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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Debt is comprised of the following at the dates indicated (in millions):
March 31, 2022December 31, 2021
3.85% senior notes due 2023
$1,087 $1,086 
4.00% senior notes due 2024
200 200 
4.875% senior notes due 2025
495 494 
3.90% senior notes due 2025
47 47 
4.20% senior notes due 2026
1,976 1,975 
5.375% senior notes due 2036
417 417 
5.50% senior notes due 2046
658 658 
Other debt3 9 
Total debt
4,883 4,886 
Short-term debt and current portion of long-term debt(3)(3)
Long-term debt$4,880 $4,883 

Senior Notes

On February 11, 2022, S&P Global Inc. (“S&P”) upgraded the Company’s debt rating to “BBB-” from “BB+” as S&P believed the Company has been able to achieve S&P’s target debt level. As a result of this upgrade, the Company is now in a position to access the commercial paper market, up to a maximum of $800 million, provided there is a sufficient amount available for borrowing under the Credit Revolver (defined hereafter). In addition, the interest rate on the relevant senior notes decreased by 25 basis points due to the upgrade, reducing the Company’s interest expense by approximately $10 million on an annualized basis (approximately $8 million in 2022). However, certain of the Company’s outstanding senior notes aggregating to approximately $4.2 billion are still subject to an interest rate adjustment of 25 basis points in connection with the Moody’s Corporation (“Moody’s”) downgraded debt rating in 2020.

Receivables Facility

The Company maintains an Accounts Receivable Securitization Facility (the “Securitization Facility”). The aggregate commitment under the Securitization Facility is $600 million. The Securitization Facility matures in October 2022 and bears interest at a margin over a variable interest rate. The maximum availability under the Securitization Facility fluctuates based on eligible accounts receivable balances. At March 31, 2022, the Company did not have any amounts outstanding under the Securitization Facility.

Revolving Credit Facility

The Company has a $1.25 billion revolving credit facility that matures in December 2023 (the “Credit Revolver”). At March 31, 2022, the Company did not have any amounts outstanding under the Credit Revolver.

Other

The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):
March 31, 2022December 31, 2021
Fair ValueBook ValueFair ValueBook Value
Senior notes$5,010 $4,880 $5,477 $4,877 

The carrying amounts of all other significant debt approximates fair value.