Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Commercial Paper, Credit Facilities and Borrowing Rates

The following table reflects our commercial paper program supported by the revolving credit agreements as of December 31, 2022 and 2021:

Maximum Program Size at December 31,				Outstanding Commercial Paper at December 31,				Weighted Average Interest Rate on Commercial Paper Borrowings at December 31,
2022(a)(b)(c)		2021(a)(d)		2022		2021		2022		2021
$	3,500	$	5,300	$	959	$	702	4.90	%	0.66	%

__________

(a)Excludes $1,200 million in bilateral credit facilities as of December 31, 2022 and 2021, and $131 million in credit facilities for project finance as of both December 31, 2022 and 2021, respectively. These credit facilities do not back our commercial paper program.

(b)Excludes the liquidity facility, which has a bank commitment of $971 million as of December 31, 2022. This credit facility does not back our commercial paper program.

(c)Excludes customer accounts receivable Facility that has total capacity of $1.1 billion as of December 31, 2022. See Note 6 — Accounts Receivable of the Combined Notes to Consolidated Financial Statements for additional information.

(d)Excludes $44 million of credit facility agreements arranged at minority and community banks as of December 31, 2021. These facilities expired on October 7, 2022 and were solely utilized to issue letters of credit.

As of December 31, 2022, and 2021 we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:

							Available Capacity as of December 31, 2022
Facility Type	Aggregate Bank Commitment		Facility Draws		Outstanding Letters of Credit		Actual			To Support Additional Commercial Paper
Syndicated Revolver	$	3,500	$	—	$	765	$	2,735		$	1,776
Bilaterals	1,200		—		867		333			—
Liquidity Facility	971		—		732		139		(a)	—
Project Finance	131		—		111		20			—
Total	$	5,802	$	—	$	2,475	$	3,227		$	1,776

__________

(a)The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of December 31, 2022, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $871 million.

							Available Capacity as of December 31, 2021
Facility Type	Aggregate Bank Commitment(b)		Facility Draws		Outstanding Letters of Credit		Actual		To Support Additional Commercial Paper
Syndicated Revolver(a)	$	5,300	$	—	$	1,230	$	4,070	$	3,368
Bilaterals	1,200		—		1,029		171		—
Project Finance	131		—		116		15		—
Total	$	6,631	$	—	$	2,375	$	4,256	$	3,368

__________

(a)Our syndicated revolving credit facility was replaced by the $3.5 billion 5-year revolving credit agreement entered into on February 1, 2022 in connection with the separation.

(b)Excludes $44 million of credit facility agreements arranged at minority and community banks. These facilities expired on October 7, 2022 and were solely utilized to issue letters of credit. As of December 31, 2021, letters of credit issued under these facilities totaled $5 million.

Schedule of Bilateral Credit Agreements

Bilateral Credit Agreements

The following table reflects the bilateral credit agreements at December 31, 2022:

Date Initiated		Latest Amendment Date	Maturity Date(a)	Amount
January 5, 2016	(b)	April 2, 2021	April 5, 2023	$	150
October 25, 2019	(b)	N/A	N/A	200
November 20, 2019	(b)	N/A	N/A	300
November 21, 2019	(b)	N/A	N/A	100
November 21, 2019	(b)	November 15, 2022	November 21, 2024	100
May 15, 2020	(b)(d)	February 9, 2022	N/A	200
August 12, 2022	(b)	N/A	N/A	50
August 24, 2022	(b)(c)	N/A	August 23, 2024	100

__________

(a)Credit facilities that do not contain a maturity date are specific to the agreements set within each contract. In some instances, credit facilities are automatically renewed based on the contingency standards set within the specific agreement.

(b)Bilateral credit agreements solely support the issuance of letters of credit and do not back our commercial paper program.

(c)On January 20, 2023, the bilateral credit agreement decreased to $10 million.

(d)On January 31, 2023, the bilateral credit agreement increased to $250 million.

Schedule of Long-term Debt Instruments

Long-Term Debt 

The following table presents the outstanding long-term debt as of December 31, 2022 and 2021:

						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
Senior unsecured notes	3.25	%	-	6.25	%	2025 - 2042	$	2,938	$	4,219
Notes payable and other	2.10	%	-	6.96	%	2023 - 2028	68		103
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	839		909
Variable rates	2.99	%	-	7.24	%	2026 - 2027	805		870
Total long-term debt							4,650		6,101
Unamortized debt discount and premium, net							(5)		(7)
Unamortized debt issuance costs							(36)		(42)
Fair value adjustment							—		62
Long-term debt due within one year							(143)		(1,220)
Long-term debt							$	4,466	$	4,894

Schedule of Maturities of Long-term Debt

Long-term debt maturities in the periods 2023 through 2027 and thereafter are as follows:

2023	$	143
2024	110
2025	986
2026	121
2027	735
Thereafter	2,555
Total	$	4,650