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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | Long-term Debt by Issuance
| As of December 31, |
| 2024 | 2023 |
Revolving Credit Facilities | $ | — |  | $ | — |  |
Senior Notes and Debentures |  |  |
2.8% Notes, due 2029 | 600 |  | 600 |  |
5.95% Notes, due 2036 | 300 |  | 300 |  |
6.625% Notes, due 2040 | 295 |  | 295 |  |
6.1% Notes, due 2041 | 409 |  | 409 |  |
6.625% Notes, due 2042 | 178 |  | 178 |  |
4.3% Notes, due 2043 | 300 |  | 300 |  |
4.4% Notes, due 2048 | 500 |  | 500 |  |
3.6% Notes, due 2049 | 800 |  | 800 |  |
2.9% Notes, due 2051 | 600 |  | 600 |  |
Junior Subordinated Debentures |  |  |
3-Month term SOFR + 0.26161% + 2.125% Notes, due 2067 [1] | 500 |  | 500 |  |
Total Notes and Debentures | 4,482 |  | 4,482 |  |
Unamortized discount and debt issuance cost [2] | (116) |  | (120) |  |
Total Debt | 4,366 |  | 4,362 |  |
Less: Current maturities | — |  | — |  |
Long-Term Debt | $ | 4,366 |  | $ | 4,362 |  |
[1]The Company has an interest rate swap agreement expiring February 15, 2027 to effectively convert the variable interest payments based on 3-month term Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment of 0.26161% plus 2.125 for this debenture. [2]This amount includes unamortized discount of $68 and $70 as of December 31, 2024 and 2023, respectively, on the 6.1% Notes, due 2041.
Long-Term Debt Maturities | Long-term Debt Maturities (at par value) as of December 31, 2024
2024 - Current maturities | $ | — |
2026 | $ | — |
2027 | $ | — |
2028 | $ | — |
2029 | $ | 600 |
Thereafter | $ | 3,882 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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