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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
Revolving Credit Facility
As of December 31, 2021, we had no borrowings against our $3.1 billion unsecured revolving credit facility (“Credit Facility”).

On June 21, 2021, we executed the sixth amendment to our Credit Facility. The primary changes resulting from this amendment are (i) increasing the size of the Credit Facility from $3.0 billion to $3.1 billion, (ii) extending the maturity of the commitments of certain consenting lenders from May 28, 2023 to June 21, 2024 (with the remaining commitment of a single non-consenting lender to mature on May 28, 2023, at which time the size of the Credit Facility will be reduced to $3.0 billion) and (iii) including certain other provisions and revisions, including provisions to provide for the eventual replacement of LIBOR as a benchmark interest rate.
The Credit Facility includes a covenant requiring our total debt to total capitalization ratio not to exceed 65% as of the last day of each fiscal quarter. In the event of a default, the lenders holding more than half of the commitments may terminate the commitments under the Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Credit Facility. As of December 31, 2021, we were in compliance with this covenant with a ratio of 20%.
Long-term debt
The following table details our long-term debt:
 December 31,
(In millions)20212020
Senior unsecured notes:
2.800% notes due 2022
$— $500 
9.375% notes due 2022(a)
32 32 
Series A notes due 2022(a)
3 3 
8.500% notes due 2023(a)
70 70 
8.125% notes due 2023(a)
131 131 
3.850% notes due 2025
— 900 
4.400% notes due 2027(b)
1,000 1,000 
6.800% notes due 2032(b)
550 550 
6.600% notes due 2037(b)
750 750 
5.200% notes due 2045(b)
500 500 
Bonds:(c)
2.00% bonds due 2037
200 200 
2.10% bonds due 2037
200 200 
2.20% bonds due 2037
200 200 
2.125% bonds due 2037
200 200 
2.375% bonds due 2037
200 200 
Total4,036 5,436 
Unamortized discount(3)(5)
Unamortized debt issuance cost(19)(27)
Total long-term debt$4,014 $5,404 
(a)In the event of a change in control, as defined in the related agreements, debt obligations totaling $236 million at December 31, 2021 may be declared immediately due and payable
(b)These notes contain a make-whole provision allowing us to repay the debt at a premium to market price.
(c)Mandatory purchase dates for these bonds: April 1, 2023 for the 2.00% bonds; July 1, 2024 for the 2.10% bonds and 2.125% bonds; July 1, 2026 for the 2.20% bonds and 2.375% bonds. Subsequent to the various mandatory purchase dates, we will also have the right to convert and remarket these any time up to the 2037 maturity date.
The following table shows future debt payments:
(In millions)
2022$35 
2023401 
2024400 
2025— 
2026400 
Thereafter2,800 
Total long-term debt, including current portion$4,036 
Debt Redemption

On March 30, 2021, we sent an irrevocable notice of redemption to the trustee to fully redeem our outstanding $500 million 2.8% Senior Notes due 2022 (“2022 Notes”). The 2022 Notes were redeemed on April 29, 2021 and as a result of the settlement, we incurred $19 million in costs related to a make-whole provision premium and the write off of unamortized discount and issuance costs.
On August 4, 2021, we sent an irrevocable notice of redemption to the trustee to fully redeem our outstanding $900 million 3.85% Senior Notes due 2025 (“2025 Notes”). The 2025 Notes were redeemed on September 7, 2021 and as a result of the redemption, we incurred $102 million in costs related to the make-whole provision premium and the write off of unamortized discount and issuance costs.