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v3.23.1

Credit Facilities and Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Credit Facilities and Long-Term Debt | Total debt outstanding is summarized as follows:
(in millions) | March 31, 2023 |  | December 31, 2022
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) | (19) |  |  | (20) |
Total debt | 1,881 |  |  | 1,880 |
Less: short-term borrowings and current maturities of long-term debt | — |  |  | — |
Total long-term debt | $ | 1,881 |  |  | $ | 1,880 |
(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 2026 was $479 million and $470 million as of March 31, 2023 and December 31, 2022 respectively. The fair value of our Senior Notes due 2028 was $443 million and $430 million as of March 31, 2023 and December 31, 2022, respectively. The fair value of our Senior Notes due 2031 was $424 million and $406 million as of March 31, 2023 and December 31, 2022, respectively. The fair value of our Senior Notes due 2046 was $352 million and $333 million as of March 31, 2023 and December 31, 2022, 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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