Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Carrying Values and Fair Values of Long-term Debt

The carrying amounts and fair values of our short-term and long-term debt included in our Consolidated Balance Sheets were as follows:


	Level within the Fair Value Hierarchy	December 31, 2020				December 31, 2019
(in millions)		Carrying Amount (1)		Fair Value (1)		Carrying Amount (1)		Fair Value (1)
Liabilities:
Senior Unsecured Notes to third parties	1	$	29,966	$	32,450	$	10,958	$	11,479
Senior Notes to affiliates	2	4,716		4,991		9,986		10,366
Senior Secured Notes to third parties	1	36,204		40,519		—		—
Incremental Term Loan Facility to affiliates	2	—		—		4,000		4,000

(1) Excludes $240 million and $25 million as of December 31, 2020 and 2019, respectively, in vendor financing arrangements and other debt as the carrying values approximate fair value primarily due to the short-term maturities of these instruments.