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INDEBTEDNESS (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Summary of Total Indebtedness | The following table summarizes total indebtedness:
June 30, 2024
Notes Payable: | Principal Amount |  | Fair Value of Interest Rate Swaps (1) |  | Unamortized (Discount) Premium |  | Unamortized Debt Issuance Costs |  | Carrying Value
5.25% 2014 Senior Notes, due 2044 | $ | 600 |  |  | $ | (37) |  |  | $ | 3 |  |  | $ | (4) |  |  | $ | 562 |
1.75% 2015 Senior Notes, due 2027 | 536 |  |  | — |  |  | — |  |  | (1) |  |  | 535 |
3.25% 2017 Senior Notes, due 2028 | 500 |  |  | (25) |  |  | (2) |  |  | (1) |  |  | 472 |
4.25% 2018 Senior Notes, due 2029 | 400 |  |  | (39) |  |  | (1) |  |  | (2) |  |  | 358 |
4.875% 2018 Senior Notes, due 2048 | 400 |  |  | (39) |  |  | (6) |  |  | (3) |  |  | 352 |
0.950% 2019 Senior Notes, due 2030 | 803 |  |  | — |  |  | (2) |  |  | (3) |  |  | 798 |
3.75% 2020 Senior Notes, due 2025 | 700 |  |  | (11) |  |  | — |  |  | (1) |  |  | 688 |
3.25% 2020 Senior Notes, due 2050 | 300 |  |  | — |  |  | (4) |  |  | (3) |  |  | 293 |
2.55% 2020 Senior Notes, due 2060 | 300 |  |  | — |  |  | (2) |  |  | (3) |  |  | 295 |
2.00% 2021 Senior Notes, due 2031 | 600 |  |  | — |  |  | (6) |  |  | (4) |  |  | 590 |
2.75% 2021 Senior Notes, due 2041 | 600 |  |  | — |  |  | (12) |  |  | (5) |  |  | 583 |
3.10% 2021 Senior Notes, due 2061 | 500 |  |  | — |  |  | (7) |  |  | (5) |  |  | 488 |
3.75% 2022 Senior Notes, due 2052 | 500 |  |  | (42) |  |  | (8) |  |  | (5) |  |  | 445 |
4.25% 2022 Senior Notes, due 2032 | 500 |  |  | (12) |  |  | (2) |  |  | (4) |  |  | 482 |
Total debt | $ | 7,239 |  |  | $ | (205) |  |  | $ | (49) |  |  | $ | (44) |  |  | $ | 6,941 |
Current portion |  |  |  |  |  |  |  |  | (688) |
Total long-term debt |  |  |  |  |  |  |  |  | $ | 6,253 |
December 31, 2023
Notes Payable: | Principal Amount |  | Fair Value of Interest Rate Swaps (1) |  | Unamortized (Discount) Premium |  | Unamortized Debt Issuance Costs |  | Carrying Value
5.25% 2014 Senior Notes, due 2044 | $ | 600 |  |  | $ | (34) |  |  | $ | 3 |  |  | $ | (4) |  |  | $ | 565 |
1.75% 2015 Senior Notes, due 2027 | 552 |  |  | — |  |  | — |  |  | (1) |  |  | 551 |
3.25% 2017 Senior Notes, due 2028 | 500 |  |  | (26) |  |  | (2) |  |  | (2) |  |  | 470 |
4.25% 2018 Senior Notes, due 2029 | 400 |  |  | (34) |  |  | (2) |  |  | (2) |  |  | 362 |
4.875% 2018 Senior Notes, due 2048 | 400 |  |  | (36) |  |  | (6) |  |  | (3) |  |  | 355 |
0.950% 2019 Senior Notes, due 2030 | 829 |  |  | — |  |  | (2) |  |  | (4) |  |  | 823 |
3.75% 2020 Senior Notes, due 2025 | 700 |  |  | (16) |  |  | (1) |  |  | (1) |  |  | 682 |
3.25% 2020 Senior Notes, due 2050 | 300 |  |  | — |  |  | (4) |  |  | (3) |  |  | 293 |
2.55% 2020 Senior Notes, due 2060 | 300 |  |  | — |  |  | (2) |  |  | (3) |  |  | 295 |
2.00% 2021 Senior Notes, due 2031 | 600 |  |  | — |  |  | (6) |  |  | (4) |  |  | 590 |
2.75% 2021 Senior Notes, due 2041 | 600 |  |  | — |  |  | (12) |  |  | (5) |  |  | 583 |
3.10% 2021 Senior Notes, due 2061 | 500 |  |  | — |  |  | (7) |  |  | (5) |  |  | 488 |
3.75% 2022 Senior Notes, due 2052 | 500 |  |  | (29) |  |  | (8) |  |  | (5) |  |  | 458 |
4.25% 2022 Senior Notes, due 2032 | 500 |  |  | (8) |  |  | (2) |  |  | (4) |  |  | 486 |
Total long-term debt | $ | 7,281 |  |  | $ | (183) |  |  | $ | (51) |  |  | $ | (46) |  |  | $ | 7,001 |
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.
Schedule of Line of Credit Facilities | Further information on the key terms of these revolving credit facilities is below:
|  |  |  |  |  |  | June 30, 2024 |  | December 31, 2023
| Issue Date |  | Capacity |  | Maturity |  | Drawn |  | Undrawn |  | Drawn |  | Undrawn
2021 Credit Facility | December 17, 2021 |  | $ | 1,250 |  |  | December 17, 2026 (Terminated in 2024) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,250 |
2024 Credit Facility | May 6, 2024 |  | $ | 1,250 |  |  | May 6, 2029 |  | $ | — |  |  | $ | 1,250 |  |  | $ | — |  |  | $ | — |
Principal Payments Due on Long-Term Borrowings | The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Year Ending Total
2024 (After June 30,) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 700 |
2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
2027 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 536 |
2028 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 500 |
Thereafter |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,503 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,239 |
Summary of Components of Interest as Presented in Consolidated Statements of Operations | The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2024 |  | 2023 |  | 2024 |  | 2023 |
Income | $ | 23 |  |  | $ | 15 |  |  | $ | 45 |  |  | $ | 25 |  |
Expense on borrowings(1) | (74) |  |  | (75) |  |  | (148) |  |  | (145) |  |
(Expense) income on UTPs and other tax related liabilities(2) | (5) |  |  | (4) |  |  | (9) |  |  | 14 |  |
Net periodic pension costs - interest component | (7) |  |  | (7) |  |  | (13) |  |  | (13) |  |
Interest expense, net | $ | (63) |  |  | $ | (71) |  |  | $ | (125) |  |  | $ | (119) |  |
Interest paid(3) | $ | 51 |  |  | $ | 47 |  |  | $ | 151 |  |  | $ | 143 |  |
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate swaps and cross currency swaps, which are more fully discussed in Note 7. (2) The amount for the six months ended June 30, 2023 reflects a $22 million reduction of tax-related interest expense primarily related to the resolutions of tax matters. (3) Interest paid includes net settlements on interest rate swaps, which are more fully discussed in Note 7.
Fair Value and Carrying Value of Long-Term Debt | The fair value and carrying value of the Company’s debt as of June 30, 2024 and December 31, 2023 are as follows:
| June 30, 2024 |  | December 31, 2023
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Total debt | $ | 6,941 |  |  | $ | 6,121 |  |  | $ | 7,001 |  |  | $ | 6,402 |

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