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Credit Facilities and Debt (Tables) | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Credit Facilities and Long-Term Debt | Total debt outstanding is summarized as follows:
(in millions) | June 30, 2021 |  | December 31, 2020
4.875% Senior Notes due 2021 (a) | $ | 600 |  |  | $ | 600 |
2.250% Senior Notes due 2023 (a) | 592 |  |  | 612 |
3.250% Senior Notes due 2026 (a) | 500 |  |  | 500 |
1.950% Senior Notes due 2028 (b) | 500 |  |  | 500 |
2.250% Senior Notes due 2031 (b) | 500 |  |  | 500 |
4.375% Senior Notes due 2046 (a) | 400 |  |  | 400 |
Debt issuance costs and unamortized discount (c) | (26) |  |  | (28) |
Total debt | 3,066 |  |  | 3,084 |
Less: short-term borrowings and current maturities of long-term debt | 600 |  |  | 600 |
Total long-term debt | $ | 2,466 |  |  | $ | 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 $606 million and $620 million as of June 30, 2021 and December 31, 2020, respectively. The fair value of our Senior Notes due 2023 was $614 million and $640 million as of June 30, 2021 and December 31, 2020, respectively. The fair value of our Senior Notes due 2026 was $548 million and $563 million as of June 30, 2021 and December 31, 2020 respectively. The fair value of our Senior Notes due 2046 was $483 million and $496 million as of June 30, 2021 and December 31, 2020, 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 was $508 million and $529 million as of June 30, 2021 and December 31, 2020, respectively. The fair value of our Senior Notes due 2031 was $507 million and $527 million as of June 30, 2021 and December 31, 2020, respectively. (c)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.

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