December 31, 2019

December 31, 2018

Carrying

Fair

Carrying

Fair

(in millions)

Amount

Value

Amount

Value

3.2% senior notes due October 1, 2026

$

497

$

491

$

496

$

462

4.625% senior notes due November 1, 2020

400

399

409

6.625% senior notes due April 15, 2037

253

246

254

295

5.62% senior notes due March 25, 2020

200

205

Term loan credit agreement due April 25, 2019

—

165

Term loan credit agreement due April 12, 2021

405

—

Revolving credit facility

10

418

Fair value adjustment related to hedged fixed rate debt instrument

1

—

(1)

—

Long-term debt

1,766

1,751

1,931

1,954

Short-term borrowings

82

169

Total debt

$

1,848

$

1,833

$

2,100

$

2,123