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Credit Facilities and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Credit Facilities and Long-Term Debt
Total debt outstanding is summarized as follows:
December 31,
(in millions)20222021
2.250% Senior Notes due 2023 (a)
— 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)(20)(24)
Total debt$1,880 $2,440 
Less: short-term borrowings and current maturities of long-term debt— — 
Total long-term debt$1,880 $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 $577 million as of December 31, 2021. The fair value of our Senior Notes due 2026 was $470 million and $537 million as of December 31, 2022 and 2021, respectively. The fair value of our Senior Notes due 2028 was $430 million and $497 million as of December 31, 2022 and 2021 respectively. The fair value of our Senior Notes due 2031 was $406 million and $496 million as of December 31, 2022 and 2021 respectively. The fair value of our Senior Notes due 2046 was $333 million and $481 million as of December 31, 2022 and 2021, 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.