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Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
 
Debt consisted of the following (in millions):

September 30,
2022		December 31,
2021
SHORT-TERM DEBT  
Senior notes:
3.65% senior notes due June 2022 (1)
$— $750 
2.85% senior notes due January 2023
400 — 
Other59 72 
Total short-term debt459 822 
LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $48 and $54, respectively
7,934 8,329 
Other52 69 
Total long-term debt7,986 8,398 
Total debt (2)
$8,445 $9,220 
(1)These senior notes were redeemed on March 1, 2022.
(2)Our fixed-rate senior notes had a face value of approximately $8.4 billion and $9.1 billion as of September 30, 2022 and December 31, 2021, respectively. We estimated the aggregate fair value of these notes as of September 30, 2022 and December 31, 2021 to be approximately $7.3 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. The fair value estimate for our senior notes is based upon observable market data and is classified in Level 2 of the fair value hierarchy.

Credit Facilities

In August 2022, we amended our credit facility agreements to, among other things, extend the maturity dates of our senior secured hedged inventory facility and senior unsecured revolving credit facility by one year to August 2025 and August 2027, respectively.

Borrowings and Repayments
 
Total borrowings under our credit facilities and commercial paper program for the nine months ended September 30, 2022 and 2021 were approximately $19.3 billion and $31.2 billion, respectively. Total repayments under our credit facilities and commercial paper program were approximately $19.3 billion and $31.9 billion for the nine months ended September 30, 2022 and 2021, 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.

On March 1, 2022, we redeemed our 3.65%, $750 million senior notes due June 2022.

 Letters of Credit
 
In connection with our merchant activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase and transportation of crude oil and NGL. Additionally, we issue letters of credit to support insurance programs, derivative transactions, including hedging-related margin obligations, and construction activities. At September 30, 2022 and December 31, 2021, we had outstanding letters of credit of $58 million and $98 million, respectively.