital leases	111		87
Other long-term borrowings	17		22
Total long-term borrowings	6,319		6,312
Total borrowings	$	7,386	$	8,349

BHGE LLC has a five-year $3 billion committed unsecured revolving credit facility (the 2017 Credit Agreement) with commercial banks maturing in July 2022. The 2017 Credit Agreement contains certain customary representations and warranties, certain affirmative covenants and no negative covenants. Upon the occurrence of certain events of default, our obligations under the 2017 Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the 2017 Credit Agreement, and other customary defaults. No such events of default have occurred. During the six months ended June 30, 2018, there were no borrowings under the 2017 Credit Agreement.

BHGE LLC has a commercial paper program under which it may issue from time to time up to $3 billion in commercial paper with maturities of no more than 397 days. At June 30, 2018, we had no borrowings outstanding under the commercial paper program. The maximum combined borrowing at any time under both the 2017 Credit Agreement and the commercial paper program is $3 billion.

Concurrent with the Transactions associated with the acquisition of Baker Hughes on July 3, 2017, Baker Hughes Co-Obligor, Inc. became a co-obligor, jointly and severally with BHGE LLC, on our registered debt securities. This co-obligor is a 100%-owned finance subsidiary of BHGE LLC that was incorporated for the sole purpose of serving as a co-obligor of debt securities and has no assets or operations other than those related to its sole purpose. Baker Hughes Co-Obligor, Inc. is also a co-obligor of the $3,950 million senior notes issued in December 2017 by BHGE LLC in a private placement and subsequently registered in January 2018.

The estimated fair value of total borrowings at June 30, 2018 and December 31, 2017 was $7,061 million and $8,466 million, respectively. For a majority of our borrowings the fair value was determined using quoted period-end market prices. Where market prices are not available, we estimate fair values based on valuation methodologies using current market interest rate data adjusted for our non-performance risk.

See "Note 16. Related Party Transactions" for additional information on the short-term borrowings from GE.