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v3.23.3

NOTES PAYABLE AND DEBT - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |  |  |
--- | --- | --- | --- | --- | --- | ---
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Oct. 01, 2020 | Mar. 13, 2020
Line of Credit Facility |  |  |  |  |  |  |  |
Cash consideration paid on debt extinguishment | $ 430,000,000 |  |  |  |  |  |  |
Gain on debt extinguishment |  | $ 28,000,000 | $ 0 | $ 28,000,000 | $ 0 |  |  |
Unamortized Premium and debt issuance costs | 20,000,000 | 20,000,000 |  | 20,000,000 |  |  |  |
Potential additional increase to credit facility | 2,000,000,000 | 2,000,000,000 |  | 2,000,000,000 |  |  |  |
Estimated fair value of senior unsecured notes | 3,099,000,000 | 3,099,000,000 |  | 3,099,000,000 |  | $ 3,530,000,000 |  |
Debt, difference between fair value and carrying value | (515,000,000) | (515,000,000) |  | (515,000,000) |  | (567,000,000) |  |
Letters of credit outstanding, amount | 35,000,000 | 35,000,000 |  | 35,000,000 |  | 31,000,000 |  |
Senior notes |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |
Extinguishment of debt, amount | 438,000,000 |  |  |  |  |  |  |
Short Term Borrowings |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |
Short-term borrowings | 60,000,000 | 60,000,000 |  | $ 60,000,000 |  | 58,000,000 |  |
Short Term Borrowings | Euribor |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |
Basis spread on variable rate |  |  |  | 1.75% |  |  |  |
Revolving Credit Facility |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |
Maximum borrowing capacity |  |  |  |  |  |  | $ 2,000,000,000 |
Potential additional increase to credit facility |  |  |  |  |  |  |  | $ 1,000,000,000
Line of credit outstanding | 0 | 0 |  | $ 0 |  | 0 |  |
Commercial Paper |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |
Current borrowing capacity | 2,000,000,000 | 2,000,000,000 |  | 2,000,000,000 |  |  |  |
Short-term, Unsecured Commercial Paper Notes |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |
Line of credit outstanding | 0 | $ 0 |  | $ 0 |  | $ 0 |  |
3.375% Senior notes due 03/15/25 ($500 million par value) | Senior notes |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |
Extinguishment of debt, amount | $ 115,000,000 |  |  |  |  |  |  |
Debt instrument stated interest rate | 3.375% | 3.375% |  | 3.375% |  |  |  |
5.000% Senior notes due 10/01/25 ($800 million par value) | Senior notes |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |
Extinguishment of debt, amount | $ 323,000,000 |  |  |  |  |  |  |
Debt instrument stated interest rate | 5.00% | 5.00% |  | 5.00% |  |  |  |
Cash Settlement | Senior notes |  |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |  |
Gain on debt extinguishment |  | $ (8,000,000) |  |  |  |  |  |

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