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Debt (Tables) | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Schedule of debt | Debt consisted of the following (in millions):
| December 31, 2018 |  | December 31, 2017
SHORT-TERM DEBT |  |  |
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 2.6% (1) | $ | — |  |  | $ | 664 |
Other | 66 |  |  | 73 |
Total short-term debt | 66 |  |  | 737 |
LONG-TERM DEBT |  |  |
Senior notes: |  |  |
2.60% senior notes due December 2019 (2) | 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 |  |  | 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 | (59 | ) |  | (67 | )
Senior notes, net of unamortized discounts and debt issuance costs | 8,941 |  |  | 8,933 |
Other long-term debt: |  |  |
Commercial paper notes, bearing a weighted-average interest rate of 2.4%, and senior secured hedged inventory facility borrowings (2) | — |  |  | 247 |
GO Zone term loans, net of debt issuance costs of $2, bearing a weighted-average interest rate of 3.1% | 198 |  |  | — |
Other | 4 |  |  | 3 |
Total long-term debt | 9,143 |  |  | 9,183 |
Total debt (3) | $ | 9,209 |  |  | $ | 9,920 |
(1) | We classified these commercial paper notes and credit facility borrowings as short-term as of December 31, 2017, 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 December 31, 2018, we classified our $500 million, 2.60% senior notes due December 2019 as long-term, and as of December 31, 2017, we classified a portion of our commercial paper notes and senior unsecured hedged inventory facility borrowings as long-term based on our ability and intent to refinance such amounts on a long-term basis.
(3) | Our fixed-rate senior notes had a face value of approximately $9.0 billion at both December 31, 2018 and 2017. We estimated the aggregate fair value of these notes as of December 31, 2018 and 2017 to be approximately $8.6 billion and $9.1 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 (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
During 2017 and 2016, we repaid the following senior unsecured notes (in millions):
Year |  | Description |  | Repayment Date |  |
2017 |  | $400 million 6.13% Senior Notes due January 2017 |  | January 2017 |  | (1)
2017 |  | $600 million 6.50% Senior Notes due May 2018 |  | December 2017 |  | (1) (2)
2017 |  | $350 million 8.75% Senior Notes due May 2019 |  | December 2017 |  | (1) (2)
2016 |  | $175 million 5.88% Senior Notes due August 2016 |  | August 2016 |  | (1)
(1) | We repaid these senior notes with cash on hand and proceeds from borrowings under our credit facilities and commercial paper program.
(2) | In conjunction with the early redemptions of these senior notes, we recognized a loss of approximately $40 million, recorded to “Other income/(expense), net” in our Consolidated Statement of Operations.
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)
2019 |  | $ | 500 |
2020 |  | $ | 500 |
2021 |  | $ | 600 |
2022 |  | $ | 750 |
2023 |  | $ | 1,300 |
Thereafter |  | $ | 5,554 |

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