Debt

9 Months Ended

Sep. 30, 2019

Debt consisted of the following (in millions):



	September 30, 2019		December 31, 2018
SHORT-TERM DEBT
Senior notes:
2.60% senior notes due December 2019	$	500	$	—
5.75% senior notes due January 2020	500		—
Other	84		66
Total short-term debt	1,084		66

LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $63 and $59, respectively ⁽¹⁾	8,937		8,941
GO Zone term loans, net of debt issuance costs of $1 and $2, respectively, bearing a weighted-average interest rate of 2.9% and 3.1%, respectively	199		198
Other	37		4
Total long-term debt	9,173		9,143
Total debt ⁽²⁾	$	10,257	$	9,209


⁽¹⁾	As of December 31, 2018, we classified our $500 million, 2.60% senior notes due December 2019 as long-term based on our ability and intent to refinance such amounts on a long-term basis.

⁽²⁾

Our fixed-rate senior notes had a face value of approximately $10.0 billion and $9.0 billion at September 30, 2019 and December 31, 2018, respectively. We estimated the aggregate fair value of these notes as of September 30, 2019 and December 31, 2018 to be approximately $10.3 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, commercial paper program and GO Zone term loans approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes, credit facilities, commercial paper program and GO Zone term loans are based upon observable market data and are classified in Level 2 of the fair value hierarchy.

Credit Facilities

In August 2019, we extended the maturity dates of our senior unsecured revolving credit facility and senior secured hedged inventory facility by one year to August 2024 and August 2022, respectively, for each extending lender.

Borrowings and Repayments

Total borrowings under our credit facilities and commercial paper program for the nine months ended September 30, 2019 and 2018 were approximately $10.5 billion and $38.6 billion, respectively. Total repayments under our credit facilities and commercial paper program were approximately $10.5 billion and $39.2 billion for the nine months ended September 30, 2019 and 2018, respectively. The variance in total gross borrowings and repayments is impacted by various business and financial factors including, but not limited to, the timing, average term and method of general partnership borrowing activities.

Letters of Credit

In connection with our supply and logistics activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase and transportation of crude oil, NGL and natural gas. Additionally, we issue letters of credit to support insurance programs, derivative transactions, including hedging-related margin obligations, and construction activities. At September 30, 2019 and December 31, 2018, we had outstanding letters of credit of $149 million and $184 million, respectively.

Senior Notes

In September 2019, we completed the issuance of $1.0 billion, 3.55% senior notes due December 2029 at a public offering price of 99.801%. Interest payments are due on June 15 and December 15 of each year, commencing on June 15, 2020.

In October 2019, we sent notice to the holders of our $500 million, 2.60% senior notes due December 2019 that we will redeem the notes on November 15, 2019.