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INDEBTEDNESS (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Total Indebtedness

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 Costs						Carrying 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 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.

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 September 30,)			$	—
2025			700
2026			—
2027			558
2028			500
Thereafter			6,037
Total			$	7,795

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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
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.

Fair Value and Carrying Value of Long-Term Debt

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, 2024												December 31, 2023
			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Total debt			$	7,569					$	7,066					$	7,001					$	6,402

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