Short-Term Borrowings

3 Months Ended

Mar. 31, 2022

Short-Term Borrowings [Abstract]

SHORT-TERM BORROWINGS

‎

4. SHORT-TERM BORROWINGS

At March 31, 2022 and December 31, 2021, outstanding short-term borrowings under our Credit Facility and CP Program consisted of the following:

	At March 31,		At December 31,
	2022		2021
Total credit facility borrowing capacity	$	2,000	$	2,000
Credit facility outstanding borrowings		-		-
Commercial paper outstanding (a)		-		(215)
Letters of credit outstanding (b)		-		(8)
Available unused credit	$	2,000	$	1,777

____________

(a)The weighted average interest rate on commercial paper was 0.30% at December 31, 2021.

(b)The interest rate on outstanding letters of credit was 1.20% at December 31, 2021, based on our credit ratings.

Credit Facility

In November 2021, we entered into a $2.0 billion unsecured revolving Credit Facility that includes sustainability-linked pricing metrics related to specific environmental and employee health and safety sustainability objectives. The Credit Facility may be used for working capital and general corporate purposes, issuances of letters of credit and to support our CP Program. The Credit Facility has a maturity date of November 9, 2026. We also have the option of requesting up to two 1-year extensions and an option to request an increase in our borrowing capacity of up to $400 million in $100 million minimum increments, provided certain conditions set forth in the Credit Facility are met, including lender approvals.

CP Program

In March 2018, we established the CP Program, under which we may issue unsecured CP Notes on a private placement basis up to a maximum aggregate face or principal amount outstanding at any time of $2.0 billion. The proceeds of CP Notes issued under the CP Program are used for working capital and general corporate purposes. The CP Program obtains liquidity support from our Credit Facility discussed above. We may utilize either the CP Program or the Credit Facility, at our option, to meet our funding needs.

‎