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Credit Facilities and Debt (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Credit Facilities and Long-Term Debt | Total debt outstanding is summarized as follows:
(in millions) | June 30, 2022 |  | December 31, 2021
2.250% Senior Notes due 2023 (a) | 522 |  |  | 564 |
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) | (22) |  |  | (24) |
Total debt | 2,400 |  |  | 2,440 |
Less: short-term borrowings and current maturities of long-term debt | 521 |  |  | — |
Total long-term debt | $ | 1,879 |  |  | $ | 2,440 |
(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 2023 was $525 million and $577 million as of June 30, 2022 and December 31, 2021, respectively. The fair value of our Senior Notes due 2026 was $487 million and $537 million as of June 30, 2022 and December 31, 2021 respectively. The fair value of our Senior Notes due 2028 was $446 million and $497 million as of June 30, 2022 and December 31, 2021, respectively. The fair value of our Senior Notes due 2031 was $419 million and $496 million as of June 30, 2022 and December 31, 2021, respectively. The fair value of our Senior Notes due 2046 was $367 million and $481 million as of June 30, 2022 and December 31, 2021, 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.

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