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INDEBTEDNESS (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Summary of Total Indebtedness

The following table summarizes total indebtedness:

			December 31, 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					$	(32)					$	3					$	(4)					$	567
1.75% 2015 Senior Notes, due 2027			518						—						—						(1)						517
3.25% 2017 Senior Notes, due 2028			500						(13)						(2)						(1)						484
4.25% 2018 Senior Notes, due 2029			400						(35)						(1)						(1)						363
4.875% 2018 Senior Notes, due 2048			400						(35)						(6)						(3)						356
0.950% 2019 Senior Notes, due 2030			776						—						(1)						(3)						772
3.75% 2020 Senior Notes, due 2025			700						(3)						—						—						697
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						(43)						(8)						(5)						444
4.25% 2022 Senior Notes, due 2032			500						(8)						(2)						(3)						487
5.00% 2024 Senior Notes, due 2034			500						—						(4)						(4)						492
Total debt			$	7,694					$	(169)					$	(52)					$	(45)					$	7,428
Current portion																											(697)
Total long-term debt																											$	6,731

			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 Note, due 2052			500						(29)						(8)						(5)						458
4.25% 2022 Senior Note, 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 amount of the hedged debt.

Schedule of Credit Facilities

The 2024 Credit Facility replaces the Company's $1.25 billion 2021 Credit Facility that was scheduled to mature in December 2026. Further information on the key terms of these revolving credit facilities is below:

																					December 31, 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,			Total
2025			$	700
2026			—
2027			518
2028			500
2029			400
Thereafter			5,576
Total			$	7,694

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:

			Year Ended December 31,
			2024						2023						2022
Expense on borrowings(1)			$	(300)					$	(296)					$	(216)
(Expense) income on UTPs and other tax related liabilities(2)			(13)						8						(13)
Net periodic pension costs - interest component			(26)						(26)						(17)
Income			102						63						15
Interest expense, net			$	(237)					$	(251)					$	(231)
Interest paid(3)			$	280					$	281					$	198

(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 6.

(2) The amount for the year ended December 31, 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 more fully discussed in Note 6.

Fair Value and Carrying Value of Long-term Debt

The fair value and carrying value of the Company’s debt as of December 31, 2024 and 2023 are as follows:

			December 31, 2024												December 31, 2023
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Total debt			$	7,428					$	6,601					$	7,001					$	6,402

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