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Debt (Tables)
 3 Months Ended
Mar. 31, 2016
Debt  
Schedule of debt

 

Debt consisted of the following (in millions):

 

 

 

March 31,

 

December 31,

 

 

 

2016

 

2015

 

SHORT-TERM DEBT

 

 

 

 

 

Commercial paper notes, bearing a weighted-average interest rate of 0.9% and 1.1%, respectively (1)

 

$
137 

 

$
696 

 

Senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.4% (1)

 

—

 
300 

 

Senior notes:

 

 

 

 

 

5.88% senior notes due August 2016

 
175 

 

—

 

6.13% senior notes due January 2017

 
400 

 

—

 

Other

 
3 

 
3 

 

 

 

 

 

 

 

Total short-term debt

 
715 

 
999 

 

 

 

 

 

 

 

LONG-TERM DEBT

 

 

 

 

 

Senior notes, net of unamortized discounts and debt issuance costs of $74 and $77, respectively

 
9,126 

 
9,698 

 

Commercial paper notes, bearing a weighted-average interest rate of 0.9% and 1.1%, respectively

 
23 

 
672 

 

Other

 
4 

 
5 

 

 

 

 

 

 

 

Total long-term debt

 
9,153 

 
10,375 

 

 

 

 

 

 

 

Total debt (2)

 

$
9,868 

 

$
11,374 

 

 

 

 

 

 

 

 

 

 

(1)

We classified these commercial paper notes and credit facility borrowings as short-term as of March 31, 2016 and December 31, 2015, as these notes and borrowings 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)

Our fixed-rate senior notes (including current maturities) had a face value of approximately $9.8 billion as of both March 31, 2016 and December 31, 2015. We estimated the aggregate fair value of these notes as of March 31, 2016 and December 31, 2015 to be approximately $9.0 billion and $8.6 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.