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INDEBTEDNESS
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying value, which represents the issuance amount plus or minus any issuance premium or discount, except for certain debt as depicted in the table below, which is recorded at the carrying value adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
September 30, 2024
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(26)$3 $(4)$573 
1.75% 2015 Senior Notes, due 2027
558 — — (1)557 
3.25% 2017 Senior Notes, due 2028
500 (14)(2)(1)483 
4.25% 2018 Senior Notes, due 2029
400 (25)(1)(1)373 
4.875% 2018 Senior Notes, due 2048
400 (29)(6)(3)362 
0.950% 2019 Senior Notes, due 2030
837 — (2)(3)832 
3.75% 2020 Senior Notes, due 2025
700 (6)— (1)693 
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 (21)(8)(5)466 
4.25% 2022 Senior Notes, due 2032
500 (5)(2)(3)490 
5.00% 2024 Senior Notes, due 2034
500 — (4)(5)491 
Total debt
$7,795 $(126)$(53)$(47)$7,569 
Current portion(693)
Total long-term debt$6,876 
December 31, 2023
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying 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.
Notes Payable
At September 30, 2024, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of September 30, 2024, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2024 (After September 30,)
$— 
2025700 
2026— 
2027558 
2028500 
Thereafter6,037 
Total$7,795 
Interest expense, net
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
September 30,
Nine Months Ended September 30,
2024202320242023
Income$28 $19 $73 $44 
Expense on borrowings(1)
(79)(75)(227)(220)
(Expense) income on UTPs and other tax related liabilities(2)
(3)(4)(12)10 
Net periodic pension costs - interest component(6)(6)(19)(19)
Interest expense, net$(60)$(66)$(185)$(185)
Interest paid(3)
$83 $87 $234 $230 
(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 nine months ended September 30, 2023 includes 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.

The fair value and carrying value of the Company’s debt as of September 30, 2024 and December 31, 2023 are as follows:
September 30, 2024December 31, 2023
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$7,569 $7,066 $7,001 $6,402 
The fair value of the Company’s debt is estimated based on quoted prices in active markets as of the reporting date, which are considered Level 1 inputs within the fair value hierarchy.