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Long-Term Debt (Notes)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following:
June 30, 2021December 31, 2020
Principal
Amount		Unamortized
Discount
and Debt
Issuance
Costs		Net
Long-term
Debt		Principal
Amount		Unamortized
Discount
and Debt
Issuance
Costs		Net
Long-term
Debt
3.60% senior notes due 2022 (the "3.60% 2022 Senior Notes")
$250 $— $250 $250 $(1)$249 
3.60% senior notes due 2026 (the "3.60% 2026 Senior Notes")
750 (6)744 750 (6)744 
Loan related to tax-exempt waste disposal revenue bonds due 202711 — 11 11 — 11 
1.625% senior notes due 2029 (the "1.625% 2029 Senior Notes")
831 (9)822 859 (10)849 
3.375% senior notes due 2030 (the "3.375% 2030 Senior Notes")
300 (4)296 300 (4)296 
3.50% senior notes due 2032 (the "3.50% 2032 GO Zone Refunding Senior Notes")
250 (1)249 250 (1)249 
5.0% senior notes due 2046 (the "5.0% 2046 Senior Notes")
700 (22)678 700 (23)677 
4.375% senior notes due 2047 (the "4.375% 2047 Senior Notes")
500 (9)491 500 (9)491 
8.73% RS Cogen debt due 2022 (the "8.73% 2022 RS Cogen Debt")
30 — 30 — — — 
Term loans due 2026 (the "2026 Term Loans")4 — 4 — — — 
Total long-term debt3,626 (51)3,575 3,620 (54)3,566 
Less:
Current portion of 8.73% 2022 RS Cogen Debt - Classified in Accounts Payable
(20)— (20)— — — 
Long-term debt, net of current portion$3,606 $(51)$3,555 $3,620 $(54)$3,566 
Credit Agreement
The Company has a $1,000 revolving credit facility that is scheduled to mature on July 24, 2023 (the "Credit Agreement"). The Credit Agreement bears interest at either (a) LIBOR plus a spread ranging from 1.00% to 1.75% or (b) Alternate Base Rate plus a spread ranging from 0.00% to 0.75% in each case depending on the credit rating of the Company. At June 30, 2021, the Company had no borrowings outstanding under the Credit Agreement. As of June 30, 2021, the Company had no outstanding letters of credit and had $1,000 of borrowing availability under the Credit Agreement. The Credit Agreement contains certain affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant. As of June 30, 2021, the Company was in compliance with the total leverage ratio financial maintenance covenant. The Credit Agreement also contains certain events of default and if and for so long as certain events of default have occurred and are continuing, any overdue amounts outstanding under the Credit Agreement will accrue interest at an increased rate, the lenders can terminate their commitments thereunder and payments of any outstanding amounts could be accelerated by the lenders.
The Credit Agreement includes a $150 sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility. The Credit Agreement also provides for a discretionary $50 commitment for swingline loans to be provided on a same-day basis. The Company may also increase the size of the facility, in increments of at least $25, up to a maximum of $500, subject to certain conditions and if certain lenders agree to commit to such an increase.
8.73% 2022 RS Cogen Debt
In July 2000, RS Cogen, our 50%-owned joint venture, entered into a $75 aggregate principal amount senior credit facility institutional loan at an interest rate of 8.73%. All of the assets of RS Cogen are pledged as collateral under its senior credit facility. Borrowings under this senior credit facility are repayable quarterly by September 2022. The Company does not guarantee RS Cogen's debt commitments and RS Cogen is not a guarantor for any of the Company's other long-term debt obligations.
2026 Term Loans
In March 2021, Taiwan Chlorine Industries, Ltd., our 60%-owned joint venture, entered into five-year loan agreements for a maximum total limit of approximately $23. The interest rate on these loans at June 30, 2021 was 0.2%. The unsecured loans include a government rate subsidy and have a 5-year maturity.
As of June 30, 2021, the Company was in compliance with all of its long-term debt covenants.
Unamortized debt issuance costs on long-term debt were $26 and $28 at June 30, 2021 and December 31, 2020, respectively.