DEBT

12 Months Ended

Dec. 31, 2021

Debt Instruments [Abstract]

DEBT

DEBT

    Long-term debt (including finance lease obligations) as of December 31, 2021 and 2020 consisted of the following:

	2021		2020
4.25% Senior Notes due April 2024	$	311	$	316
3.50% Senior Notes due March 2025	616		622
3.45% Senior Notes due June 2026	510		512
4.20% Senior Notes due June 2029	499		499
2.95% Senior Notes due June 2030	798		798
2.80% Senior Notes due June 2031	549		549
6.95% Senior Notes due July 2037	175		175
5.75% Senior Notes due January 2040	245		245
4.70% Senior Notes due March 2045	300		300
Other	34		27
Debt issuance costs	(25)		(28)
Total long-term debt	4,012		4,015
Less: Current portion of long-term debt	2		2
Total long-term debt, net of current portion	$	4,010	$	4,013

    Secured Receivables Credit Facility

    During October 2021, the Company amended its $600 million secured receivables credit facility (the “Secured Receivables Credit Facility”), previously amended in October 2020, to extend the maturity dates for each underlying commitment by one year, while maintaining the borrowing capacity under the facility at $600 million. Under the Secured Receivables Credit Facility, the Company can borrow against a $250 million loan commitment maturing October 2022 and a $250 million loan commitment maturing October 2023, and can issue up to $100 million of letters of credit (see Note 18) through October 2023. Borrowings under the Secured Receivables Credit Facility are collateralized by certain domestic receivables. As of December 31, 2021, interest on the borrowings under the Secured Receivables Credit Facility was based on either commercial paper rates for highly-rated issuers or LIBOR, plus a spread of 0.725% to 0.80%. The Secured Receivables Credit Facility is subject to customary affirmative and negative covenants and certain financial covenants with respect to the receivables that comprise the borrowing base and secure the borrowings under the facility. As of both December 31, 2021 and 2020, there were no outstanding borrowings under the Secured Receivables Credit Facility.

    Senior Unsecured Revolving Credit Facility

    During November 2021, the Company amended and restated the agreement for its $750 million senior unsecured revolving credit facility (the “Credit Facility” or "Senior Unsecured Revolving Credit Facility") to extend the maturity date to November 2026 while maintaining the borrowing capacity under the facility at $750 million. Under the Credit Facility, the Company can issue letters of credit totaling $150 million (see Note 18). Issued letters of credit reduce the available borrowing capacity under the Credit Facility. Interest on the Credit Facility is based on certain published rates plus an applicable margin based on changes in the Company's public debt ratings. At the option of the Company, it may elect to lock into LIBOR-based interest rates for periods up to six months. Interest on any outstanding amounts not covered under LIBOR-based interest rate contracts is based on an alternate base rate, which is calculated by reference to the prime rate, the federal funds rate or an adjusted LIBOR rate. As of December 31, 2021, the Company's borrowing rate for LIBOR-based loans under the Credit Facility was LIBOR plus 1.00%. The Credit Facility contains various covenants, including the maintenance of a financial leverage ratio, which could impact the Company's ability to, among other things, incur additional indebtedness. As of both December 31, 2021 and 2020, there were no outstanding borrowings under the Senior Unsecured Revolving Credit Facility.

    Senior Notes Offerings

    In May 2020, the Company completed a senior notes offering, consisting of $550 million aggregate principal amount of 2.80% senior notes due June 2031 (the “2031 Senior Notes”), which were issued at an original issue discount of $1 million. The Company incurred $5 million of debt issuance costs associated with the 2031 Senior Notes, which are included as a reduction to the carrying amount of long-term debt and which are being amortized over the term of the related debt.

    During November 2020, the net proceeds from the 2031 Senior Notes, along with cash on hand, were used to redeem in full the outstanding indebtedness under the Company's senior notes due April 2021.

    During January 2020, the Company redeemed in full the outstanding indebtedness under the Company's senior notes due January 2020 and senior notes due March 2020, using the net proceeds from the issuance, in December 2019, of the senior notes due June 2030.

    For the year ended December 31, 2020, the Company recorded a loss on retirement of debt, principally comprised of premiums paid, of $9 million in other income, net.

    All of the senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. None of the Company's senior notes have a sinking fund requirement.

    The Company may redeem its outstanding senior notes prior to scheduled maturity, as a whole or in part, at a redemption price equal to the present value of the remaining scheduled payments of principal and interest, except for certain notes for which the Company also has an option to redeem such instruments at par value on or after dates specified in the indentures governing the notes ("the par value redemption option").  For notes with the par value redemption option, if such notes are redeemed prior to the specified dates, the redemption price calculations exclude any interest that would have been due after such dates.

    Maturities of Long-Term Debt    

    As of December 31, 2021, long-term debt matures as follows:

Year Ending December 31,
2022	$	2
2023	2
2024	303
2025	603
2026	503
Thereafter	2,596
Total maturities of long-term debt	4,009
Unamortized discount	(10)
Debt issuance costs	(25)
Fair value basis adjustments attributable to hedged debt	38
Total long-term debt	4,012
Less: Current portion of long-term debt	2
Total long-term debt, net of current portion	$	4,010