Long-Term Debt and Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Company's Indebtedness

The Company’s indebtedness consisted of:

	As of December 31,
	2021			2020
Long-term debt: (a)	Amount		Weighted Average Rate (b)	Amount		Weighted Average Rate (b)
$750 million revolving credit facility (due May 2023)	$	—		$	—
Term loan (due May 2025)	1,541		3.07%	1,554		3.18%
5.375% senior unsecured notes (due April 2026)	—			496		5.38%
4.375% senior unsecured notes (due August 2028)	493		4.38%	492		4.38%
Finance leases	50		4.50%	55		4.50%
Total long-term debt	2,084			2,597
Less: Current portion of long-term debt	21			21
Long-term debt	$	2,063		$	2,576

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(a)    The carrying amount of the term loan and senior unsecured notes are net of deferred debt issuance costs of $15 million and $22 million as of December 31, 2021 and 2020, respectively.

(b)    Weighted average interest rate based on year-end balances, including the effects from hedging.

Schedule of Outstanding Debt Maturities

The Company’s outstanding debt as of December 31, 2021 matures as follows:

	Long-Term Debt
Within 1 year	$	21
Between 1 and 2 years	21
Between 2 and 3 years	22
Between 3 and 4 years	1,499
Between 4 and 5 years	7
Thereafter	514
Total	$	2,084

Schedule of Available Capacity Under Borrowing Arrangements

As of December 31, 2021, the available capacity under the Company’s revolving credit facility was as follows:

	Revolving Credit Facility
Total capacity	$	750
Less: Letters of credit	15
Available capacity	$	735