Debt and Lines of Credit

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt and Lines of Credit

Debt and Lines of Credit

Debt consisted of the following:

(in millions)	March 31, 2022		December 31, 2021
Borrowings under credit facility	$	—	$	—
Current:
2023 Notes	$	187	$	—
Other borrowings	27		18
Total current	$	214	$	18
Long-term:
Senior Notes
2023 Notes	$	—	$	193
2024 Notes	381		381
Unamortized discount on 2024 Notes	(1)		(1)
Unamortized deferred financing costs	(1)		(1)
2028 Notes	600		600
Unamortized discount on 2028 Notes	(1)		(1)
Unamortized deferred financing costs	(3)		(3)
Other long-term borrowings	7		6
Total long-term	$	982	$	1,174

Credit Facility

As of March 31, 2022, letters of credit totaling $393 million were outstanding under our $1.8 billion credit facility, which matures in February 2025. The credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.0, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.25 billion, defined in the amended credit facility, which may be reduced to $1.00 billion upon the repayment of debt. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of our U.S. assets. Borrowings under the facility, which may be denominated in USD, EUR, GBP or CAD, bear interest at a base rate, plus an applicable borrowing margin. As of March 31, 2022, our credit agreement limited our borrowings under the facility to $806 million.

Uncommitted Lines of Credit

As of March 31, 2022, letters of credit totaling $863 million were outstanding under uncommitted lines of credit.