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Long-Term Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following:
September 30, 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 
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 (4)746 750 (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")
686 (7)679 794 (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 (22)578 600 (23)577 
3.375% senior notes due 2061 (the "3.375% 2061 Senior Notes")
450 (18)432 450 (19)431 
8.73% RS Cogen debt due 2022 (the "8.73% 2022 RS Cogen Debt")
6 — 6 19 — 19 
Term loans due 2026 (the "2026 Term Loans")13 — 13 9 — 9 
Total long-term debt4,916 (97)4,819 5,283 (103)5,180 
Less current portion:
3.60% 2022 Senior Notes
— — — (250)— (250)
8.73% 2022 RS Cogen Debt
(6)— (6)(19)— (19)
Long-term debt, net of current portion$4,910 $(97)$4,813 $5,014 $(103)$4,911 
Unamortized debt issuance costs on long-term debt were $41 and $42 at September 30, 2022 and December 31, 2021, respectively.
As of September 30, 2022, the Company was in compliance with all of its long-term debt covenants.
New Credit Agreement
On June 9, 2022, the Company entered into a new $1,500 revolving credit facility that is scheduled to mature on June 9, 2027 (the "New Credit Agreement") and, in connection therewith, terminated the Company's existing revolving credit agreement. The New Credit Agreement bears interest at either (a) Adjusted Term Secured Overnight Financing Rate (as defined in the New Credit Agreement) plus a margin ranging from 1.000% to 1.625% per annum or (b) Alternate Base Rate (as defined in the New Credit Agreement) plus a margin ranging from 0.000% to 0.625% per annum, in each case depending on the credit rating of the Company. The New Credit Agreement contains certain affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant. As of September 30, 2022, the Company was in compliance with the total leverage ratio financial maintenance covenant. The New 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 New Credit Agreement will accrue interest at an increased rate, the lenders can terminate their commitments to lend thereunder and payments of any outstanding amounts thereunder could be accelerated by the lenders. None of the Company's subsidiaries are required to guarantee the obligations of the Company under the New Credit Agreement.
The New 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 New 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.
As of September 30, 2022, the Company had no borrowings and no letters of credit outstanding, and had borrowing availability of $1,500, under the New Credit Agreement.
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 had 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 3.60% 2022 Senior Notes were redeemed on May 14, 2022. The redemption price was 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.