BORROWINGS

Short-term and long-term borrowings are comprised of the following at December 31:



	2018				2017
	Amount		Weighted Average Rate⁽¹⁾		Amount		Weighted Average Rate⁽¹⁾
Short-term borrowings
Short-term bank borrowings	$	—	n/a		$	171	12.6	%
Current portion of long-term borrowings	—		n/a		639		2.1	%
Short-term borrowings from GE	896		n/a		1,124		n/a
Other short-term borrowings	46		9.9	%	103		7.6	%
Total short-term borrowings	942				2,037

Long-term borrowings
3.2% Senior Notes due August 2021 ⁽²⁾	523		2.5	%	526		2.5	%
2.773% Senior Notes due December 2022	1,245		2.9	%	1,244		2.9	%
8.55% Debentures due June 2024 ⁽²⁾	131		4.1	%	135		3.9	%
3.337% Senior Notes due December 2027	1,343		3.4	%	1,342		3.4	%
6.875% Notes due January 2029 ⁽²⁾	294		3.9	%	308		3.9	%
5.125% Notes due September 2040 ⁽²⁾	1,306		4.2	%	1,311		4.1	%
4.080% Senior Notes due December 2047	1,336		4.1	%	1,337		4.1	%
Capital leases	103		5.4	%	87		7.0	%
Other long-term borrowings	4		3.8	%	22		1.9	%
Total long-term borrowings	6,285				6,312
Total borrowings	$	7,227			$	8,349


⁽¹⁾	Weighted average effective interest rate is based on the carrying value including step-up adjustments, as applicable, recorded upon the acquisition of Baker Hughes as of December 31, 2018 and 2017.


⁽²⁾	Represents long-term fixed rate debt obligations assumed in connection with the acquisition of Baker Hughes, net of amounts repurchased subsequent to the closing of the Transactions.

The estimated fair value of total borrowings at December 31, 2018 and December 31, 2017 was $6,629 million and $8,466 million, respectively. For a majority of our borrowings the fair value was determined using quoted period-end market prices. Where market prices are not available, we estimate fair values based on valuation methodologies using current market interest rate data adjusted for our non-performance risk.

Maturities of debt for each of the five years in the period ended December 31, 2023, and in the aggregate thereafter, are listed in the table below:



	2019		2020		2021		2022		2023		Thereafter
Total debt	$	942	$	34	$	549	$	1,256	$	11	$	4,435

In July 2017, BHGE LLC entered into a new five-year $3 billion committed unsecured revolving credit facility (the 2017 Credit Agreement) with commercial banks maturing in July 2022. The 2017 Credit Agreement contains certain customary representations and warranties, certain affirmative covenants and no negative covenants. Upon the occurrence of certain events of default, our obligations under the 2017 Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the 2017 Credit Agreement, and other customary defaults. No such events of default have occurred. During the year ended December 31, 2018, there were no borrowings under the 2017 Credit Agreement.

In November 2017, BHGE LLC entered into a commercial paper program under which it may issue from time to time up to $3 billion in commercial paper with maturities of no more than 397 days. At December 31, 2018, we had no borrowings outstanding under the commercial paper program. The maximum combined borrowing at any time under both the 2017 Credit Agreement and the commercial paper program is $3 billion.

Concurrent with the Transactions associated with the acquisition of Baker Hughes on July 3, 2017, Baker Hughes Co-Obligor, Inc. became a co-obligor, jointly and severally with BHGE LLC, on our registered debt securities. This co-obligor is a 100%-owned finance subsidiary of BHGE LLC that was incorporated for the sole purpose of serving as a co-obligor of debt securities and has no assets or operations other than those related to its sole purpose. Baker Hughes Co-Obligor, Inc. is also a co-obligor of the $3,950 million senior notes issued on December 11, 2017 by BHGE LLC in a private placement.

Certain Senior Notes contain covenants that restrict BHGE LLC's ability to take certain actions, including, but not limited to, the creation of certain liens securing debt, the entry into certain sale-leaseback transactions and engaging in certain merger, consolidation and asset sale transactions in excess of specified limits.

In January 2018, BHGE LLC redeemed all remaining aggregate principal amount of the 2018 Senior Notes of $615 million. Also in January 2018, BHGE LLC commenced an offering to exchange $3,950 million of all the outstanding, unregistered senior notes that were issued in a private offering on December 11, 2017, for identical, registered 2.773% Senior Notes due 2022, 3.337% Senior Notes due 2027 and 4.080% Senior Notes due 2047. The exchange offer was completed on January 31, 2018.

See "Note 18. Related Party Transactions" for additional information on the short-term borrowings from GE, and see "Note 16. Financial Instruments" for additional information about borrowings and associated swaps.