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Long-Term Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at December 31:
|  | December 31, 2020 |  | December 31, 2019
|  | Principal Amount |  | Unamortized Discount and Debt Issuance Costs |  | Net Long-Term Debt |  | Principal Amount |  | Unamortized Discount and Debt Issuance Costs |  | Net Long-Term Debt
3.60% senior notes due 2022 (the "3.60% 2022 Senior Notes") |  | $ | 250 |  |  | $ | (1) |  |  | $ | 249 |  |  | $ | 250 |  |  | $ | (1) |  |  | $ | 249 |
3.60% senior notes due 2026 (the "3.60% 2026 Senior Notes") |  | 750 |  |  | (6) |  |  | 744 |  |  | 750 |  |  | (8) |  |  | 742 |
Loan related to tax-exempt waste disposal revenue bonds due 2027 |  | 11 |  |  | — |  |  | 11 |  |  | 11 |  |  | — |  |  | 11 |
1.625% senior notes due 2029 (the "1.625% 2029 Senior Notes") |  | 859 |  |  | (10) |  |  | 849 |  |  | 785 |  |  | (11) |  |  | 774 |
6 ½% senior notes due 2029 (the "6 ½% 2029 GO Zone Senior Notes") |  | — |  |  | — |  |  | — |  |  | 100 |  |  | (1) |  |  | 99 |
3.375% senior notes due 2030 (the "3.375% 2030 Senior Notes") |  | 300 |  |  | (4) |  |  | 296 |  |  | — |  |  | — |  |  | — |
3.50% senior notes due 2032 (the "3.50% 2032 GO Zone Refunding Senior Notes") |  | 250 |  |  | (1) |  |  | 249 |  |  | 250 |  |  | (1) |  |  | 249 |
6 ½% senior notes due 2035 (the "6 ½% 2035 GO Zone Senior Notes") |  | — |  |  | — |  |  | — |  |  | 89 |  |  | (1) |  |  | 88 |
6 ½% senior notes due 2035 (the "6 ½% 2035 IKE Zone Senior Notes") |  | — |  |  | — |  |  | — |  |  | 65 |  |  | — |  |  | 65 |
5.0% senior notes due 2046 (the "5.0% 2046 Senior Notes") |  | 700 |  |  | (23) |  |  | 677 |  |  | 700 |  |  | (23) |  |  | 677 |
4.375% senior notes due 2047 (the "4.375% 2047 Senior Notes") |  | 500 |  |  | (9) |  |  | 491 |  |  | 500 |  |  | (9) |  |  | 491 |
Long-term debt |  | $ | 3,620 |  |  | $ | (54) |  |  | $ | 3,566 |  |  | $ | 3,500 |  |  | $ | (55) |  |  | $ | 3,445 |
Credit Agreement On July 24, 2018, the Company entered into a new $1,000 revolving credit facility that is scheduled to mature on July 24, 2023 (the "Credit Agreement") and, in connection therewith, terminated the existing $1,000 revolving credit facility that was scheduled to mature on August 23, 2021 (the "Prior Credit Agreement"). The Credit Agreement bears interest at either (a) LIBOR plus a spread ranging from 1.00% to 1.75% or (b) Alternate Base Rate plus a spread ranging from 0.00% to 0.75% in each case depending on the credit rating of the Company. At December 31, 2020, the Company had no borrowings outstanding under the Credit Agreement. As of December 31, 2020, the Company had no outstanding letters of credit and had $1,000 of borrowing availability under the Credit Agreement. The Credit Agreement contains certain affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant. As of December 31, 2020, the Company was in compliance with the total leverage ratio financial maintenance covenant. The Credit Agreement also contains certain events of default and if and for so long as certain events of default have occurred and are continuing, any overdue amounts outstanding under the Credit Agreement will accrue interest at an increased rate, the lenders can terminate their commitments thereunder and payments of any outstanding amounts could be accelerated by the lenders. The Credit Agreement includes a $150 sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility. The Credit Agreement also provides for a discretionary $50 commitment for swingline loans to be provided on a same-day basis. The Company may also increase the size of the facility, in increments of at least $25, up to a maximum of $500, subject to certain conditions and if certain lenders agree to commit to such an increase. 3.60% Senior Notes due 2022 In July 2012, the Company issued $250 aggregate principal amount of the 3.60% 2022 Senior Notes. The 3.60% 2022 Senior Notes are unsecured and were issued with an original issue discount of $1. There is no sinking fund and no scheduled amortization of the 3.60% 2022 Senior Notes prior to maturity. The Company may optionally redeem the 3.60% 2022 Senior Notes in accordance with the terms of the 3.60% 2022 Senior Notes. 3.60% Senior Notes due 2026 and 5.0% Senior Notes due 2046 In August 2016, the Company issued $750 aggregate principal amount of the 3.60% 2026 Senior Notes and $700 aggregate principal amount of the 5.0% 2046 Senior Notes. In March 2017, the Company commenced registered exchange offers to exchange the 3.60% 2026 Senior Notes and the 5.0% 2046 Senior Notes for new notes that are identical in all material respects to the 3.60% 2026 Senior Notes and the 5.0% 2046 Senior Notes, except that the offer and issuance of the new Securities and Exchange Commission-registered notes have been registered under the Securities Act of 1933, as amended (the "Securities Act"). The exchange offers expired on April 24, 2017, and approximately 99.97% of the 3.60% 2026 Senior Notes and 100% of the 5.0% 2046 Senior Notes were exchanged. The 3.60% 2026 Senior Notes that were not exchanged in the 3.60% 2026 Senior Notes exchange offer have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities law. Revenue Bonds In December 1997, the Company entered into a loan agreement with a public trust established for public purposes for the benefit of the Parish of Calcasieu, Louisiana. The public trust issued $11 principal amount of tax-exempt waste disposal revenue bonds in order to finance the Company's construction of waste disposal facilities for an ethylene plant. The waste disposal revenue bonds expire in December 2027 and are subject to redemption and mandatory tender for purchase prior to maturity under certain conditions. The interest rate on the waste disposal revenue bonds at December 31, 2020 and 2019 was 0.14% and 1.78%, respectively. 1.625% Senior Notes due 2029 On July 17, 2019, the Company completed the registered public offering of €700 aggregate principal amount of the 1.625% 2029 Senior Notes. The Company received approximately $779 of net proceeds from the offering. The 1.625% 2029 Senior Notes will accrue interest from July 17, 2019 at a rate of 1.625% per annum, payable annually in arrears on July 17 of each year, beginning July 17, 2020. The Company may optionally redeem the 1.625% 2029 Senior Notes in accordance with the terms of the 1.625% 2029 Senior Notes. The Company designated this euro-denominated debt as a non-derivative net investment hedge of a portion of the Company's net investments in euro functional-currency denominated subsidiaries to offset foreign currency fluctuations. GO Zone Bonds and IKE Zone Bonds In December 2010, the Louisiana Local Government Authority Environmental Facilities and Community Development Authority (the "Authority"), a political subdivision of the State of Louisiana, completed the offering of $65 of 6 ½% tax-exempt revenue bonds due November 1, 2035 under Section 704 of the Emergency Economic Stabilization Act of 2008 (the "6 ½% 2035 IKE Zone Bonds") and $89 of 6 ½% tax-exempt revenue bonds due November 1, 2035 under the Gulf Opportunity Zone Act of 2005 (the "GO Zone Act") (the "6 ½% 2035 GO Zone Bonds"). In connection with the issuance of the 6 ½% 2035 IKE Zone Bonds and the 6 ½% 2035 GO Zone Bonds, the Company issued $65 of the 6 ½% 2035 IKE Zone Senior Notes and $89 of the 6 ½% 2035 GO Zone Senior Notes, respectively. In July 2010, the Authority completed the reoffering of $100 of 6 ½% tax-exempt revenue bonds due August 1, 2029 under the GO Zone Act (the "6 ½% 2029 GO Zone Bonds"). In connection with the reoffering of the 6 ½% 2029 GO Zone Bonds, the Company issued $100 of the 6 ½% 2029 GO Zone Senior Notes. In November 2017, the Authority completed the remarketing of $250 aggregate principal amount of 3.50% tax-exempt revenue refunding bonds due November 1, 2032 (the "3.50% 2032 GO Zone Bonds"). In connection with the remarketing of the 3.50% 2032 GO Zone Bonds, the Company issued $250 of the 3.50% 2032 Senior Notes. The 3.50% 2032 GO Zone Bonds are subject to optional redemption by the Authority upon the direction of the Company at any time on or after November 1, 2027, for 100% of the principal amount plus accrued interest. The indenture governing the 3.50% 2032 Senior Notes contains customary events of default and covenants that will restrict the Company and certain of the Company's subsidiaries' ability to (1) incur certain secured indebtedness, (2) engage in certain sale-leaseback transactions and (3) consolidate, merge or transfer all or substantially all of its assets. On August 1, 2020, the Company purchased in lieu of optional redemption $100 aggregate principal amount of the 6 ½% 2029 GO Zone Bonds at a redemption price equal to 100% of the principal amount of the 6 ½% 2029 GO Zone Bonds plus accrued and unpaid interest to August 1, 2020. In connection with the purchase in lieu of optional redemption of the 6 ½% 2029 GO Zone Bonds, the 6 ½% 2029 GO Zone Senior Notes were cancelled. On November 1, 2020, the Company purchased in lieu of optional redemption (1) $89 aggregate principal amount of the 6 ½% 2035 GO Zone Bonds, and (2) $65 aggregate principal amount of the 6 ½% 2035 IKE Zone Bonds (together with the 6 ½% 2035 GO Zone Bonds, the "2035 Revenue Bonds"), in each case, at a redemption price equal to 100% of the principal amount of the 2035 Revenue Bonds plus accrued and unpaid interest to November 1, 2020. In connection with the purchase of the 2035 Revenue Bonds by the Company in lieu of optional redemption, the 6 ½% 2035 GO Zone Senior Notes and the 6 ½% 2035 IKE Zone Senior Notes were cancelled. A portion of the net proceeds from the issuance of the 3.375% 2030 Senior Notes was used to fund the purchase in lieu of optional redemption of the 6 ½% 2029 GO Zone Bonds and the 2035 Revenue Bonds. In connection with each offering of the tax-exempt bonds, the Company entered into a loan agreement with the Authority pursuant to which the Company agreed to pay all of the principal, premium, if any, and interest on the bonds and certain other amounts to the Authority. The net proceeds from the offerings were loaned by the Authority to the Company. The Company used the proceeds to expand, refurbish and maintain certain of its facilities in the Louisiana Parishes of Calcasieu and Ascension. As of December 31, 2020, the Company had drawn all proceeds from the tax-exempt bonds. 3.375% Senior Notes due 2030 On June 12, 2020, the Company completed the registered public offering of $300 aggregate principal amount of its 3.375% Senior Notes due June 15, 2030 (the "3.375% 2030 Senior Notes"). There is no sinking fund and no scheduled amortization of the 3.375% 2030 Senior Notes prior to maturity. The 3.375% 2030 Senior Notes accrue interest from June 12, 2020 at a rate of 3.375% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning December 15, 2020. The Company may optionally redeem the 3.375% 2030 Senior Notes in accordance with the terms of the 3.375% 2030 Senior Notes. 4.375% Senior Notes due 2047 In November 2017, the Company completed the registered public offering of $500 aggregate principal amount of the 4.375% 2047 Senior Notes. The 4.375% 2047 Senior Notes are unsecured and mature on November 15, 2047. There is no sinking fund and no scheduled amortization of the 4.375% 2047 Senior Notes prior to maturity. The Company may optionally redeem the 4.375% 2047 Senior Notes in accordance with the terms of the 4.375% 2047 Senior Notes. The indenture governing the 3.60% 2022 Senior Notes, the 3.60% 2026 Senior Notes, the 1.625% 2029 Senior Notes, the 3.375% 2030 Senior Notes, the 3.50% 2032 Senior Notes, the 5.0% 2046 Senior Notes, and the 4.375% 2047 Senior Notes contain customary events of default and covenants that will restrict the Company and certain of the Company's subsidiaries' ability to (1) incur certain secured indebtedness, (2) engage in certain sale-leaseback transactions and (3) consolidate, merge or transfer all or substantially all of its assets. As of December 31, 2020, the Company was in compliance with all of its long-term debt covenants. The weighted average interest rate on all long-term debt was 3.4% and 3.6% at December 31, 2020 and 2019, respectively. Unamortized debt issuance costs on long-term debt were $28 and $30 at December 31, 2020 and 2019, respectively. Aggregate scheduled maturities of long-term debt during the next five years consist of $250 in 2022. There are no other scheduled maturities of debt in 2021 through 2025.

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