Debt (Tables) |
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt | Debt consisted of the following (in millions):
(1)We classified these commercial paper notes and credit facility borrowings as short-term as of March 31, 2020 and December 31, 2019, 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)As of March 31, 2020, we classified our $600 million, 5.00% senior notes due February 2021 and a portion of our senior secured hedged inventory facility borrowings as long-term based on our ability and intent to refinance such amounts on a long-term basis. (3)Our fixed-rate senior notes had a face value of approximately $9.0 billion at both March 31, 2020 and December 31, 2019. We estimated the aggregate fair value of these notes as of March 31, 2020 and December 31, 2019 to be approximately $7.2 billion and $9.3 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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