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Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of debt | Debt consisted of the following (in millions):
| December 31, 2021 |  | December 31, 2020
SHORT-TERM DEBT |  |  |
Commercial paper notes, bearing a weighted-average interest rate of 0.7% (1) | $ | — |  |  | $ | 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 (2) | 750 |  |  | — |
Other | 72 |  |  | 117 |
Total short-term debt | 822 |  |  | 831 |
LONG-TERM DEBT |  |  |
Senior notes: |  |  |
3.65% senior notes due June 2022 | — |  |  | 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 |
3.55% senior notes due December 2029 | 1,000 |  |  | 1,000 |
3.80% senior notes due September 2030 | 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 (3) | 499 |  |  | 499 |
4.30% senior notes due January 2043 (3) | 348 |  |  | 348 |
4.70% senior notes due June 2044 (3) | 687 |  |  | 687 |
4.90% senior notes due February 2045 (3) | 649 |  |  | 649 |
Unamortized discounts and debt issuance costs | (54) |  |  | (62) |
Senior notes, net of unamortized discounts and debt issuance costs | 8,329 |  |  | 9,071 |
Other long-term debt: |  |  |
GO Zone term loans, net of debt issuance costs of $1, bearing a weighted-average interest rate of 1.3% (4) | — |  |  | 199 |
Other | 69 |  |  | 112 |
Total long-term debt | 8,398 |  |  | 9,382 |
Total debt (5) | $ | 9,220 |  |  | $ | 10,213 |
(1)We classified these commercial paper notes and 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)In January 2022, we provided notice of our intention to redeem these senior notes on March 1, 2022. (3)During the year ended December 31, 2020, we repurchased $17 million of our outstanding senior notes on the open market and recognized a gain of $3 million on these transactions, which is included in “Other income/(expense), net” on our Consolidated Statement of Operations. (4)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. The loans were repaid in August 2021 in connection with the sale of that facility. See Note 7 for additional information. (5)Our fixed-rate senior notes had a face value of approximately $9.1 billion at both December 31, 2021 and 2020. We estimated the aggregate fair value of these notes to be approximately $9.9 billion at both December 31, 2021 and 2020. 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.
Issuances of senior unsecured notes | The table below summarizes our issuances of senior unsecured notes during the three years ended December 31, 2021 (in millions):
Year |  | Description |  | Maturity |  | Face Value |  | Interest Payment Dates
2020 |  | 3.80% Senior Notes issued at 99.794% of face value |  | September 2030 |  | $ | 750 |  |  | March 15 and September 15
2019 |  | 3.55% Senior Notes issued at 99.801% of face value |  | December 2029 |  | $ | 1,000 |  |  | June 15 and December 15
During the three years ended December 31, 2021, we repaid the following senior unsecured notes in full (in millions):
Year |  | Description |  | Repayment Date |  |
2020 |  | $600 million 5.00% Senior Notes due February 2021 |  | November 2020 |  | (1)
2019 |  | $500 million 2.60% Senior Notes due December 2019 |  | November 2019 |  | (2)
2019 |  | $500 million 5.75% Senior Notes due January 2020 |  | December 2019 |  | (2)
(1)We repaid these senior notes with proceeds from our 3.80% senior notes issued in June 2020 and cash on hand. (2)We repaid these senior notes with proceeds from our 3.55% senior notes issued in September 2019 and cash on hand.
Aggregate maturities of long-term debt | The following table presents the aggregate contractually scheduled maturities of such senior notes for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.
Calendar Year |  | Payment (in millions)
2022 |  | $ | 750 |
2023 |  | $ | 1,100 |
2024 |  | $ | 750 |
2025 |  | $ | 1,000 |
2026 |  | $ | 750 |
Thereafter |  | $ | 4,783 |

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