Credit Facilities and Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Credit Facilities and Long-Term Debt

(in millions)	June 30, 2015			December 31, 2014
Short-term borrowings and current maturities of long-term debt	$	81		$	89
Long-term debt
3.550% Senior Notes due 2016 (a)	$	600		$	600
4.875% Senior Notes due 2021 (a)	600			600
Debt issuance costs	(4		)	(4		)
Unamortized discount (b)	—			(1		)
Long-term debt	$	1,196		$	1,195
Total debt	$	1,277		$	1,284

(a) The fair value of our Senior Notes (as defined below) was determined using quoted prices in active markets for identical securities, which are considered Level 1 inputs. The fair value of our Senior Notes due 2016 (as defined below) was $616 million and $621 million as of June 30, 2015 and December 31, 2014, respectively. The fair value of our Senior Notes due 2021 (as defined below) was $646 million and $653 million as of June 30, 2015 and December 31, 2014, respectively.

(b) The unamortized discount is recognized as a reduction in the carrying value of the Senior Notes in the Condensed Consolidated Balance Sheets and is being amortized to interest expense in our Condensed Consolidated Income Statements over the expected remaining terms of the Senior Notes.