XML 46 R22.htm IDEA: XBRL DOCUMENT v3.22.4
DEBT
12 Months Ended
Dec. 31, 2022
Debt Instruments [Abstract]  
DEBT DEBT
    Long-term debt (including finance lease obligations) as of December 31, 2022 and 2021 consisted of the following:
20222021
4.25% Senior Notes due April 2024
$306 $311 
3.50% Senior Notes due March 2025
612 616 
3.45% Senior Notes due June 2026
508 510 
4.20% Senior Notes due June 2029
499 499 
2.95% Senior Notes due June 2030
799 798 
2.80% Senior Notes due June 2031
549 549 
6.95% Senior Notes due July 2037
175 175 
5.75% Senior Notes due January 2040
245 245 
4.70% Senior Notes due March 2045
300 300 
Other34 
Debt issuance costs(22)(25)
Total long-term debt3,980 4,012 
Less: Current portion of long-term debt
Total long-term debt, net of current portion$3,978 $4,010 

    Finance Lease

    During the year ended December 31, 2022, the Company amended a real estate lease and, based on the updated terms, the classification of the lease changed from a finance lease to an operating lease. As of December 31, 2021, the $25 million carrying value of the finance lease was included in "other" in the table above.

    Secured Receivables Credit Facility
    
    During October 2022, the Company amended its secured receivables credit facility (the “Secured Receivables Credit Facility”), previously amended in October 2021, to extend the maturity dates for each underlying commitment by one year, while decreasing the aggregate borrowing capacity under the facility from $600 million to $525 million. Under the Secured Receivables Credit Facility, the Company can borrow against a $425 million loan commitment, half of which matures in October 2023 and half of which matures in October 2024. Additionally, the Company can issue up to $100 million of letters of credit (see Note 19) through October 2024. Borrowings under the Secured Receivables Credit Facility are collateralized by certain domestic receivables. Interest on borrowings under the facility is based on either commercial paper rates for highly-rated issuers or the Term Secured Overnight Financing Rate, plus a spread of 0.725% to 0.80%. The Secured Receivables Credit Facility is subject to customary affirmative and negative covenants and certain financial covenants with respect to the receivables that comprise the borrowing base and secure the borrowings under the facility. As of both December 31, 2022 and 2021, there were no outstanding borrowings under the Secured Receivables Credit Facility.
    
    Senior Unsecured Revolving Credit Facility

    The Company is party to a $750 million senior unsecured revolving credit facility (the “Credit Facility” or "Senior Unsecured Revolving Credit Facility") which matures in November 2026. Under the Credit Facility, the Company can issue letters of credit totaling $150 million (see Note 19). Issued letters of credit reduce the available borrowing capacity under the Credit Facility. Interest on the Credit Facility is based on certain published rates plus an applicable margin based on changes in the Company's public debt ratings. At the option of the Company, it may elect to lock into LIBOR-based interest rates for periods up to six months. Interest on any outstanding amounts not covered under LIBOR-based interest rate contracts is based on an alternate base rate, which is calculated by reference to the prime rate, the federal funds rate or an adjusted LIBOR rate. As of December 31, 2022, the Company's borrowing rate for LIBOR-based loans under the Credit Facility was LIBOR plus 1.00%. The Credit Facility contains various covenants, including the maintenance of a financial leverage ratio, which could impact the Company's ability to, among other things, incur additional indebtedness. As of both December 31, 2022 and 2021, there were no outstanding borrowings under the Senior Unsecured Revolving Credit Facility.

    Senior Notes

    All of the senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. None of the Company's senior notes have a sinking fund requirement.

    The Company may redeem its outstanding senior notes prior to scheduled maturity, as a whole or in part, at a redemption price equal to the present value of the remaining scheduled payments of principal and interest, except for certain notes for which the Company also has an option to redeem such instruments at par value on or after dates specified in the indentures governing the notes ("the par value redemption option").  For notes with the par value redemption option, if such notes are redeemed prior to the specified dates, the redemption price calculations exclude any interest that would have been due after such dates.
            
    Maturities of Long-Term Debt    

    As of December 31, 2022, long-term debt matures as follows:
Year Ending December 31,
2023$
2024302 
2025601 
2026502 
2027
Thereafter2,576 
Total maturities of long-term debt3,985 
Unamortized discount(9)
Debt issuance costs(22)
Fair value basis adjustments attributable to hedged debt26 
Total long-term debt3,980 
Less: Current portion of long-term debt
Total long-term debt, net of current portion$3,978