Note 6—Debt

Debt consisted of the following as of the dates indicated (in millions):


	June 30,		December 31,
	2015		2014
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 0.49% and 0.46%, respectively (1)	$	512	$	734
Senior notes:
5.25% senior notes due June 2015		—		150
3.95% senior notes due September 2015		400		400
Other		3		3
Total short-term debt		915		1,287

LONG-TERM DEBT
Senior notes, net of unamortized discount of $16 and $18, respectively		8,759		8,757
Commercial paper notes, bearing a weighted-average interest rate of 0.49% (2)		373		—
Other		5		5
Total long-term debt		9,137		8,762
Total debt (3)	$	10,052	$	10,049

⁽¹⁾

We classified these commercial paper notes as short-term at June 30, 2015 and December 31, 2014 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⁾

We have the ability and intent to refinance these commercial paper notes on a long-term basis; therefore, we have classified such notes as long-term at June 30, 2015.

⁽³⁾

Our fixed-rate senior notes (including current maturities) had a face value of approximately $9.2 billion and $9.3 billion as of June 30, 2015 and December 31, 2014, respectively. We estimated the aggregate fair value of these notes as of June 30, 2015 and December 31, 2014 to be approximately $9.4 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 credit facilities and commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes, credit facilities and commercial paper program are based upon observable market data and are classified in Level 2 of the fair value hierarchy.

Credit Facilities

Senior unsecured 364-day revolving credit facility. In January 2015, we entered into a 364-day senior unsecured credit agreement with a borrowing capacity of $1.0 billion. Borrowings will accrue interest based, at our election, on either the Eurocurrency Rate or the Base Rate, as defined in the agreement, in each case plus a margin based on our credit rating at the applicable time.

Borrowings and Repayments

Total borrowings under our credit agreements and commercial paper program for the six months ended June 30, 2015 and 2014 were approximately $17.9 billion and $34.6 billion, respectively. Total repayments under our credit agreements and commercial paper program were approximately $17.7 billion and $34.9 billion for the six months ended June 30, 2015 and 2014, 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 of crude oil, NGL and natural gas. Additionally, we issue letters of credit to support insurance programs, derivative transactions and construction activities. At June 30, 2015 and December 31, 2014, we had outstanding letters of credit of $63 million and $87 million, respectively.

Senior Notes Repayments

In June 2015, we repaid our $150 million, 5.25% senior notes. We utilized cash on hand and available capacity under our commercial paper program to repay these notes.