Credit Facilities and Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Credit Facilities and Long-Term Debt

Total debt outstanding is summarized as follows:

(in millions)	September 30, 2020		December 31, 2019
4.875% Senior Notes due 2021 (a)	$	600	$	600
2.250% Senior Notes due 2023 (a)	583		557
3.250% Senior Notes due 2026 (a)	500		500
1.950% Senior Notes due 2028 (b)	500		—
2.250% Senior Notes due 2031 (b)	500		—
4.375% Senior Notes due 2046 (a)	400		400
Commercial paper	40		276
Debt issuance costs and unamortized discount (c)	(30)		(17)
Total debt	3,093		2,316
Less: short-term borrowings and current maturities of long-term debt	40		276
Total long-term debt	$	3,053	$	2,040

(a)The fair value of our Senior Notes 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 2021 was $627 million and $629 million as of September 30, 2020 and December 31, 2019, respectively. The fair value of our Senior Notes due 2023 was $611 million and $591 million as of September 30, 2020 and December 31, 2019, respectively. The fair value of our Senior Notes due 2026 was $555 million and $518 million as of September 30, 2020 and December 31, 2019, respectively. The fair value of our Senior Notes due 2046 was $474 million and $431 million as of September 30, 2020 and December 31, 2019, respectively.

(b)The fair value of our Senior Notes 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 2028 and 2031 was $522 million and $530 million, respectively, as of September 30, 2020.

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