Debt

3 Months Ended

Mar. 31, 2020

Debt

Debt

7. Debt

As of March 31, 2020 and December 31, 2019, the Company’s total debt consisted of the following:

	As of		As of
(in millions)	March 31, 2020		December 31, 2019
3.2% senior notes due October 1, 2026	$	497	$	497
4.625% senior notes due November 1, 2020		400		400
6.625% senior notes due April 15, 2037		253		253
5.62% senior notes due March 25, 2020		—		200
Term loan credit agreement due April 12, 2021		405		405
Revolving credit facility		312		10
Fair value adjustment related to hedged fixed rate debt instruments		4		1
Long-term debt		1,871		1,766
Short-term borrowings		77		82
Total debt	$	1,948	$	1,848

During the first quarter of 2020, the Company used proceeds from the revolving credit facility (“Revolving Credit Facility”) to refinance $200 million of 5.62% senior notes due March 25, 2020. The Company’s long-term debt as of March 31, 2020 includes the 4.625% senior notes due November 1, 2020, as the Company has the ability and intent to refinance the senior notes on a long-term basis using the Revolving Credit Facility or other sources prior to the maturity date.