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DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Details of the Company’s outstanding long-term debt, as well as the fair values, are as follows (in millions):

			June 30, 2023									December 31, 2022
			Carrying Value			Fair Value						Carrying Value			Fair Value
4.200% senior notes, net of discount and financing fees, due 2024			$	398		98		%				$	398		99		%
3.400% senior notes, net of discount and financing fees, due 2026			398			94		%				398			94		%
3.950% senior notes, net of discount and financing fees, due 2029			447			93		%				446			90		%
3.875% senior notes, net of discount and financing fees, due 2030			298			91		%				298			89		%
7.000% senior notes, net of discount and financing fees, due 2036			368			109		%				368			107		%
4.300% senior notes, net of discount and financing fees, due 2047			589			82		%				589			78		%
4.400% senior notes, net of discount and financing fees, due 2048			391			83		%				390			78		%
Various finance leases, due through 2050 (a)			145			100		%				131			100		%
Other			1			N/A						2			N/A
Total long-term debt			3,035			N/A						3,020			N/A
Less – current portion (a)			31			100		%				28			100		%
Long-term debt, net of current portion			$	3,004		N/A						$	2,992		N/A

(a)The Company determined that the book value of the above noted long-term debt instruments approximates fair value.

Schedule of Line of Credit Facilities

The following table shows how the Company utilized its primary sources of liquidity (in millions):

			Balance at June 30, 2023
			Senior Revolving Credit Facility			Receivables Securitization Facility
Facility size or borrowing limit			$	800		$	280
Collateral capacity limitation on availability			N/A			—
Outstanding borrowings			—			—
Outstanding letters of credit			4			1
Availability on facility			$	796		$	279

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

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