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Borrowings
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
The Company's borrowings are comprised of the following:
September 30, 2022December 31, 2021
Current borrowings
Other borrowings$43 $40 
Long-term borrowings  
1.231% Senior Notes due December 2023
648 647 
8.55% Debentures due June 2024
115 118 
2.061% Senior Notes due December 2026
597 597 
3.337% Senior Notes due December 2027
1,275 1,335 
6.875% Notes due January 2029
275 279 
3.138% Senior Notes due November 2029
523 522 
4.486% Senior Notes due May 2030
497 497 
5.125% Senior Notes due September 2040
1,288 1,292 
4.080% Senior Notes due December 2047
1,337 1,337 
Other long-term borrowings57 63 
Total long-term borrowings6,612 6,687 
Total borrowings$6,655 $6,727 
The estimated fair value of total borrowings at September 30, 2022 and December 31, 2021 was $5,696 million and $7,328 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.
BHH LLC has a $3 billion committed unsecured revolving credit facility ("the Credit Agreement") with commercial banks maturing in December 2024. In addition, we have a commercial paper program with
authorization up to $3 billion under which we may issue from time to time commercial paper with maturities of no more than 397 days. At September 30, 2022 and December 31, 2021, there were no borrowings under either the Credit Agreement or the commercial paper program.
Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with BHH LLC on our long-term debt securities. This co-obligor is a 100%-owned finance subsidiary of BHH LLC that was incorporated for the sole purpose of serving as a corporate co-obligor of long-term debt securities and has no assets or operations other than those related to its sole purpose. As of September 30, 2022, Baker Hughes Co-Obligor, Inc. is a co-obligor of our long-term debt securities totaling $6,555 million.
Certain Senior Notes contain covenants that restrict BHH LLC's ability to take certain actions, including, but not limited to, the creation of certain liens securing debt, the entry into certain sale-leaseback transactions, and engaging in certain merger, consolidation and asset sale transactions in excess of specified limits. At September 30, 2022, we were in compliance with all debt covenants.