Debt consisted of the following (in millions):



	September 30, 2016		December 31, 2015
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 1.3% and 1.1%, respectively⁽¹⁾	$	256	$	696
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.5% and 1.4%, respectively⁽¹⁾	725		300
Senior notes:
6.13% senior notes due January 2017	400		—
Other	3		3
Total short-term debt	1,384		999

LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $70 and $77, respectively	9,130		9,698
Commercial paper notes, bearing a weighted-average interest rate of 1.3% and 1.1%, respectively ⁽²⁾	500		672
Other	4		5
Total long-term debt	9,634		10,375
Total debt ⁽³⁾	$	11,018	$	11,374

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⁽¹⁾	We classified these commercial paper notes and credit facility borrowings as short-term as of September 30, 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⁾	As of September 30, 2016 and December 31, 2015, we classified 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 under our credit facilities.

⁽³⁾

Our fixed-rate senior notes (including current maturities) had a face value of approximately $9.6 billion and $9.8 billion as of September 30, 2016 and December 31, 2015, respectively. We estimated the aggregate fair value of these notes as of September 30, 2016 and December 31, 2015 to be approximately $9.7 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.