Debt (Tables)

12 Months Ended

Dec. 31, 2018

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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details