Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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 on our Consolidated Balance Sheets were as follows:


	Level within the Fair Value Hierarchy	December 31, 2021				December 31, 2020
(in millions)		Carrying Amount (1)		Fair Value (1)		Carrying Amount (1)		Fair Value (1)
Liabilities:
Senior Notes to third parties	1	$	30,309	$	32,093	$	29,966	$	32,450
Senior Notes to affiliates	2	3,739		3,844		4,716		4,991
Senior Secured Notes to third parties	1	40,098		42,393		36,204		40,519

(1) Excludes $47 million and $240 million as of December 31, 2021 and 2020, 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.