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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Line of Credit Facility [Line Items]  
Schedule of Short-term Debt
As of December 31,
20212020
(In $ millions)
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates
Current installments of long-term debt527 431 
Short-term borrowings, including amounts due to affiliates(1)
64 65 
Revolving credit facility(2)
200 — 
Total791 496 
______________________________
(1)The weighted average interest rate was 0.2% and 0.6% as of December 31, 2021 and 2020, respectively. During the year ended December 31, 2020, the Company entered into an aggregate of $300 million in short-term, bilateral term loans, which were repaid during the same period.
(2)The weighted average interest rate was 1.4% and 0.0% as of December 31, 2021 and 2020, respectively.
Schedule of Long-term Debt
As of December 31,
20212020
(In $ millions)
Long-Term Debt
Senior unsecured notes due 2021, interest rate of 5.875%
— 400 
Senior unsecured notes due 2022, interest rate of 4.625%
500 500 
Senior unsecured notes due 2023, interest rate of 1.125%
509 919 
Senior unsecured notes due 2024, interest rate of 3.500%
499 499 
Senior unsecured notes due 2025, interest rate of 1.250%
339 368 
Senior unsecured notes due 2026, interest rate of 1.400%
400 — 
Senior unsecured notes due 2027, interest rate of 2.125%
564 610 
Senior unsecured notes due 2028, interest rate of 0.625%
566 — 
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00%
166 166 
Bank loans due at various dates through 2026(1)
6 8 
Obligations under finance leases due at various dates through 2054173 201 
Subtotal3,722 3,671 
Unamortized debt issuance costs(2)
(19)(13)
Current installments of long-term debt(527)(431)
Total3,176 3,227 
______________________________
(1)The weighted average interest rate was 1.3% and 1.3% as of December 31, 2021 and 2020, respectively.
(2)Related to the Company's long-term debt, excluding obligations under finance leases.
Schedule of Principle Payments
Principal payments scheduled to be made on the Company's debt, including short-term borrowings, are as follows:
(In $ millions)
2022791 
2023533 
2024541 
2025425 
2026498 
Thereafter1,198 
Total3,986 
Senior Unsecured Revolving Credit Facility [Member]  
Line of Credit Facility [Line Items]  
Schedule of Balances Available for Borrowing
The Company's debt balances and amounts available for borrowing under its senior unsecured revolving credit facility are as follows:
As of December 31, 2021
(In $ millions)
Revolving Credit Facility
Borrowings outstanding(1)
200 
Available for borrowing(2)
1,050 
______________________________
(1)The Company borrowed $850 million and repaid $650 million under its senior unsecured revolving credit facility during the year ended December 31, 2021.
(2)The margin for borrowings under the senior unsecured revolving credit facility was 1.25% above LIBOR or EURIBOR at current Company credit ratings.