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Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Financing Arrangements

Schedule of debt


		December 31, 2020						December 31, 2019
		Carrying			Fair			Carrying			Fair
(in millions)		Amount			Value			Amount			Value
2.900% senior notes due June 1, 2030		$	594		$	596		$	—		$	—
3.200% senior notes due October 1, 2026			497			500			497			491
3.900% senior notes due June 1, 2050			390			395			—			—
4.625% senior notes due November 1, 2020			—			—			400			399
6.625% senior notes due April 15, 2037			253			246			253			246
5.620% senior notes due March 25, 2020			—			—			200			200
Term loan credit agreement due April 12, 2021			—			—			405			405
Other long-term borrowings			14			14			—			—
Revolving credit facility			—			—			10			10
Fair value adjustment related to hedged fixed rate debt instrument			—			—			1			—
Total long-term debt			1,748			1,751			1,766			1,751
Term loan credit agreement due April 12, 2021			380			380			—			—
Other short-term borrowings			58			58			82			82
Total short-term borrowings			438			438			82			82
Total debt		$	2,186		$	2,189		$	1,848		$	1,833