LINES OF CREDIT

12 Months Ended

Dec. 31, 2023

Short-Term Debt, Other Disclosure [Abstract]

LINES OF CREDIT

NOTE 10: LINE OF CREDIT

OUR LINE OF CREDIT

In March 2023, we entered into a new $1.5 billion five-year senior unsecured revolving credit facility, which expires in March 2028 and replaced the existing facility which was set to expire in January 2025. Borrowings will bear interest at a floating rate based on either the adjusted term Secured Overnight Financing Rate (SOFR) plus a spread or a mutually agreed upon base rate plus a spread. As of December 31, 2023 and 2022, we had no outstanding borrowings on the revolving credit facility and had our full $1.5 billion available. We were in compliance with the revolving credit facility covenants as of December 31, 2023 and December 31, 2022.

LETTERS OF CREDIT AND SURETY BONDS

The amounts of letters of credit and surety bonds we have entered into as of the end of the last two years are included in the following table:

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31,  2023		DECEMBER 31,  2022
Letters of credit	$	34	$	34
Surety bonds	$	129	$	121

Our compensating balance requirement for our letters of credit was $3 million as of December 31, 2023 and $4 million as of December 31, 2022.