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Debt | 3 Months Ended
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Mar. 31, 2021
Debt |
Debt | 7. Debt ​ Presented below are the Company’s debt carrying amounts, net of related discounts, premiums, and debt issuance costs as of March 31, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of | ​
(in millions) | ​ | March 31, 2021 | ​ | December 31, 2020 | ​
2.900% senior notes due June 1, 2030 | ​ | $ | 594 | ​ | $ | 594 | ​
3.200% senior notes due October 1, 2026 | ​ | ​ | 497 | ​ | ​ | 497 | ​
3.900% senior notes due June 1, 2050 | ​ | ​ | 390 | ​ | ​ | 390 | ​
6.625% senior notes due April 15, 2037 | ​ | ​ | 253 | ​ | ​ | 253 | ​
Revolving credit facility | ​ | ​ | — | ​ | ​ | — | ​
Other long-term borrowings | ​ | ​ | 15 | ​ | ​ | 14 | ​
Total long-term debt | ​ | ​ | 1,749 | ​ | ​ | 1,748 | ​
Term loan credit agreement due April 12, 2021 | ​ | ​ | — | ​ | ​ | 380 | ​
Amended term loan credit agreement due March 15, 2022 | ​ | ​ | 380 | ​ | ​ | — | ​
Other short-term borrowings | ​ | ​ | 68 | ​ | ​ | 58 | ​
Total short-term borrowings | ​ | ​ | 448 | ​ | ​ | 438 | ​
Total debt | ​ | $ | 2,197 | ​ | $ | 2,186 | ​
​ On March 16, 2021, the Company amended and restated its term loan credit agreement (the “Amended Term Loan Credit Agreement”). The Amended Term Loan Credit Agreement restates the previous agreement by extending the maturity date of the borrowings under the previous agreement until March 15, 2022. No new borrowings under the Amended Term Loan Credit Agreement were incurred in connection with the amendment and restatement. Borrowings under the Amended Term Loan Credit Agreement bear interest at a variable annual rate based on London Interbank Offering Rate (“LIBOR”) or a base rate, at the Company’s election, subject to the terms and conditions thereof, plus, in each case, an applicable margin. The Amended Term Loan Credit Agreement reduces the applicable interest rate margin for loans accruing interest based on LIBOR from 0.80 percent to 0.75 percent. The Company is required to pay a fee on the unused availability under the Amended Term Loan Credit Agreement. The Amended Term Loan Credit Agreement contains customary representations, warranties, covenants and events of default, including covenants restricting the incurrence of liens, the incurrence of indebtedness by the Company’s subsidiaries and certain fundamental changes involving the Company and its subsidiaries, subject to certain exceptions in each case. The Company must also maintain a specified maximum consolidated leverage ratio and a specified minimum consolidated interest coverage ratio. As of March 31, 2021, the Company was in compliance with these financial covenants. The occurrence of an event of default under the Amended Term Loan Credit Agreement could result in all loans and other obligations being declared due and payable and the term loan credit facility being terminated. ​ Other short-term borrowings as of March 31, 2021 and December 31, 2020, primarily include amounts outstanding under various unsecured local country operating lines of credit.

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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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