Credit Facilities and Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Credit Facilities and Long-Term Debt

Total debt outstanding is summarized as follows:

(in millions)	September 30, 2019			December 31, 2018
4.875% Senior Notes due 2021 (a)	$	600		$	600
2.250% Senior Notes due 2023 (a)	547			570
3.250% Senior Notes due 2026 (a)	500			500
4.375% Senior Notes due 2046 (a)	400			400
Commercial paper	306			—
Term loan	—			257
Debt issuance costs and unamortized discount (b)	(17		)	(19		)
Total debt	2,336			2,308
Less: short-term borrowings and current maturities of long-term debt	306			257
Total long-term debt	$	2,030		$	2,051

(a) The fair value of our Senior Notes was determined using quoted prices in active markets for identical securities, which are considered Level 1 inputs. The fair value of our Senior Notes due 2021 was $631 million and $620 million as of September 30, 2019 and December 31, 2018, respectively. The fair value of our Senior Notes due 2023 was $583 million and $599 million as of September 30, 2019 and December 31, 2018, respectively. The fair value of our Senior Notes due 2026 was $515 million and $476 million as of September 30, 2019 and December 31, 2018, respectively. The fair value of our Senior Notes due 2046 was $455 million and $397 million as of September 30, 2019 and December 31, 2018, respectively.

(b)

The debt issuance costs and unamortized discount are recognized as a reduction in the carrying value of the Senior Notes in the Condensed Consolidated Balance Sheets and are being amortized to interest expense in our Condensed Consolidated Income Statements over the expected remaining terms of the Senior Notes.