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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
 
Debt consisted of the following (in millions):

March 31,
2023		December 31,
2022
SHORT-TERM DEBT  
Senior notes:
2.85% senior notes due January 2023 (1)
$— $400 
3.85% senior notes due October 2023
700 700 
Other8 59 
Total short-term debt708 1,159 
LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $45 and $46, respectively
7,238 7,237 
Other50 50 
Total long-term debt7,288 7,287 
Total debt (2)
$7,996 $8,446 
(1)These senior notes were redeemed on January 31, 2023.
(2)Our fixed-rate senior notes had a face value of approximately $8.0 billion and $8.4 billion as of March 31, 2023 and December 31, 2022, respectively. We estimated the aggregate fair value of these notes as of March 31, 2023 and December 31, 2022 to be approximately $7.3 billion and $7.6 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. 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.

Borrowings and Repayments
 
Total borrowings under our credit facilities and commercial paper program for the three months ended March 31, 2023 and 2022 were approximately $1.5 billion and $5.6 billion, respectively. Total repayments under our credit facilities and commercial paper program were approximately $1.5 billion and $5.2 billion for the three months ended March 31, 2023 and 2022, 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 January 31, 2023, we redeemed our 2.85%, $400 million senior notes due January 2023.

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 March 31, 2023 and December 31, 2022, we had outstanding letters of credit of $144 million and $102 million, respectively.