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Long-Term Debt (Notes) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following:
|  | March 31, 2021 |  | December 31, 2020
|  | 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 |  |  | $ | — |  |  | $ | 250 |  |  | $ | 250 |  |  | $ | (1) |  |  | $ | 249 |
3.60% senior notes due 2026 (the "3.60% 2026 Senior Notes") |  | 750 |  |  | (6) |  |  | 744 |  |  | 750 |  |  | (6) |  |  | 744 |
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") |  | 821 |  |  | (10) |  |  | 811 |  |  | 859 |  |  | (10) |  |  | 849 |
3.375% senior notes due 2030 (the "3.375% 2030 Senior Notes") |  | 300 |  |  | (4) |  |  | 296 |  |  | 300 |  |  | (4) |  |  | 296 |
3.50% senior notes due 2032 (the "3.50% 2032 GO Zone Refunding Senior Notes") |  | 250 |  |  | (1) |  |  | 249 |  |  | 250 |  |  | (1) |  |  | 249 |
5.0% senior notes due 2046 (the "5.0% 2046 Senior Notes") |  | 700 |  |  | (22) |  |  | 678 |  |  | 700 |  |  | (23) |  |  | 677 |
4.375% senior notes due 2047 (the "4.375% 2047 Senior Notes") |  | 500 |  |  | (9) |  |  | 491 |  |  | 500 |  |  | (9) |  |  | 491 |
8.73% RS Cogen debt due 2022 (the "8.73% 2022 RS Cogen Debt") |  | 34 |  |  | — |  |  | 34 |  |  | — |  |  | — |  |  | — |
Term loans due 2026 (the "2026 Term Loans") |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |
Total long-term debt |  | 3,620 |  |  | (52) |  |  | 3,568 |  |  | 3,620 |  |  | (54) |  |  | 3,566 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Current portion of 8.73% 2022 RS Cogen Debt - Classified in Accounts Payable |  | (21) |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |
Long-term debt, net of current portion |  | $ | 3,599 |  |  | $ | (52) |  |  | $ | 3,547 |  |  | $ | 3,620 |  |  | $ | (54) |  |  | $ | 3,566 |
Credit Agreement The Company has a $1,000 revolving credit facility that is scheduled to mature on July 24, 2023 (the "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 March 31, 2021, the Company had no borrowings outstanding under the Credit Agreement. As of March 31, 2021, 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 March 31, 2021, 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. 8.73% 2022 RS Cogen Debt In July 2000, RS Cogen, our 50%-owned joint venture, entered into a $75 aggregate principal amount senior credit facility institutional loan at an interest rate of 8.73%. All of the assets of RS Cogen are pledged as collateral under its senior credit facility. Borrowings under this senior credit facility are repayable quarterly by September 2022. The Company does not guarantee RS Cogen's debt commitments and RS Cogen is not a guarantor for any of the Company's other long-term debt obligations. 2026 Term Loans In March 2021, Taiwan Chlorine Industries, Ltd., our 60%-owned joint venture, entered into five-year loan agreements for a maximum total limit of approximately $23. The interest rate on these loans at March 31, 2021 was 0.2%. The unsecured loans include a government rate subsidy and have a 5-year maturity. As of March 31, 2021, the Company was in compliance with all of its long-term debt covenants. Unamortized debt issuance costs on long-term debt were $27 and $28 at March 31, 2021 and December 31, 2020, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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