Debt and Lines of Credit

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Lines of Credit

Debt and Lines of Credit

Debt consisted of the following:

(in millions)	March 31, 2023		December 31, 2022
Borrowings under credit facility	$	—	$	—
Current:
2023 Notes	$	—	$	138
Other borrowings	16		14
Total current	$	16	$	152
Long-term:
Senior Notes
2024 Notes	381		$	381
Unamortized discount on 2024 Notes	(1)		(1)
Unamortized deferred financing costs	—		—
2028 Notes	600		600
Unamortized discount on 2028 Notes	(1)		(1)
Unamortized deferred financing costs	(3)		(3)
Other long-term borrowings	2		2
Total long-term	$	978	$	978

Credit Facility

As of March 31, 2023, letters of credit totaling $420 million were outstanding under our $1.8 billion credit facility, which was amended in February 2023 to extend the maturity to February 2026. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.00, 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 $1.1 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 March 31, 2023, we had not made any borrowings under our credit line and maintained a borrowing capacity of $828 million.

Uncommitted Lines of Credit

As of March 31, 2023, letters of credit totaling $957 million were outstanding under uncommitted lines of credit.

Senior Notes

In January 2023, we redeemed the remaining €129 million of outstanding 2023 Notes for $140 million with no earnings impact.