Debt (Tables)

9 Months Ended

Sep. 30, 2020

The following table provides information on the principal amount of our outstanding debt balances:


	September 30, 2020		December 31, 2019
	(In millions, unless otherwise stated)
Current portion of debt

$4 billion credit facility due November 16, 2023	$	—	$	—
Commercial paper notes(a)	—		37
Current portion of senior notes
6.85%, due February 2020(b)	—		700
6.50%, due April 2020(c)	—		535
5.30%, due September 2020(d)	—		600
6.50%, due September 2020(d)	—		349
5.00%, due February 2021	750		—
3.50%, due March 2021	750		—
5.80%, due March 2021	400		—

Trust I preferred securities, 4.75%, due March 2028	111		111
Kinder Morgan G.P. Inc, $1,000 Liquidation Value Series A Fixed-to-Floating Rate Term Cumulative Preferred Stock, due August 2057(e)	—		100
Current portion of other debt	46		45
Total current portion of debt	2,057		2,477

Long-term debt (excluding current portion)
Senior notes	30,578		30,164
EPC Building, LLC, promissory note, 3.967%, due 2020 through 2035	369		381

Trust I preferred securities, 4.75%, due March 2028	110		110
Other	224		228
Total long-term debt	31,281		30,883
Total debt(f)	$	33,338	$	33,360

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(a)Weighted average interest rate on borrowings outstanding as of December 31, 2019 was 1.90%.

(b)On January 9, 2020, we sold the approximate 25 million shares of Pembina Pipeline Corporation (Pembina) common equity that we received as consideration for the sale of KML. We received proceeds of approximately $907 million ($764 million after tax) for the sale of the Pembina shares, which were used to partially repay debt that matured in February 2020. The fair value of the Pembina common equity of $925 million as of December 31, 2019 was reported as “Marketable securities at fair value” in the accompanying consolidated balance sheet.

(c)In April 2020, we repaid $535 million of maturing senior notes.

(d)In September 2020, we repaid a combined $949 million of maturing senior notes using proceeds from our newly issued senior notes.

(e)In December 2019, we notified the holder of our intent to redeem these securities. As our notification was irrevocable, the outstanding balance was classified as current in our accompanying consolidated balance sheet as of December 31, 2019. We redeemed these securities, including accrued dividends, on January 15, 2020.

(f)Excludes our “Debt fair value adjustments” which, as of September 30, 2020 and December 31, 2019, increased our total debt balances by $1,379 million and $1,032 million, respectively.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The carrying value and estimated fair value of our outstanding debt balances are disclosed below:


	September 30, 2020						December 31, 2019
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
	(In millions)
Total debt	$	34,717	$	38,253	$	34,392	$	38,016