Note 6—Debt

Debt consisted of the following as of the dates indicated (in millions):


	September 30,		December 31,
	2015		2014
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 0.43% and 0.46%, respectively (1)	$	678	$	734
Senior notes:
5.25% senior notes due June 2015		—		150
3.95% senior notes due September 2015		—		400
Other		3		3
Total short-term debt		681		1,287

LONG-TERM DEBT
Senior notes, net of unamortized discount of $18 and $18, respectively (2)		9,757		8,757
Commercial paper notes, bearing a weighted-average interest rate of 0.43% (2)		208		—
Other		5		5
Total long-term debt		9,970		8,762
Total debt (3)	$	10,651	$	10,049

⁽¹⁾

We classified these commercial paper notes as short-term at September 30, 2015 and December 31, 2014 as these notes were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits.

⁽²⁾

As of September 30, 2015, we have classified our $175 million, 5.88% senior notes due August 2016 and a portion of our commercial paper notes as long-term based on our ability and intent to refinance such amounts on a long-term basis.

⁽³⁾

Our fixed-rate senior notes (including current maturities) had a face value of approximately $9.8 billion and $9.3 billion as of September 30, 2015 and December 31, 2014, respectively. We estimated the aggregate fair value of these notes as of September 30, 2015 and December 31, 2014 to be approximately $9.7 billion and $9.9 billion, respectively. Our fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near the end of the reporting period. We estimate that the carrying value of outstanding borrowings under our credit facilities and commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes, credit facilities and commercial paper program are based upon observable market data and are classified in Level 2 of the fair value hierarchy.

Credit Facilities

In January 2015, we entered into an agreement for a 364-day senior unsecured revolving credit facility with a borrowing capacity of $1.0 billion. Borrowings accrue interest based, at our election, on either the Eurocurrency Rate or the Base Rate, as defined in the agreement, in each case plus a margin based on our credit rating at the applicable time. In August 2015, we amended this agreement to extend the maturity date to August 2016.

In August 2015, we also extended the maturity dates of our senior secured hedged inventory facility and our senior unsecured revolving credit facility to August 2018 and August 2020, respectively.

Borrowings and Repayments

Total borrowings under our credit agreements and commercial paper program for the nine months ended September 30, 2015 and 2014 were approximately $37.1 billion and $55.6 billion, respectively. Total repayments under our credit agreements and commercial paper program were approximately $36.9 billion and $56.3 billion for the nine months ended September 30, 2015 and 2014, respectively. The variance in total gross borrowings and repayments is impacted by various business and financial factors including, but not limited to, the timing, average term and method of general partnership borrowing activities.

Letters of Credit

In connection with our supply and logistics activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase of crude oil, NGL and natural gas. Additionally, we issue letters of credit to support insurance programs, derivative transactions and construction activities. At September 30, 2015 and December 31, 2014, we had outstanding letters of credit of $44 million and $87 million, respectively.

Senior Notes Issuances

In August 2015, we completed the issuance of $1.0 billion, 4.65% senior notes due 2025 at a public offering price of 99.846%. Interest payments are due on April 15 and October 15 of each year, commencing on April 15, 2016.

Senior Notes Repayments

Our $150 million, 5.25% senior notes and $400 million, 3.95% senior notes were repaid in June 2015 and September 2015, respectively. We utilized cash on hand and available capacity under our commercial paper program to repay these notes.