Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt

Revolving Credit Facility

As of March 31, 2022, we had no borrowings against our $3.1 billion unsecured revolving credit facility (“Credit Facility”).

The Credit Facility includes a covenant requiring our total debt to total capitalization ratio not to exceed 65% as of the last day of each fiscal quarter. In the event of a default, the lenders holding more than half of the commitments may terminate the commitments under the Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Credit Facility. As of March 31, 2022, we were in compliance with this covenant with a ratio of 20%.

Long-term debt

At March 31, 2022, we had $4.0 billion of total long-term debt outstanding, which includes $106 million of long-term debt due within one year. We currently intend to retire our outstanding long-term debt as it matures. Refer to our 2021 Annual Report on Form 10-K for a listing of our long-term debt maturities.