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Debt (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of debt | Debt consisted of the following (in millions):
| March 31, 2021 |  | December 31, 2020
SHORT-TERM DEBT |  |  |
Commercial paper notes, bearing a weighted-average interest rate of 0.6% and 0.7%, respectively (1) | $ | 137 |  |  | $ | 547 |
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.2% (1) | — |  |  | 167 |
Other | 117 |  |  | 117 |
Total short-term debt | 254 |  |  | 831 |
LONG-TERM DEBT |  |  |
Senior notes, net of unamortized discounts and debt issuance costs of $60 and $62, respectively | 9,073 |  |  | 9,071 |
GO Zone term loans, net of debt issuance costs of $1 and $1, respectively, bearing a weighted-average interest rate of 1.3% and 1.3%, respectively | 199 |  |  | 199 |
Other | 66 |  |  | 112 |
Total long-term debt | 9,338 |  |  | 9,382 |
Total debt (2) | $ | 9,592 |  |  | $ | 10,213 |
(1)We classified these commercial paper notes as short-term as of March 31, 2021 and December 31, 2020, respectively, and these credit facility borrowings as short-term as of December 31, 2020, 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)Our fixed-rate senior notes had a face value of approximately $9.1 billion at both March 31, 2021 and December 31, 2020. We estimated the aggregate fair value of these notes as of March 31, 2021 and December 31, 2020 to be approximately $9.5 billion and $9.9 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.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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