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INDEBTEDNESS
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying amount, which represents the issuance amount plus or minus any issuance premium or discount, except for certain debt as depicted in the table below, which is recorded at the carrying amount adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
March 31, 2022
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
4.875% 2013 Senior Notes, due 2024
$500 $— $(1)$(1)$498 
5.25% 2014 Senior Notes, due 2044
600 (24)3 (5)574 
1.75% 2015 Senior Notes, due 2027
556 — — (2)554 
2.625% 2017 Senior Notes, due 2023
500 2 — (1)501 
3.25% 2017 Senior Notes, due 2028
500 (16)(3)(2)479 
4.25% 2018 Senior Notes, due 2029
400 (12)(2)(2)384 
4.875% 2018 Senior Notes, due 2048
400 (25)(6)(4)365 
0.950% 2019 Senior Notes, due 2030
835 — (2)(5)828 
3.75% 2020 Senior Notes, due 2025
700 (20)(1)(3)676 
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)(5)582 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 — (9)(5)486 
Total debt$7,991 $(95)$(57)$(53)$7,786 
Current portion(501)
Total long-term debt$7,285 
December 31, 2021
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
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 
(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.
Notes Payable
In the first quarter of 2022, the Company issued the 2022 Senior Notes, due 2052. The key terms of this debt issuance are set forth in the table above.
At March 31, 2022, the Company was in compliance with all covenants contained within all of the debt agreements. All the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of March 31, 2022, there were no such cross defaults.
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 20612022 Senior Notes due 2052Total
2022 (After March 31,)
$— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— 
2023— — — 500 — — — — — — — — — — — $500 
2024500 — — — — — — — — — — — — — — $500 
2025— — — — — — — — 700 — — — — — — $700 
2026— — — — — — — — — — — — — — — $— 
Thereafter— 600 556 — 500 400 400 835 — 300 500 600 600 500 500 $6,291 
Total$500 $600 $556 $500 $500 $400 $400 $835 $700 $300 $500 $600 $600 $500 $500 $7,991 
Interest expense, net
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 March 31,
20222021
Income$2 $3 
Expense on borrowings(48)(41)
Income (expense) on UTPs and other tax related liabilities(2)
(3)35 
Net periodic pension costs - interest component(4)(4)
Interest expense, net$(53)$(7)
Interest paid(1)
$78 $73 
(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 in 2021 includes a $40 million benefit relating to the reversal of tax-related interest accruals pursuant to the resolution of tax matters.
The fair value and carrying value of the Company’s debt as of March 31, 2022 and December 31, 2021 are as follows:
March 31, 2022December 31, 2021
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
4.875% 2013 Senior Notes, due 2024
$498 $516 $498 $538 
5.25% 2014 Senior Notes, due 2044
574 697 591 805 
1.75% 2015 Senior Notes, due 2027
554 565 566 607 
2.625% 2017 Senior Notes, due 2023
501 502 504 509 
3.25% 2017 Senior Notes, due 2028
479 501 503 539 
4.25% 2018 Senior Notes, due 2029
384 420 396 451 
4.875% 2018 Senior Notes, due 2048
365 457 383 526 
0.950% 2019 Senior Notes, due 2030
828 787 846 866 
3.75% 2020 Senior Notes, due 2025
676 713 686 750 
3.25% 2020 Senior Notes, due 2050
293 269 293 311 
2.55% 2020 Senior Notes, due 2060
491 370 491 432 
2.00% 2021 Senior Notes, due 2031
587 531 587 581 
2.75% 2021 Senior Notes, due 2041
582 515 581 579 
3.10% 2021 Senior Notes, due 2061
488 420 488 488 
3.75% 2022 Senior Notes, due 2052
486 492 — — 
Total$7,786 $7,755 $7,413 $7,982 
The fair value of the Company’s long-term debt is estimated based on quoted market prices for similar instruments. Accordingly, the inputs used to estimate the fair value of the Company’s long-term debt are classified as Level 2 inputs within the fair value hierarchy.