LINES OF CREDIT

12 Months Ended

Dec. 31, 2021

Short Term Debt Other Disclosures [Abstract]

LINES OF CREDIT

NOTE 11: LINE OF CREDIT

OUR LINE OF CREDIT

In January 2020, we refinanced and extended our $1.5 billion five-year senior unsecured revolving credit facility, which expires in January 2025. Borrowings are at LIBOR plus a spread or at other interest rates mutually agreed upon between the borrower and the lending banks. As of December 31, 2021 and 2020, 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, 2021 and December 31, 2020.

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, 2021		DECEMBER 31, 2020
Letters of credit	$	34	$	36
Surety bonds	$	136	$	130

Our compensating balance requirement for our letters of credit was $4 million as of December 31, 2021 and $3 million as of December 31, 2020.