Debt (Tables)

3 Months Ended

Mar. 31, 2021

The following table sets forth the debt balances and activity as of, and for the three months ended, March 31, 2021:


(in millions)	December 31, 2020		Proceeds from Issuances and Borrowings (1)		Note Redemptions (1)		Repayments		Reclassifications (1)		Other (2)		March 31, 2021
Short-term debt	$	4,579	$	—	$	—	$	(274)	$	144	$	(26)	$	4,423
Long-term debt	61,830		6,758		(1,964)		—		(144)		(85)		66,395
Total debt to third parties	66,409		6,758		(1,964)		(274)		—		(111)		70,818

Long-term debt to affiliates	4,716		—		—		—		—		5		4,721
Total debt	$	71,125	$	6,758	$	(1,964)	$	(274)	$	—	$	(106)	$	75,539

(1)Issuances and borrowings, note redemptions, and reclassifications are recorded net of related issuance costs, discounts and premiums.

(2)Other includes the amortization of premiums, discounts, debt issuance costs and consent fees.

Our effective interest rate, excluding the impact of derivatives and capitalized interest, was approximately 4.3% and 5.2% for the three months ended March 31, 2021 and 2020, respectively, on weighted average debt outstanding of $73.7 billion and $25.0 billion for the three months ended March 31, 2021 and 2020, respectively. The weighted average debt outstanding was calculated by applying an average of the monthly ending balances of total short-term and long-term debt and short-term and long-term debt to affiliates, net of unamortized premiums, discounts, debt issuance costs and consent fees.

Issuances and Borrowings

During the three months ended March 31, 2021, we issued the following Senior Notes:


(in millions)	Principal Issuances		Issuance Costs		Net Proceeds from Issuance of Long-Term Debt		Issue Date
















2.250% Senior Notes due 2026	$	1,000	$	(7)	$	993	January 14, 2021
2.625% Senior Notes due 2029	1,000		(7)		993		January 14, 2021
2.875% Senior Notes due 2031	1,000		(7)		993		January 14, 2021
2.625% Senior Notes due 2026	1,200		(7)		1,193		March 23, 2021
3.375% Senior Notes due 2029	1,250		(7)		1,243		March 23, 2021
3.500% Senior Notes due 2031	1,350		(7)		1,343		March 23, 2021
Total of Senior Notes issued	$	6,800	$	(42)	$	6,758