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Credit Facilities and Debt (Tables)
 6 Months Ended
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 debt2,400 2,440 
Less: short-term borrowings and current maturities of long-term debt521 — 
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.