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Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
 
Debt consisted of the following (in millions):

June 30,
2021		December 31,
2020
SHORT-TERM DEBT  
Commercial paper notes, bearing a weighted-average interest rate of 0.4% and 0.7%, respectively (1)
$388 $547 
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.2% (1)
— 167 
Senior notes:
3.65% senior notes due June 2022
750 — 
GO Zone term loans, net of debt issuance costs of $1, bearing a weighted-average interest rate of 1.3% (2)
199 — 
Other119 117 
Total short-term debt1,456 831 
LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $57 and $62, respectively
8,326 9,071 
GO Zone term loans, net of debt issuance costs of $1, bearing a weighted-average interest rate of 1.3%
— 199 
Other63 112 
Total long-term debt8,389 9,382 
Total debt (3)
$9,845 $10,213 
(1)We classified these commercial paper notes as short-term as of June 30, 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)The GO Zone term loans were initially assumed by one of our subsidiaries in connection with the acquisition of the Southern Pines natural gas storage facility. In connection with the sale of that facility, the loans were repaid on August 2, 2021. See Note 12 for additional information.
(3)Our fixed-rate senior notes had a face value of approximately $9.1 billion at both June 30, 2021 and December 31, 2020. We estimated the aggregate fair value of these notes as of June 30, 2021 and December 31, 2020 to be approximately $10.0 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.
Borrowings and Repayments
 
Total borrowings under our credit facilities and commercial paper program for the six months ended June 30, 2021 and 2020 were approximately $26.1 billion and $12.6 billion, respectively. Total repayments under our credit facilities and commercial paper program were approximately $26.4 billion and $13.0 billion for the six months ended June 30, 2021 and 2020, 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 June 30, 2021 and December 31, 2020, we had outstanding letters of credit of $81 million and $129 million, respectively.