INDEBTEDNESS (Tables)

9 Months Ended

Sep. 30, 2021

The following table summarizes total indebtedness:


September 30, 2021
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	$	7	$	—	$	—	$	507
4.875% 2013 Senior Notes, due 2024	500		(5)		(1)		(1)		493
5.25% 2014 Senior Notes, due 2044	600		(4)		3		(5)		594
1.75% 2015 Senior Notes, due 2027	579		—		—		(2)		577
2.625% 2017 Senior Notes, due 2023	500		8		—		(1)		507
3.25% 2017 Senior Notes, due 2028	500		15		(3)		(3)		509
4.25% 2018 Senior Notes, due 2029	400		—		(2)		(2)		396
4.875% 2018 Senior Notes, due 2048	400		—		(6)		(4)		390
0.950% 2019 Senior Notes, due 2030	869		—		(2)		(5)		862
3.75% 2020 Senior Notes, due 2025	700		(5)		(1)		(4)		690
3.25% 2020 Senior Notes, due 2050	300		—		(4)		(3)		293
2.55% 2020 Senior Notes, due 2060	500		—		(4)		(5)		491
2.00% 2021 Senior Note, due 2031	600		—		(8)		(5)		587
2.75% 2021 Senior Note, due 2041	600		—		(14)		(6)		580

Total debt	$	7,548	$	16	$	(42)	$	(46)	$	7,476
Current portion									(507)
Total long-term debt									$	6,969


December 31, 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	$	14	$	(1)	$	(1)	$	512
4.875% 2013 Senior Notes, due 2024	500		—		(1)		(1)		498
5.25% 2014 Senior Notes, due 2044	600		—		3		(5)		598
1.75% 2015 Senior Notes, due 2027	612		—		—		(2)		610
2.625% 2017 Senior Notes, due 2023	500		12		—		(2)		510
3.25% 2017 Senior Notes, due 2028	500		31		(4)		(3)		524
4.25% 2018 Senior Notes, due 2029	400		—		(3)		(3)		394
4.875% 2018 Senior Notes, due 2048	400		—		(6)		(4)		390
0.950% 2019 Senior Notes, due 2030	918		—		(3)		(6)		909
3.75% 2020 Senior Notes, due 2025	700		(1)		(1)		(5)		693
3.25% 2020 Senior Notes, due 2050	300		—		(4)		(3)		293
2.55% 2020 Senior Notes, due 2060	500		—		(4)		(5)		491
Total long-term debt	$	6,430	$	56	$	(24)	$	(40)	$	6,422

(1) The fair value of interest rate swaps in the table above represents 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 2022		2013 Senior Notes due 2024		2014 Senior Notes due 2044		2015 Senior Notes due 2027		2017 Senior Notes due 2023		2017 Senior Notes due 2028		2018 Senior Notes due 2029		2018 Senior Notes due 2048		2019 Senior Notes due 2030		2020 Senior Notes due 2025		2020 Senior Notes due 2050		2020 Senior Notes due 2060		2021 Senior Notes due 2031		2021 Senior Notes due 2041		Total
2021 (After September 30,)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2022	500		—		—		—		—		—		—		—		—		—		—		—		—		—		$	500
2023	—		—		—		—		500		—		—		—		—		—		—		—		—		—		$	500
2024	—		500		—		—		—		—		—		—		—		—		—		—		—		—		$	500
2025	—		—		—		—		—		—		—		—		—		700		—		—		—		—		$	700
Thereafter	—		—		600		579		—		500		400		400		869		—		300		500		600		600		$	5,348
Total	$	500	$	500	$	600	$	579	$	500	$	500	$	400	$	400	$	869	$	700	$	300	$	500	$	600	$	600	$	7,548

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 and the cash paid for interest:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Income	$	3	$	2	$	7	$	9
Expense on borrowings	(47)		(42)		(129)		(121)
Income (expense) on UTPs and other tax related liabilities(2)	(5)		(9)		25		(27)
Net periodic pension costs - interest component	(4)		(4)		(12)		(14)
Interest expense, net	$	(53)	$	(53)	$	(109)	$	(153)
Interest paid(1)	$	53	$	47	$	139	$	119

(1) Interest paid includes net settlements on interest rate swaps more fully discussed in Note 9.

(2) Income (expense) on UTPs and other tax related liabilities for the nine months ended September 30, 2021 includes a $40 million benefit relating to the reversal of tax-related interest accruals pursuant to the resolution of tax matters.

Fair Value and Carrying Value of Long-Term Debt

The fair value and carrying value of the Company’s debt as of September 30, 2021 and December 31, 2020 are as follows:


	September 30, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
4.50% 2012 Senior Notes, due 2022	$	507	$	515	$	512	$	530
4.875% 2013 Senior Notes, due 2024	493		545		498		562
5.25% 2014 Senior Notes, due 2044	594		808		598		828
1.75% 2015 Senior Notes, due 2027	577		629		610		674
2.625% 2017 Senior Notes, due 2023	507		514		510		522
3.25% 2017 Senior Notes, due 2028	509		544		524		561
4.25% 2018 Senior Notes, due 2029	396		460		394		480
4.875% 2018 Senior Notes, due 2048	390		526		390		544
0.950% 2019 Senior Notes, due 2030	862		898		909		974
3.75% 2020 Senior Notes, due 2025	690		761		693		785
3.25% 2020 Senior Notes, due 2050	293		309		293		329
2.55% 2020 Senior Notes, due 2060	491		437		491		467
2.00% 2021 Senior Note, due 2031	587		588		—		—
2.75% 2021 Senior Note, due 2041	580		584		—		—
Total	$	7,476	$	8,118	$	6,422	$	7,256