Debt and Credit Agreements

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt and Credit Agreements

Debt and Credit Agreements

The Company’s debt and credit agreements consisted of the following:

(In millions)	June 30, 2022		December 31, 2021
6.51% weighted-average private placement senior notes (1)	$	37	$	37
5.58% weighted-average private placement senior notes (2)	87		87
3.65% weighted-average private placement senior notes	825		825
4.375% senior notes due June 1, 2024	750		750
3.90% senior notes due May 15, 2027	750		750
4.375% senior notes due March 15, 2029	500		500
Revolving credit facility	—		—
Net premium (discount)	164		185
Unamortized debt issuance costs	(8)		(9)
	$	3,105	$	3,125

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(1) Includes $37 million of current portion of long-term debt at June 30, 2022.

(2) Includes $87 million of current portion of long-term debt at June 30, 2022.

At June 30, 2022, the Company was in compliance with all financial and other covenants for both its revolving credit facility and senior notes.

Subsequent event. In August 2022, the Company repurchased $37 million principal amount of its 6.51% weighted-average senior notes for approximately $38 million and $87 million principal amount of its 5.58% weighted-average senior notes for approximately $92 million.

Revolving Credit Agreement

At June 30, 2022, the Company had no borrowings outstanding under its revolving credit facility and unused commitments of $1.5 billion.