Debt

6 Months Ended

Jun. 30, 2020

Debt consisted of the following (in millions):


	June 30, 2020		December 31, 2019
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 2.2% ⁽¹⁾	$	—	$	93
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 2.7% ⁽¹⁾	—		325

Senior notes:
5.00% senior notes due February 2021	600		—

Other	129		86
Total short-term debt	729		504

LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $66 and $61, respectively ⁽²⁾	9,067		8,939


GO Zone term loans, net of debt issuance costs of $1 and $1, respectively, bearing a weighted-average interest rate of 1.3% and 2.6%, respectively	199		199
Other	127		49
Total long-term debt	9,393		9,187
Total debt ⁽³⁾	$	10,122	$	9,691

⁽¹⁾We classified these commercial paper notes and credit facility borrowings as short-term as of 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⁾During the six months ended June 30, 2020, we repurchased $17 million of our outstanding senior notes on the open market and recognized a gain of $3 million on these transactions, which is included in “Other income/(expense), net” on our Condensed Consolidated Statement of Operations.

⁽³⁾Our fixed-rate senior notes had a face value of approximately $9.7 billion and $9.0 billion as of June 30, 2020 and December 31, 2019, respectively. We estimated the aggregate fair value of these notes as of June 30, 2020 and December 31, 2019 to be approximately $9.7 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.

Senior Notes

In June 2020, we completed the offering of $750 million, 3.80% senior notes due September 2030 at a public offering price of 99.794%. Interest payments are due on March 15 and September 15 of each year, commencing on September 15, 2020.

Borrowings and Repayments

Total borrowings under our credit facilities and commercial paper program for the six months ended June 30, 2020 and 2019 were approximately $12.6 billion and $4.1 billion, respectively. Total repayments under our credit facilities and commercial paper program were approximately $13.0 billion and $3.8 billion for the six months ended June 30, 2020 and 2019, 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.

Letters of Credit

In connection with our supply and logistics activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase and transportation of crude oil, NGL and natural gas. Additionally, we issue letters of credit to support insurance programs, derivative transactions, including hedging-related margin obligations, and construction activities. At June 30, 2020 and December 31, 2019, we had outstanding letters of credit of $112 million and $157 million, respectively.