Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt consisted of the following (in millions):


	June 30, 2022		December 31, 2021
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 2.1% (1)	$	115	$	—


Senior notes:
3.65% senior notes due June 2022 (2)	—		750
2.85% senior notes due January 2023	400		—
Other	115		72
Total short-term debt	630		822

LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $50 and $54, respectively	7,933		8,329


Other	53		69
Total long-term debt	7,986		8,398
Total debt (3)	$	8,616	$	9,220

(1)We classified these commercial paper notes as short-term as of June 30, 2022, as these notes 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)These senior notes were redeemed on March 1, 2022.

(3)Our fixed-rate senior notes had a face value of approximately $8.4 billion and $9.1 billion as of June 30, 2022 and December 31, 2021, respectively. We estimated the aggregate fair value of these notes as of June 30, 2022 and December 31, 2021 to be approximately $7.7 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 commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes and commercial paper notes are based upon observable market data and are classified in Level 2 of the fair value hierarchy.