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Debt and Lines of Credit
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt and Lines of Credit Debt and Lines of Credit
Debt consisted of the following:
(in millions)September 30, 2022December 31, 2021
Borrowings under credit facility$— $— 
Current:
2023 Notes$145 $— 
Other borrowings22 18 
Total current$167 $18 
Long-term:
Senior Notes
2023 Notes$— $193 
2024 Notes381 381 
Unamortized discount on 2024 Notes(1)(1)
Unamortized deferred financing costs(1)(1)
2028 Notes600 600 
Unamortized discount on 2028 Notes(1)(1)
Unamortized deferred financing costs(3)(3)
Other long-term borrowings5 6 
Total long-term$980 $1,174 

Credit Facility

As of September 30, 2022, letters of credit totaling $332 million were outstanding under our $1.8 billion credit facility, which matures in February 2025. The credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.0, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.2 billion, defined in the amended credit facility, which may be reduced to $1.0 billion upon the repayment of debt. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of our U.S. assets. Borrowings under the facility, which may be denominated in USD, EUR, GBP or CAD, bear interest at a base rate, plus an applicable borrowing margin. As of September 30, 2022, we had availability to borrow $845 million under our credit facility.
Uncommitted Lines of Credit
As of September 30, 2022, letters of credit totaling $877 million were outstanding under uncommitted lines of credit.
Senior Notes
In June 2022, we redeemed $23 million of outstanding 2023 Notes. The gain on redemptions was not material.
In September 2021, we completed a tender offer in which we repurchased $375 million of 2023 Notes and $108 million of 2024 Notes, excluding accrued interest. Additionally, we redeemed $26 million of outstanding 2023 and 2024 Notes in open market transactions during the 2021 Period. We recognized $20 million in losses related to these redemptions which was included in interest expense.