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Debt (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Schedule of debt | Debt consisted of the following (in millions):
| December 31, 2016 |  | December 31, 2015
SHORT-TERM DEBT |  |  |
Commercial paper notes, bearing a weighted-average interest rate of 1.6% and 1.1%, respectively (1) | $ | 563 |  |  | $ | 696 |
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.8% and 1.4%, respectively (1) | 750 |  |  | 300 |
Senior notes: |  |  |
6.13% senior notes due January 2017 | 400 |  |  | — |
Other | 2 |  |  | 3 |
Total short-term debt (2) | 1,715 |  |  | 999 |
LONG-TERM DEBT |  |  |
Senior notes: |  |  |
5.88% senior notes due August 2016 (3) | — |  |  | 175 |
6.13% senior notes due January 2017 | — |  |  | 400 |
6.50% senior notes due May 2018 | 600 |  |  | 600 |
8.75% senior notes due May 2019 | 350 |  |  | 350 |
2.60% senior notes due December 2019 | 500 |  |  | 500 |
5.75% senior notes due January 2020 | 500 |  |  | 500 |
5.00% senior notes due February 2021 | 600 |  |  | 600 |
3.65% senior notes due June 2022 | 750 |  |  | 750 |
2.85% senior notes due January 2023 | 400 |  |  | 400 |
3.85% senior notes due October 2023 | 700 |  |  | 700 |
3.60% senior notes due November 2024 | 750 |  |  | 750 |
4.65% senior notes due October 2025 | 1,000 |  |  | 1,000 |
4.50% senior notes due December 2026 | 750 |  |  | — |
6.70% senior notes due May 2036 | 250 |  |  | 250 |
6.65% senior notes due January 2037 | 600 |  |  | 600 |
5.15% senior notes due June 2042 | 500 |  |  | 500 |
4.30% senior notes due January 2043 | 350 |  |  | 350 |
4.70% senior notes due June 2044 | 700 |  |  | 700 |
4.90% senior notes due February 2045 | 650 |  |  | 650 |
Unamortized discounts and debt issuance costs | (76 | ) |  | (77 | )
Senior notes, net of unamortized discounts and debt issuance costs | 9,874 |  |  | 9,698 |
Commercial paper notes, bearing a weighted-average interest rate of 1.6% and 1.1%, respectively (3) | 247 |  |  | 672 |
Other | 3 |  |  | 5 |
Total long-term debt | 10,124 |  |  | 10,375 |
Total debt (4) | $ | 11,839 |  |  | $ | 11,374 |
(1) | We classified these commercial paper notes and credit facility borrowings as short-term at December 31, 2016 and 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) | At December 31, 2016, includes borrowings of $410 million for cash margin deposits with NYMEX and ICE, which are associated with financial derivatives used for hedging purposes.
(3) | As of December 31, 2016 and 2015, we classified a portion of our commercial paper notes as long-term and as of December 31, 2015, we classified our $175 million, 5.88% senior notes due August 2016 as long-term based on our ability and intent to refinance such amounts on a long-term basis under our credit facilities.
(4) | Our fixed-rate senior notes (including current maturities) had a face value of approximately $10.3 billion and $9.8 billion as of December 31, 2016 and 2015, respectively. We estimated the aggregate fair value of these notes as of December 31, 2016 and 2015 to be approximately $10.4 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 year end. 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.
Issuances of senior unsecured notes | The table below summarizes our issuances of senior unsecured notes during 2016, 2015 and 2014 (in millions):
Year |  | Description |  | Maturity |  | Face Value |  | Interest Payment Dates
2016 |  | 4.50% Senior Notes issued at 99.716% of face value |  | December 2026 |  | $ | 750 |  |  | June 15 and December 15
2015 |  | 4.65% Senior Notes issued at 99.846% of face value |  | October 2025 |  | $ | 1,000 |  |  | April 15 and October 15
2014 |  | 2.60% Senior Notes issued at 99.813% of face value |  | December 2019 |  | $ | 500 |  |  | June 15 and December 15
2014 |  | 4.90% Senior Notes issued at 99.876% of face value |  | February 2045 |  | $ | 650 |  |  | February 15 and August 15
2014 |  | 3.60% Senior Notes issued at 99.842% of face value |  | November 2024 |  | $ | 750 |  |  | May 1 and November 1
2014 |  | 4.70% Senior Notes issued at 99.734% of face value |  | June 2044 |  | $ | 700 |  |  | June 15 and December 15
Aggregate maturities of long-term debt | The following table presents the aggregate contractually scheduled maturities of such long-term debt for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.
Calendar Year |  | Payment (in millions)
2017 |  | $ | 247 |
2018 |  | 600 |
2019 |  | 850 |
2020 |  | 500 |
2021 |  | 600 |
Thereafter |  | 7,403 |

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