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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 1-1023  
spgi-20210930_g1.jpg
S&P Global Inc.
(Exact name of registrant as specified in its charter)
New York13-1026995
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
55 Water Street,New York,New York10041
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 212-438-1000
Securities registered pursuant to Section 12(b) of the Act:
ClassTrading SymbolName of Exchange on which registered
Common stock (par value $1.00 per share)SPGINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                            Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                         Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES NO

As of October 22, 2021 (latest practicable date), 241.0 million shares of the issuer's classes of common stock (par value $1.00 per share) were outstanding.

1


S&P Global Inc.
INDEX
 
 Page Number
Item 6. Exhibits

2


Report of Independent Registered Public Accounting Firm 

To the Shareholders and Board of Directors of S&P Global Inc.  

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of S&P Global Inc. (and subsidiaries) (the “Company”) as of September 30, 2021, the related consolidated statements of income, comprehensive income, and equity for the three- and nine-month periods ended September 30, 2021 and 2020, the related consolidated statements of cash flows for the nine-month periods ended September 30, 2021 and 2020, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2020, the related consolidated statements of income, comprehensive income, equity and cash flows for the year then ended, and the related notes and schedule (not presented herein); and in our report dated February 9, 2021, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2020, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ ERNST & YOUNG LLP

New York, New York
October 26, 2021



3


PART I — FINANCIAL INFORMATION
Item 1. Financial Statements

S&P Global Inc.
Consolidated Statements of Income
(Unaudited)
(in millions, except per share amounts)Three Months EndedNine Months Ended
September 30, September 30,
2021202020212020
Revenue$2,087 $1,846 $6,209 $5,575 
Expenses:
Operating-related expenses543 517 1,603 1,528 
Selling and general expenses423 341 1,157 949 
Depreciation20 20 63 60 
Amortization of intangibles21 32 74 94 
Total expenses1,007 910 2,897 2,631 
Gain on dispositions(3)(8)(5)(16)
Operating profit1,083 944 3,317 2,960 
Other income, net(22)(6)(51)(16)
Interest expense, net31 35 94 109 
Loss on extinguishment of debt 279  279 
Income before taxes on income1,074 636 3,274 2,588 
Provision for taxes on income213 138 747 559 
Net income861 498 2,527 2,029 
Less: net income attributable to noncontrolling interests
(64)(43)(178)(144)
Net income attributable to S&P Global Inc.$797 $455 $2,349 $1,885 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$3.31 $1.89 $9.76 $7.82 
Diluted$3.30 $1.88 $9.72 $7.78 
Weighted-average number of common shares outstanding:
Basic240.9 240.6 240.8 241.2 
Diluted241.7 241.6 241.7 242.3 
Actual shares outstanding at period end241.0 240.6 
See accompanying notes to the unaudited consolidated financial statements.
4


S&P Global Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
 
(in millions)Three Months EndedNine Months Ended
September 30, September 30,
2021202020212020
Net income$861 $498 $2,527 $2,029 
Other comprehensive income:
Foreign currency translation adjustments
(7)(1)6 (54)
Income tax effect
(6)15 (4)15 
(13)14 2 (39)
Pension and other postretirement benefit plans
5 3 25 (30)
Income tax effect
(1)(1)(5)8 
4 2 20 (22)
Unrealized gain (loss) on cash flow hedges31 14 (183)10 
Income tax effect
(8)(3)48 (2)
23 11 (135)8 
Comprehensive income875 525 2,414 1,976 
Less: comprehensive income attributable to nonredeemable noncontrolling interests
(6)(3)(17)(8)
Less: comprehensive income attributable to redeemable noncontrolling interests
(58)(40)(161)(136)
Comprehensive income attributable to S&P Global Inc.
$811 $482 $2,236 $1,832 


See accompanying notes to the unaudited consolidated financial statements.
5


S&P Global Inc.
Consolidated Balance Sheets
 
(in millions)September 30,
2021
December 31,
2020
(Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$5,899 $4,108 
Restricted cash8 14 
Accounts receivable, net of allowance for doubtful accounts: 2021 - $31; 2020 - $30
1,445 1,593 
Prepaid and other current assets286 273 
Total current assets7,638 5,988 
Property and equipment, net of accumulated depreciation: 2021 - $624; 2020 - $587
256 284 
Right of use assets462 494 
Goodwill3,710 3,735 
Other intangible assets, net1,288 1,352 
Other non-current assets757 684 
Total assets$14,111 $12,537 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$244 $233 
Accrued compensation and contributions to retirement plans
468 551 
Income taxes currently payable157 84 
Unearned revenue2,006 2,168 
Other current liabilities511 551 
Total current liabilities3,386 3,587 
Long-term debt 4,113 4,110 
Lease liabilities — non-current508 544 
Pension and other postretirement benefits288 291 
Other non-current liabilities715 653 
Total liabilities9,010 9,185 
Redeemable noncontrolling interest (Note 8)3,186 2,781 
Commitments and contingencies (Note 12)
Equity:
Common stock294 294 
Additional paid-in capital1,001 946 
Retained income14,772 13,367 
Accumulated other comprehensive loss(750)(637)
Less: common stock in treasury(13,472)(13,461)
Total equity — controlling interests1,845 509 
Total equity — noncontrolling interests70 62 
Total equity 1,915 571 
Total liabilities and equity$14,111 $12,537 
    

See accompanying notes to the unaudited consolidated financial statements.
6


S&P Global Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 
(in millions)Nine Months Ended
September 30,
20212020
Operating Activities:
Net income$2,527 $2,029 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation63 60 
Amortization of intangibles74 94 
Provision for losses on accounts receivable16 16 
Deferred income taxes1 (14)
Stock-based compensation90 60 
Gain on dispositions(5)(16)
Loss on extinguishment of debt 279 
Other32 52 
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable122 172 
Prepaid and other current assets(66)(52)
Accounts payable and accrued expenses(85)(97)
Unearned revenue(159)(158)
Other current liabilities(35)(28)
Net change in prepaid/accrued income taxes67 28 
Net change in other assets and liabilities16 1 
Cash provided by operating activities2,658 2,426 
Investing Activities:
Capital expenditures(33)(43)
Acquisitions, net of cash acquired(19)(189)
Proceeds from dispositions11 9 
Changes in short-term investments(1)19 
Cash used for investing activities(42)(204)
Financing Activities:
Proceeds from issuance of senior notes, net 1,276 
Payments on senior notes (1,394)
Dividends paid to shareholders(557)(484)
Distributions to noncontrolling interest holders, net(171)(143)
Repurchase of treasury shares (1,164)
Exercise of stock options10 14 
Employee withholding tax on share-based payments (54)(55)
Cash used for financing activities(772)(1,950)
Effect of exchange rate changes on cash(59)10 
Net change in cash, cash equivalents, and restricted cash1,785 282 
Cash, cash equivalents, and restricted cash at beginning of period4,122 2,886 
Cash, cash equivalents, and restricted cash at end of period$5,907 $3,168 

See accompanying notes to the unaudited consolidated financial statements.
7


S&P Global Inc.
Consolidated Statements of Equity
(Unaudited)
Three Months Ended September 30, 2021
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of June 30, 2021$294 $963 $14,237 $(764)$13,465 $1,265 $66 $1,331 
Comprehensive income 1
797 14 811 6 817 
Dividends (Dividend declared per common share — $0.77 per share)
(186)(186)(3)(189)
Employee stock plans38 7 31 31 
Change in redemption value of redeemable noncontrolling interest(76)(76)(76)
Other— 1 1 
Balance as of September 30, 2021$294 $1,001 $14,772 $(750)$13,472 $1,845 $70 $1,915 
Three Months Ended September 30, 2020
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of June 30, 2020$294 $762 $13,189 $(704)$13,331 $210 $58 $268 
Comprehensive income 1
455 27 482 3 485 
Dividends (Dividend declared per common share — $0.67 per share)
(161)(161)(7)(168)
Share repurchases120 131 (11)(11)
Employee stock plans35 (2)37 37 
Change in redemption value of redeemable noncontrolling interest(115)(115)(115)
Other— 2 2 
Balance as of September 30, 2020$294 $917 $13,368 $(677)$13,460 $442 $56 $498 

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Nine Months Ended September 30, 2021
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 2020$294 $946 $13,367 $(637)$13,461 $509 $62 $571 
Comprehensive income 1
2,349 (113)2,236 17 2,253 
Dividends (Dividend declared per common share — $2.31 per share)
(557)(557)(10)(567)
Employee stock plans55 11 44 44 
Change in redemption value of redeemable noncontrolling interest(387)(387)(387)
Other— 1 1 
Balance as of September 30, 2021$294 $1,001 $14,772 $(750)$13,472 $1,845 $70 $1,915 

Nine Months Ended September 30, 2020
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 2019$294 $903 $12,205 $(624)$12,299 $479 $57 $536 
Comprehensive income 1
1,885 (53)1,832 8 1,840 
Dividends (Dividend declared per common share — $2.01 per share)
(484)(484)(9)(493)
Share repurchases1,164 (1,164)(1,164)
Employee stock plans
14 (3)17 17 
Change in redemption value of redeemable noncontrolling interest(238)(238)(238)
Balance as of September 30, 2020$294 $917 $13,368 $(677)$13,460 $442 $56 $498 

1Excludes comprehensive income of $58 million and $40 million for the three months ended September 30, 2021 and 2020, respectively, and $161 million and $136 million for the nine months ended September 30, 2021 and 2020, respectively, attributable to our redeemable noncontrolling interest.

See accompanying notes to the unaudited consolidated financial statements.
9


S&P Global Inc.
Notes to the Consolidated Financial Statements
(Unaudited)
 
1.    Nature of Operations and Basis of Presentation

S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the “Company,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

Our operations consist of four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") and S&P Dow Jones Indices ("Indices").
Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.
Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services.
Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets.
Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2020 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full year.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

Restricted Cash

Restricted cash included in our consolidated balance sheets was $8 million and $14 million as of September 30, 2021 and December 31, 2020, respectively. Restricted cash primarily consisted of cash required to be on deposit under contractual agreements in connection with certain acquisitions and dispositions.

Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of September 30, 2021 and December 31, 2020, contract assets were $17 million and $7 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received in advance of our performance. The decrease in the unearned revenue balance at September 30, 2021 compared to December 31, 2020 is primarily driven by $1.9 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period, offset by cash payments received in advance of satisfying our performance obligations.


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Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of September 30, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $2.5 billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $127 million and $129 million as of September 30, 2021 and December 31, 2020, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period is one year or less. These costs are recorded within selling and general expenses.

Other Income, net

The components of other income, net for the periods ended September 30 are as follows: 
(in millions)Three MonthsNine Months
2021202020212020
Other components of net periodic benefit cost1
$(11)$(9)$(34)$(24)
Net (gain) loss from investments(11)3 (17)8 
Other income, net$(22)$(6)$(51)$(16)

1    The net periodic benefit cost for our retirement and post retirement plans for the nine months ended September 30, 2020 includes a non-cash pre-tax settlement charge of $3 million.

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2.    Acquisitions and Divestitures

Acquisitions

Merger Agreement

In November of 2020, S&P Global and IHS Markit Ltd ("IHS Markit") entered into a merger agreement, pursuant to which, among other things, a subsidiary of S&P Global will merge with and into IHS Markit, with IHS Markit surviving the merger as a wholly owned subsidiary of S&P Global. Under the terms of the merger agreement, each share of IHS Markit issued and outstanding (other than excluded shares and dissenting shares) will be converted into the right to receive 0.2838 fully paid and nonassessable shares of S&P Global common stock (and, if applicable, cash in lieu of fractional shares, without interest), less any applicable withholding taxes. On March 11, 2021, S&P Global and IHS Markit shareholders voted to approve the merger agreement. As of August 31, 2021, IHS Markit had approximately 398.8 million shares outstanding. Subject to certain closing conditions, the merger is expected to be completed in the first quarter of 2022.

2021

During the nine months ended September 30, 2021, we did not complete any material acquisitions.

2020

In February of 2020, CRISIL, included within our Ratings segment, completed the acquisition of Greenwich Associates LLC ("Greenwich"), a leading provider of proprietary benchmarking data, analytics and qualitative, actionable insights that helps financial services firms worldwide measure and improve business performance. The acquisition will complement CRISIL's existing portfolio of products and expand offerings to new segments across financial services including commercial banks and asset and wealth managers. The acquisition of Greenwich is not material to our consolidated financial statements.

In January of 2020, we completed the acquisition of the ESG Ratings Business from RobecoSAM, which includes the widely followed SAM* Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices. The acquisition will bolster our position as the premier resource for essential environmental, social, and governance ("ESG") insights and product solutions for our customers. Through this acquisition, we will be able to offer our customers even more transparent, robust and comprehensive ESG solutions. The acquisition of the ESG Ratings Business is not material to our consolidated financial statements.

Divestitures

2021

During the three and nine months ended September 30, 2021, we recorded a pre-tax gain of $3 million ($2 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of an office facility in India in September of 2021.

During the nine months ended September 30, 2021, we recorded a pre-tax gain of $2 million ($2 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Standard & Poor's Investment Advisory Services LLC ("SPIAS"), a business within our Market Intelligence segment, that occurred in July of 2019.

2020

In January of 2020, Market Intelligence entered into a strategic alliance to transition S&P Global Market Intelligence's Investor Relations ("IR") webhosting business to Q4 Inc. ("Q4"), a third party provider of investor relations related services. This alliance integrated Market Intelligence's proprietary data into Q4's portfolio of solutions, enabling further opportunities for commercial collaboration. In connection with transitioning its IR webhosting business to Q4, Market Intelligence received a minority investment in Q4. During the three and nine months ended September 30, 2020, we recorded a pre-tax gain of $3 million ($2 million after-tax) and $11 million ($10 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of IR.

12


In September of 2020, we sold our facility at East Windsor, New Jersey. During the three and nine months ended September 30, 2020, we recorded a pre-tax gain of $4 million ($3 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of East Windsor.

During the three and nine months ended September 30, 2020, we recorded a pre-tax gain of $1 million ($1 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of SPIAS within our Market Intelligence segment in that occurred in July of 2019.

The operating profit of our businesses that were disposed of for the periods ended September 30 is as follows:
(in millions)Three MonthsNine Months
2021202020212020
Operating profit 1
$ $1 $1 $2 
1 Operating profit excludes a pre-tax gain related to the sale of SPIAS of $2 million for nine months ended September 30, 2021, and $1 million for the three and nine months ended September 30, 2020. The three and nine months ended September 30, 2020 exclude a pre-tax gain on the sale of the IR webhosting business of $3 million and $11 million, respectively.

3.    Income Taxes

The effective income tax rate was 19.9% and 22.8% for the three and nine months ended September 30, 2021, respectively, and 21.7% and 21.6% for the three and nine months ended September 30, 2020, respectively. The decrease in the three months ended September 30, 2021 was primarily due to a refinement in tax accruals on foreign operations related to both a prior and current period, partially offset by the deductible pre-tax loss on extinguishment of debt in the prior year. The increase in the nine months ended September 30, 2021 was primarily due to the decrease in the recognition of excess tax benefits associated with share-based payments in the statement of income, certain non-deductible IHS Markit merger costs and the deductible pre-tax loss on extinguishment of debt in the prior year.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is continuously subject to tax examinations in various jurisdictions. As of September 30, 2021 and December 31, 2020, the total amount of federal, state and local, and foreign unrecognized tax benefits was $143 million and $121 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of September 30, 2021 and December 31, 2020, we had $27 million and $24 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $18 million in the next twelve months as a result of the resolution of local tax examinations.

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4.    Debt 
A summary of long-term debt outstanding is as follows:
(in millions)September 30,
2021
December 31,
2020
4.0% Senior Notes, due 2025 1
$696 $695 
2.95% Senior Notes, due 2027 2
495 495 
2.5% Senior Notes, due 2029 3
496 495 
1.25% Senior Notes, due 2030 4
593 592 
6.55% Senior Notes, due 2037 5
290 290 
4.5% Senior Notes, due 2048 6
273 273 
3.25% Senior Notes, due 2049 7
589 589 
2.3% Senior Notes, due 2060 8
681 681 
Long-term debt$4,113 $4,110 

1Interest payments are due semiannually on June 15 and December 15, and as of September 30, 2021, the unamortized debt discount and issuance costs total $4 million.
2Interest payments are due semiannually on January 22 and July 22, and as of September 30, 2021, the unamortized debt discount and issuance costs total $5 million.
3Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2021, the unamortized debt discount and issuance costs total $4 million.
4Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2021, and as of September 30, 2021, the unamortized debt discount and issuance costs total $7 million.
5Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2021, the unamortized debt discount and issuance costs total $3 million.
6Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2021, the unamortized debt discount and issuance costs total $10 million.
7Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2021, the unamortized debt discount and issuance costs total $11 million.
8Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2021, and as of September 30, 2021, the unamortized debt discount and issuance costs total $19 million.
The fair value of our total debt borrowings was $4.4 billion and $4.6 billion as of September 30, 2021 and December 31, 2020, respectively, and was estimated based on quoted market prices.
On April 26, 2021, we entered into a revolving $1.5 billion five-year credit agreement (our "credit facility") that will terminate on April 26, 2026. This credit facility replaced our revolving $1.2 billion five-year credit facility (our "previous credit facility") that was scheduled to terminate on June 30, 2022. The previous credit facility was canceled immediately after the new credit facility became effective. There were