Debt

6 Months Ended

Jun. 30, 2020

Debt

Debt

7. Debt

As of June 30, 2020 and December 31, 2019, the Company’s total debt consisted of the following:

	As of		As of
(in millions)	June 30, 2020		December 31, 2019
2.900% senior notes due June 1, 2030	$	594	$	—
3.200% senior notes due October 1, 2026		497		497
3.900% senior notes due June 1, 2050		390		—
6.625% senior notes due April 15, 2037		253		253
4.625% senior notes due November 1, 2020		—		400
5.62% senior notes due March 25, 2020		—		200
Term loan credit agreement due April 12, 2021		405		405
Revolving credit facility		—		10
Other long-term borrowings		1		—
Fair value adjustment related to hedged fixed rate debt instruments		—		1
Long-term debt		2,140		1,766
4.625% senior notes due November 1, 2020		400		—
Other short-term borrowings		70		82
Short-term debt		470		82
Total debt	$	2,610	$	1,848

During the three months ended March 31, 2020, the Company used proceeds from the revolving credit facility (“Revolving Credit Facility”) to refinance $200 million of its 5.62% senior notes due March 25, 2020.

During the three months ended June 30, 2020, the Company sold its (i) 2.900% senior notes due 2030 in the principal amount of $600 million (the “2030 Notes”) and (ii) 3.900% senior notes due 2050 in the principal amount of $400 million (the “2050 Notes” and, together with the “2030 Notes,” the “Notes”).  The Company recorded the aggregate discount of approximately $7 million at which the Notes were issued and capitalized debt issuance costs of approximately $9 million associated with the Notes.

During the three months ended June 30, 2020, the Company applied the net proceeds from the sale of the Notes to pay in full the outstanding balance of $394 million under the Revolving Credit Facility and to set aside funds to repay its 4.625% senior notes due November 1, 2020 (the “2020 Notes”).  On June 8, 2020, the Company issued a notice for the redemption in full of all $400 million principal amount of the 2020 Notes.  The 2020 Notes were redeemed on July 9, 2020 for a total redemption price of $409 million, including accrued interest and a “make-whole” premium as set forth in the indenture.

The Company’s long-term debt as of June 30, 2020, includes the term loan credit agreement due April 12, 2021, as the Company has the ability and intent to refinance it on a long-term basis using our Revolving Credit Facility or other means prior to the maturity date.