v3.23.2
DEBT
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
The carrying value of our short-term and long-term debt are comprised of the following:
June 30, 2023December 31, 2022
Short-term and current portion of long-term debt
1.231% Senior Notes due December 2023
$649 $649 
8.55% Debentures due June 2024
111 — 
Other debt85 29 
Total short-term and current portion of long-term debt845 677 
   
Long-term debt  
8.55% Debentures due June 2024
— 114 
2.061% Senior Notes due December 2026
598 597 
3.337% Senior Notes due December 2027
1,280 1,277 
6.875% Notes due January 2029
270 273 
3.138% Senior Notes due November 2029
523 523 
4.486% Senior Notes due May 2030
497 497 
5.125% Senior Notes due September 2040
1,284 1,286 
4.080% Senior Notes due December 2047
1,338 1,338 
Other long-term debt58 75 
Total long-term debt5,848 5,980 
Total debt$6,693 $6,658 
The estimated fair value of total debt at June 30, 2023 and December 31, 2022 was $5,964 million and $5,863 million, respectively. For a majority of our debt 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.
We have 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. The Credit Agreement contains certain customary representations and warranties, certain customary affirmative covenants and certain customary negative covenants. Upon the occurrence of certain events of default, our obligations under the Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the Credit Agreement and other customary defaults. No such events of default have occurred. At June 30, 2023 and December 31, 2022, 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 debt securities and has no assets or operations other than those related to its sole purpose. As of June 30, 2023, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain debt securities totaling $6,550 million.
Certain Senior Notes contain covenants that restrict our 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 June 30, 2023, we were in compliance with all debt covenants.