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Long-Term Debt (Notes)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following:
March 31, 2022December 31, 2021
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 $— $250 
0.875% senior notes due 2024 (the "0.875% 2024 Senior Notes")
300 (2)298 300 (2)298 
3.60% senior notes due 2026 (the "3.60% 2026 Senior Notes")
750 (5)745 750 (5)745 
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")
778 (8)770 794 (8)786 
3.375% senior notes due 2030 (the "3.375% 2030 Senior Notes")
300 (3)297 300 (4)296 
3.50% senior notes due 2032 (the "3.50% 2032 GO Zone Refunding Senior Notes")
250 (1)249 250 (1)249 
2.875% senior notes due 2041 (the "2.875% 2041 Senior Notes")
350 (11)339 350 (11)339 
5.0% senior notes due 2046 (the "5.0% 2046 Senior Notes")
700 (21)679 700 (22)678 
4.375% senior notes due 2047 (the "4.375% 2047 Senior Notes")
500 (8)492 500 (8)492 
3.125% senior notes due 2051 (the "3.125% 2051 Senior Notes")
600 (23)577 600 (23)577 
3.375% senior notes due 2061 (the "3.375% 2061 Senior Notes")
450 (19)431 450 (19)431 
8.73% RS Cogen debt due 2022 (the "8.73% 2022 RS Cogen Debt")
14 — 14 19 — 19 
Term loans due 2026 (the "2026 Term Loans")14 — 14 9 — 9 
Total long-term debt5,267 (101)5,166 5,283 (103)5,180 
Less current portion:
3.60% 2022 Senior Notes
(250)— (250)(250)— (250)
8.73% 2022 RS Cogen Debt
(14)— (14)(19)— (19)
Long-term debt, net of current portion$5,003 $(101)$4,902 $5,014 $(103)$4,911 
Unamortized debt issuance costs on long-term debt were $41 and $42 at March 31, 2022 and December 31, 2021, respectively.
As of March 31, 2022, the Company was in compliance with all of its long-term debt covenants.
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 March 31, 2022, the Company had no borrowings outstanding under the Credit Agreement. As of March 31, 2022, 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 March 31, 2022, 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.
Redemption of 3.60% Senior Notes Due 2022
During April 2022, the Company provided notice to the trustee of the 3.60% 2022 Senior Notes that the Company has elected to redeem all of the outstanding 3.60% 2022 Senior Notes on May 14, 2022 (the "Redemption Date") pursuant to its optional redemption right under the indenture governing the 3.60% 2022 Senior Notes. The redemption price will be equal to 100% of the principal amount of the 3.60% 2022 Senior Notes, plus accrued and unpaid interest on the 3.60% 2022 Senior Notes to the Redemption Date.