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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of debt
Debt consisted of the following (in millions):

December 31,
2020		December 31,
2019
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 0.7% and 2.2%, respectively (1)
$547 $93 
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 1.2% and 2.7%, respectively (1)
167 325 
Other117 86 
Total short-term debt831 504 
LONG-TERM DEBT
Senior notes:
5.00% senior notes due February 2021
— 600 
3.65% senior notes due June 2022
750 750 
2.85% senior notes due January 2023
400 400 
3.85% senior notes due October 2023
700 700 
3.60% senior notes due November 2024
750 750 
4.65% senior notes due October 2025
1,000 1,000 
4.50% senior notes due December 2026
750 750 
3.55% senior notes due December 2029
1,000 1,000 
3.80% senior notes due September 2030
750 — 
6.70% senior notes due May 2036
250 250 
6.65% senior notes due January 2037
600 600 
5.15% senior notes due June 2042 (2)
499 500 
4.30% senior notes due January 2043 (2)
348 350 
4.70% senior notes due June 2044 (2)
687 700 
4.90% senior notes due February 2045 (2)
649 650 
Unamortized discounts and debt issuance costs(62)(61)
Senior notes, net of unamortized discounts and debt issuance costs9,071 8,939 
Other long-term debt:
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 
Other112 49 
Total long-term debt9,382 9,187 
Total debt (3)
$10,213 $9,691 

(1)We classified these commercial paper notes and credit facility borrowings as short-term as of December 31, 2020 and 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 year ended December 31, 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 Consolidated Statement of Operations.
(3)Our fixed-rate senior notes had a face value of approximately $9.1 billion and $9.0 billion as of December 31, 2020 and 2019, respectively. We estimated the aggregate fair value of these notes as of December 31, 2020 and 2019 to be approximately $9.9 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.
Issuances of senior unsecured notes The table below summarizes our issuances of senior unsecured notes during the three years ended December 31, 2020 (in millions):
YearDescriptionMaturityFace ValueInterest Payment Dates
2020
3.80% Senior Notes issued at 99.794% of face value
September 2030$750 March 15 and September 15
2019
3.55% Senior Notes issued at 99.801% of face value
December 2029$1,000 June 15 and December 15
During the three years ended December 31, 2020, we repaid the following senior unsecured notes in full (in millions):
YearDescriptionRepayment Date
2020
$600 million 5.00% Senior Notes due February 2021
November 2020
(1)
2019
$500 million 2.60% Senior Notes due December 2019
November 2019
(2)
2019
$500 million 5.75% Senior Notes due January 2020
December 2019
(2)

(1)We repaid these senior notes with proceeds from our 3.80% senior notes issued in June 2020 and cash on hand.
(2)We repaid these senior notes with proceeds from our 3.55% senior notes issued in September 2019 and cash on hand.
Aggregate maturities of long-term debt The following table presents the aggregate contractually scheduled maturities of such senior notes and GO Zone term loans for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.
Calendar Year
Payment
(in millions)
2021$— 
2022$750 
2023$1,300 
2024$750 
2025$1,000 
Thereafter$5,533