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Credit Facilities and Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Credit Facilities and Long-Term Debt

Total debt outstanding is summarized as follows:

(in millions)			September 30, 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
Equipment Financing due 2023 to 2032			124						—
Term loan			263						—
Commercial Paper			—						—
Debt issuance costs and unamortized discount (b)			(17)						(20)
Total debt			2,270						1,880
Less: short-term borrowings and current maturities of long-term debt			17						—
Total long-term debt			$	2,253					$	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 $466 million and $470 million as of September 30, 2023 and December 31, 2022 respectively. The fair value of our Senior Notes due 2028 was $430 million and $430 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of our Senior Notes due 2031 was $398 million and $406 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of our Senior Notes due 2046 was $303 million and $333 million as of September 30, 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.

Schedule of Other Assets

As of September 30, 2023, the gross and net amounts of those assets are included on the Consolidated Balance Sheets as follows:

			September 30, 2023
(in millions)			Gross						Net
Property, plant, and equipment, net			$	76					$	73
Receivables, net			2						2
Prepaid and other current assets			4						4
Other non-current assets			56						56
			$	138					$	135

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