Debt

3 Months Ended

Mar. 31, 2021

Debt is comprised of the following at the dates indicated (in millions):


	March 31, 2021		December 31, 2020

3.15% senior notes due 2021	$	—	$	94
3.75% senior notes due 2021	354		369
4.00% senior notes due 2022	250		250
3.85% senior notes due 2023	1,085		1,090
4.00% senior notes due 2024	200		200
4.875% senior notes due 2025	493		492
3.90% senior notes due 2025	47		47
4.20% senior notes due 2026	1,974		1,973

5.375% senior notes due 2036	416		416
5.50% senior notes due 2046	657		657


Other debt	16		19
Total debt	5,492		5,607
Short-term debt and current portion of long-term debt	(357)		(466)
Long-term debt	$	5,135	$	5,141

Senior Notes

On March 1, 2021 (the “Redemption Date”), the Company redeemed its 3.15% senior notes that were scheduled to mature in April 2021 (the “April 2021 Notes”) at a redemption price equal to 100% of the outstanding aggregate principal amount of the notes, plus accrued and unpaid interest to the Redemption Date.

During the first quarter of 2021, the Company repurchased $5 million of the 3.85% senior notes due 2023 at approximately 5% above par value. The total consideration, excluding accrued interest, was approximately $5 million. As a result of the partial debt repurchase the Company recorded an immaterial loss.

Receivables Facility

The Company maintains an Accounts Receivable Securitization Facility (the “Securitization Facility”). The aggregate commitment under the Securitization Facility is $600 million. The Securitization Facility matures in October 2022 and bears interest at a margin over a variable interest rate. The maximum availability under the Securitization Facility fluctuates based on eligible accounts receivable balances. At March 31, 2021, the Company did not have any amounts outstanding under the Securitization Facility.

Revolving Credit Facility

The Company has a $1.25 billion revolving credit facility that matures in December 2023 (the “Credit Revolver”). At March 31, 2021, the Company did not have any amounts outstanding under the Credit Revolver.

Other

The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):


	March 31, 2021				December 31, 2020
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	6,123	$	5,476	$	6,277	$	5,588

The carrying amounts of all other significant debt approximates fair value.

Net Investment Hedge

The Company has designated the €300 million principal balance of the 3.75% senior notes due October 2021 as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. At March 31, 2021, $11 million of deferred losses have been recorded in AOCL. See Footnote 9 for disclosures regarding the Company’s derivative financial instruments.