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Credit Facilities and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Credit Facilities and Long-Term Debt
Total debt outstanding is summarized as follows:
December 31,
(in millions)20212020
4.875% Senior Notes due 2021 (a)
$— $600 
2.250% Senior Notes due 2023 (a)
564 612 
3.250% Senior Notes due 2026 (a)
500 500 
1.950% Senior Notes due 2028 (a)
500 500 
2.250% Senior Notes due 2031 (a)
500 500 
4.375% Senior Notes due 2046 (a)
400 400 
Debt issuance costs and unamortized discount (b)(24)(28)
Total debt2,440 3,084 
Less: short-term borrowings and current maturities of long-term debt— 600 
Total long-term debt$2,440 $2,484 
(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 $0 million and $620 million as of December 31, 2021 and 2020, respectively. The fair value of our Senior Notes due 2023 was $577 million and $640 million as of December 31, 2021 and 2020, respectively. The fair value of our Senior Notes due 2026 was $537 million and $563 million as of December 31, 2021 and 2020, respectively. The fair value of our Senior Notes due 2046 was $481 million and $496 million as of December 31, 2021 and 2020, respectively. The fair value of our Senior Notes due 2028 was $497 million and $529 million as of December 31, 2021 and 2020 respectively. The fair value of our Senior Notes due 2031 was $496 million and $527 million as of December 31, 2021 and 2020 respectively.
(b)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.