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INDEBTEDNESS (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
June 30, 2020
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500  $18  $(1) $(1) $516  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (1) 498  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —  4  (5) 599  
1.75% 2015 Senior Notes, due 2027
562  —  —  (3) 559  
2.75% 2017 Senior Notes, due 2021
500  19  —  (1) 518  
2.625% 2017 Senior Notes, due 2023
500  15  (1) (2) 512  
3.25% 2017 Senior Notes, due 2028
500  35  (4) (3) 528  
4.25% 2018 Senior Notes, due 2029
400  —  (3) (3) 394  
4.875% 2018 Senior Notes, due 2048
400  —  (7) (4) 389  
0.950% 2019 Senior Notes, due 2030
842  —  (3) (6) 833  
3.75% 2020 Senior Notes, due 2025
700  —  (1) (5) 694  
3.25% 2020 Senior Notes, due 2050
300  —  (4) (3) 293  
Total long-term debt$6,304  $87  $(21) $(37) $6,333  

December 31, 2019
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500  $9  $(1) $(1) $507  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (2) 497  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —  4  (5) 599  
1.75% 2015 Senior Notes, due 2027
561  —  —  (3) 558  
2.75% 2017 Senior Notes, due 2021
500  11  (1) (2) 508  
2.625% 2017 Senior Notes, due 2023
500  7  (1) (2) 504  
3.25% 2017 Senior Notes, due 2028
500  —  (4) (3) 493  
3.25% 2018 Senior Notes, due 2021
300  —  —  (1) 299  
4.25% 2018 Senior Notes, due 2029
400  —  (3) (3) 394  
4.875% 2018 Senior Notes, due 2048
400  —  (7) (4) 389  
0.950% 2019 Senior Notes, due 2030
842  —  (3) (6) 833  
Total long-term debt$5,603  $27  $(17) $(32) $5,581  
(1) The Company has entered into interest rate swaps on the 2012 Senior Notes, the 2017 Senior Notes due 2021, the 2017 Senior Notes due 2023 and the 2017 Senior Notes due 2028 which are more fully discussed in Note 10 above. These amounts represent the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.
Principal Payments Due on Long-Term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,2012 Senior Notes due 20222013 Senior Notes due 2024
2014 Senior Notes (30-Year) due 2044
2015 Senior Notes due 20272017 Senior Notes due 20212017 Senior Notes due 20232017 Senior Notes due 20282018 Senior Notes due 20292018 Senior Notes due 20482019 Senior Notes due 20302020 Senior Notes due 20252020 Senior Notes due 2050Total
2020 (After June 30,)
$—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  
2021—  —  —  —  500  —  —  —  —  —  —  —  $500  
2022500  —  —  —  —  —  —  —  —  —  —  —  $500  
2023—  —  —  —  —  500  —  —  —  —  —  —  $500  
2024—  500  —  —  —  —  —  —  —  —  —  —  $500  
Thereafter—  —  600  562  —  —  500  400  400  842  700  300  $4,304  
Total$500  $500  $600  $562  $500  $500  $500  $400  $400  $842  $700  $300  $6,304  
Summary of Components of Interest as Presented in Consolidated Statements of Operations
The following table summarizes the components of interest as presented in the consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
Income$3  $4  $7  $9  
Expense on borrowings(48) (42) (79) (88) 
UTPs and other tax related liabilities(10) (8) (18) (13) 
Net periodic pension costs - interest component(5) (5) (10) (11) 
Total$(60) $(51) $(100) $(103) 
Interest Paid
The following table shows the cash paid for interest:
Six Months Ended
June 30,
20202019
Interest paid
$72  $98  
Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of June 30, 2020 and December 31, 2019 are as follows:
June 30, 2020December 31, 2019
Carrying Amount
Estimated Fair Value
Carrying Amount
Estimated Fair Value
4.50% 2012 Senior Notes, due 2022
$516  $537  $507  $531  
4.875% 2013 Senior Notes, due 2024
498  565  497  551  
5.25% 2014 Senior Notes (30-Year), due 2044
599  830  599  757  
1.75% 2015 Senior Notes, due 2027
559  606  558  604  
2.75% 2017 Senior Notes, due 2021
518  515  508  507  
2.625% 2017 Senior Notes, due 2023
512  523  504  507  
3.25% 2017 Senior Notes, due 2028
528  543  493  523  
3.25% 2018 Senior Notes, due 2021
—  —  299  306  
4.25% 2018 Senior Notes, due 2029
394  475  394  453  
4.875% 2018 Senior Notes, due 2048
389  532  389  492  
0.950% 2019 Senior Notes, due 2030
833  859  833  847  
3.75% 2020 Senior Notes, due 2025
694  790  —  —  
3.25% 2020 Senior Notes, due 2050
293  322  —  —  
Total
$6,333  $7,097  $5,581  $6,078