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INDEBTEDNESS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
December 31, 2021
Principal Amount
Fair Value of Interest Rate Swaps(1)
Unamortized (Discount) PremiumUnamortized Debt Issuance CostsCarrying Value
Notes Payable:
4.875% 2013 Senior Notes, due 2024
$500 $— $(1)$(1)$498 
5.25% 2014 Senior Notes, due 2044
600 (7)3 (5)591 
1.75% 2015 Senior Notes, due 2027
568 — — (2)566 
2.625% 2017 Senior Notes, due 2023
500 5 — (1)504 
3.25% 2017 Senior Notes, due 2028
500 8 (3)(2)503 
4.25% 2018 Senior Notes, due 2029
400 — (2)(2)396 
4.875% 2018 Senior Notes, due 2048
400 (7)(6)(4)383 
0.950% 2019 Senior Notes, due 2030
853 — (2)(5)846 
3.75% 2020 Senior Notes, due 2025
700 (9)(1)(4)686 
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 Notes, due 2031
600 — (8)(5)587 
2.75% 2021 Senior Notes, due 2041
600 — (13)(6)581 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
Total long-term debt$7,521 $(10)$(48)$(50)$7,413 
December 31, 2020
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) PremiumUnamortized Debt Issuance CostsCarrying Value
Notes Payable:
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.
Schedule of Credit Facilities The following summarizes information relating to the Company's revolving credit facilities:
December 31, 2021December 31, 2020
Issue DateCapacityMaturityDrawnUndrawnDrawnUndrawn
2018 Credit FacilityNovember 14, 2018$1,000 November 13, 2023 (Terminated in 2021)$— $— $— $1,000 
2021 Credit FacilityDecember 17, 2021$1,250 December 17, 2026$— $1,250 $— $— 
Principal Payments Due on Long-term Borrowings The repayment schedule for the Company’s borrowings is as follows:
Year Ending
December 31,		2013 Senior Notes due 20242014 Senior Notes due 20442015 Senior Notes due 20272017 Senior Notes due 20232017 Senior Notes due 20282018 Senior Notes due 20292018 Senior Notes due 20482019 Senior Notes due 20302020 Senior Notes due 20252020 Senior Notes due 20502020 Senior Notes due 20602021 Senior Notes due 20312021 Senior Notes due 20412021 Senior Notes due 2061Total
2022$— $— $— $— $— $— $— $— $— $— $— $— $— $— $— 
2023— — — 500 — — — — — — — — — — $500 
2024500 — — — — — — — — — — — — — $500 
2025— — — — — — — — 700 — — — — — $700 
2026— — — — — — — — — — — — — — $— 
Thereafter— 600 568 — 500 400 400 853 — 300 500 600 600 500 5,821 
Total$500 $600 $568 $500 $500 $400 $400 $853 $700 $300 $500 $600 $600 $500 $7,521 
Summary of Components of Interest as Presented in Consolidated Statements of Operations
The following table summarizes the components of interest as presented in the consolidated statements of operations:
Year Ended December 31,
202120202019
Expense on borrowings$(185)$(163)$(176)
Expense on UTPs and other tax related liabilities(1)
21 (34)(28)
Net periodic pension costs—interest component (16)(19)(22)
Income9 11 17 
Capitalized— — 1 
Total$(171)$(205)$(208)
Interest paid (2)
$162 $132 $167 
(1)The amount for the year ended December 31, 2021 includes a $45 million benefit relating to the reversal of tax-related interest accruals pursuant to the resolution of tax matters.
(2)Interest paid includes net settlements on interest rate swaps more fully discussed in Note 7.
Fair Value and Carrying Value of Long-term Debt The fair value and carrying value of the Company’s debt as of December 31, 2021 and 2020 are as follows:
December 31, 2021December 31, 2020
Carrying AmountEstimated Fair
Value		Carrying AmountEstimated Fair
Value
4.50% 2012 Senior Notes, due 2022
$— $— $512 $530 
4.875% 2013 Senior Notes, due 2024
498 538 498 562 
5.25% 2014 Senior Notes, due 2044
591 805 598 828 
1.75% 2015 Senior Notes, due 2027
566 607 610 674 
2.625% 2017 Senior Notes, due 2023
504 509 510 522 
3.25% 2017 Senior Notes, due 2028
503 539 524 561 
4.25% 2018 Senior Notes, due 2029
396 451 394 480 
4.875% 2018 Senior Notes, due 2048
383 526 390 544 
0.950% 2019 Senior Notes, due 2030
846 866 909 974 
3.75% 2020 Senior Notes, due 2025
686 750 693 785 
3.25% 2020 Senior Notes, due 2050
293 311 293 329 
2.55% 2020 Senior Notes, due 2060
491 432 491 467 
2.00% 2021 Senior Notes, due 2031
587 581 — — 
2.75% 2021 Senior Notes, due 2041
581 579 — — 
3.10% 2021 Senior Notes, due 2061
488 488 — — 
Total$7,413 $7,982 $6,422 $7,256