BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2022

BORROWINGS

Summary of components of debt

			March 31,		December 31,
(Dollars in millions)	Interest Rate	Maturity	2022		2021
Unsecured floating-rate term loan	1.37%*	November, 2024	$	500	$	500
Commercial loan agreement	3.00%	July, 2026		123		129
Unsecured senior notes due 2026	2.05%	October, 2026		700		700
Unsecured senior notes due 2028	2.70%	October, 2028		500		500
Unsecured senior notes due 2031	3.15%	October, 2031		650		650
Unsecured senior notes due 2041	4.10%	October, 2041		550		550
Finance lease obligations **	1.79%	2022-2027		219		222
			$	3,242	$	3,251
Less: Unamortized discount				5		5
Less: Unamortized debt issuance costs				15		15
Less: Current maturities of long-term debt				96		103
Total long-term debt			$	3,127	$	3,128

* Floating rate calculated as of March 31, 2022, using a rate equal to one-month U.S. dollar LIBOR plus 1.125%.

** Finance lease obligations presented using the weighted-average interest rate and calendar-year maturity dates.

Schedule of contractual obligations of long-term debt outstanding

Contractual obligations of long-term debt outstanding at March 31, 2022, exclusive of finance lease obligations, are as follows:

(Dollars in millions)*	Principal
Year ending March 31:
2023	$	27
2024		28
2025		529
2026		29
2027		710
Thereafter		1,700
Total	$	3,023