Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt consists of the following (in millions):

	As of December 31,
	2021		2020
Series D senior notes, with a rate of 3¾% due October 2023	$	—	$	399
Series E senior notes, with a rate of 4% due June 2025		498		497
Series F senior notes, with a rate of 4½% due February 2026		398		397
Series G senior notes, with a rate of 3⅞% due April 2024		398		398
Series H senior notes, with a rate of 3⅜% due December 2029		641		640
Series I senior notes, with a rate of 3½% due September 2030		735		734
Series J senior notes, with a rate of 2.9% due December 2031		439		—
Total senior notes		3,109		3,065
Credit facility revolver		676		1,474
Credit facility term loan due January 2024		498		498
Credit facility term loan due January 2025		499		499
Mortgage and other debt, with an average interest rate of 4.9% and 8.8% at December 31, 2021 and 2020, respectively, maturing through November 2027		109		5
Total debt	$	4,891	$	5,541

Aggregate Debt Maturities

Aggregate debt maturities, including principal amortization, are as follows (in millions):

	As of December 31,
	2021
2022	$	2
2023		2
2024⁽¹⁾		1,590
2025		1,002
2026		402
Thereafter		1,942
		4,940
Deferred financing costs		(31	)
Unamortized discounts, net		(18	)
Total debt	$	4,891

___________

(1) In February 2022, we repaid the remaining $683 million outstanding on the credit facility revolver that was due in 2024.

Reconciliation between Interest Expense and Cash Interest Paid

The following is a reconciliation between interest expense and cash interest paid (in millions):

	Year ended December 31,
	2021 ⁽²⁾			2020			2019
Interest expense	$	191		$	194		$	222
Amortization of debt premiums/discounts, net		(2	)		(2	)		(1	)
Amortization of deferred financing costs		(8	)		(6	)		(5	)
Non-cash losses on debt extinguishment		(1	)		(1	)		(6	)
Change in accrued interest		3			(2	)		9
Interest paid ⁽¹⁾	$	183		$	183		$	219

___________

(1)Does not include capitalized interest of $4 million, $5 million and $4 million for 2021, 2020 and 2019, respectively.

(2)Interest expense and interest paid includes cash prepayment premiums of approximately $22 million, $35 million and $50 million in 2021, 2020 and 2019, respectively.