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Credit Facilities and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Credit Facilities and Long-Term Debt
Total debt outstanding is summarized as follows:
December 31,
(in millions)20202019
4.875% Senior Notes due 2021 (a)
$600 $600 
2.250% Senior Notes due 2023 (a)
612 557 
3.250% Senior Notes due 2026 (a)
500 500 
1.950% Senior Notes due 2028 (b)
500 — 
2.250% Senior Notes due 2031 (b)
500 — 
4.375% Senior Notes due 2046 (a)
400 400 
Commercial paper— 276 
Debt issuance costs and unamortized discount (c)(28)(17)
Total debt3,084 2,316 
Less: short-term borrowings and current maturities of long-term debt600 276 
Total long-term debt$2,484 $2,040 
(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 $620 million and $629 million as of December 31, 2020 and 2019, respectively. The fair value of our Senior Notes due 2023 was $640 million and $591 million as of December 31, 2020 and 2019, respectively. The fair value of our Senior Notes due 2026 was $563 million and $518 million as of December 31, 2020 and 2019, respectively. The fair value of our Senior Notes due 2046 was $496 million and $431 million as of December 31, 2020 and 2019, respectively.
(b)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 2028 and 2031 was $529 million and $527 million, respectively, as of December 31, 2020.
(c)The debt issuance costs and unamortized discount is recognized as a reduction in the carrying value of the Senior Notes in the Consolidated Balance Sheets and is being amortized to interest expense in our Consolidated Income Statements over the expected remaining terms of the Senior Notes.