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INDEBTEDNESS (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Summary of Total Indebtedness

The following table summarizes total indebtedness:

March 31, 2025
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					$	(27)					$	3					$	(4)					$	572
1.75% 2015 Senior Notes, due 2027			540						—						—						(1)						539
3.25% 2017 Senior Notes, due 2028			500						(10)						(2)						(1)						487
4.25% 2018 Senior Notes, due 2029			400						(28)						(1)						(1)						370
4.875% 2018 Senior Notes, due 2048			400						(29)						(6)						(3)						362
0.950% 2019 Senior Notes, due 2030			810						—						(1)						(3)						806
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						—						(5)						(3)						592
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						(32)						(8)						(5)						455
4.25% 2022 Senior Notes, due 2032			500						(6)						(2)						(3)						489
5.00% 2024 Senior Notes, due 2034			500						—						(4)						(4)						492
Total long-term debt			$	7,050					$	(132)					$	(51)					$	(44)					$	6,823

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

(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
2025 (After March 31,)			$	—
2026			—
2027			540
2028			500
2029			400
Thereafter			5,610
Total			$	7,050

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 March 31,
			2025									2024
Income			$	24								$	22
Expense on borrowings(1)			(72)									(74)
Expense on UTPs and other tax related liabilities			(6)									(4)
Net periodic pension costs - interest component			(7)									(6)
Interest expense, net			$	(61)								$	(62)
Interest paid(2)			$	91								$	100

(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate and cross currency swaps, which are more fully discussed in Note 8.

(2) Interest paid includes net settlements on interest rate and cross currency swaps, which are more fully discussed in Note 8.

Fair Value and Carrying Value of Long-Term Debt

The fair value and carrying value of the Company’s debt as of March 31, 2025 and December 31, 2024 are as follows:

			March 31, 2025												December 31, 2024
			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Total debt			$	6,823					$	6,026					$	7,428					$	6,601

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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