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DEBT | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT The carrying value of debt outstanding, net of unamortized debt issuance costs, was as follows at September 30, 2025 and December 31, 2024:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Short-term debt: |  |  |
Senior notes: |  |  |
$600 million, 4.500% due April 1, 2025 | $ | — |  |  | $ | 577 |
Total senior notes | — |  |  | 577 |
Total short-term debt | $ | — |  |  | $ | 577 |
Long-term debt: |  |  |
Senior notes: |  |  |
$750 million, 1.350% due February 3, 2027 | $ | 563 |  |  | $ | 689 |
$600 million, 3.950% due March 15, 2027 | 465 |  |  | 538 |
$500 million, 5.750% due March 1, 2028 | 490 |  |  | 490 |
$500 million, 5.750% due December 1, 2028 | 496 |  |  | 496 |
$750 million, 3.700% due March 23, 2029 | 586 |  |  | 585 |
$500 million, 3.125% due August 15, 2029 | 434 |  |  | 433 |
$500 million, 4.875% due April 1, 2030 | 497 |  |  | 497 |
$1,500 million, 5.375% due April 15, 2031 | 1,494 |  |  | 1,226 |
$750 million, 2.150% due February 3, 2032 | 745 |  |  | 744 |
$750 million, 5.875% due March 1, 2033 | 752 |  |  | 726 |
$850 million, 5.950% due March 15, 2034 | 835 |  |  | 806 |
$750 million, 5.550% due May 1, 2035 | 750 |  |  | — |
$250 million, 8.150% due June 15, 2038 | 260 |  |  | 260 |
$400 million, 4.625% due December 1, 2042 | 377 |  |  | 366 |
$750 million, 4.950% due October 1, 2044 | 726 |  |  | 714 |
$400 million, 4.800% due March 15, 2047 | 399 |  |  | 392 |
$500 million, 3.950% due August 15, 2049 | 520 |  |  | 505 |
$750 million, 5.500% due March 15, 2053 | 730 |  |  | 705 |
$1,000 million, 5.750% due April 15, 2054 | 997 |  |  | 972 |
$500 million, 6.000% due May 1, 2055 | 491 |  |  | — |
Total senior notes | 12,607 |  |  | 11,144 |
Total long-term debt | $ | 12,607 |  |  | $ | 11,144 |
Senior Notes In March 2025, we issued $750 million of 5.550% unsecured senior notes due May 1, 2035, $500 million of 6.000% unsecured senior notes due May 1, 2055, and an additional $250 million of our existing 5.375% unsecured senior notes due April 15, 2031. Our net proceeds, reduced for the underwriters' discounts and commissions paid, were $1.481 billion. We used the net proceeds of these offerings to repay the remaining $577 million aggregate principal amount of our 4.500% unsecured senior notes on their maturity date of April 1, 2025. The remaining net proceeds will be used for general corporate purposes, which may include the repayment of our existing indebtedness, including borrowings under our commercial paper program. In May 2025, we entered into a Rule 10b5-1 Repurchase Plan to repurchase a portion of our $750 million aggregate principal amount of 1.350% senior notes maturing in February 2027 and a portion of our $600 million aggregate principal amount of 3.950% senior notes maturing in March 2027 during the period beginning on May 1, 2025 and ending on August 29, 2025. For the period ended September 30, 2025, we repurchased $200 million principal amount of these senior notes for approximately $194 million cash. We have entered into interest-rate swap agreements with major financial institutions to convert our interest-rate exposure on some of our senior notes payable from fixed rates to variable rates, based on the Secured Overnight Financing Rate (SOFR), to align interest costs more closely with floating interest rates received on our cash equivalents and investment securities, as further described in Note 5. As a result, the carrying value of these senior notes has been adjusted to reflect changes in value caused by an increase or decrease in interest rates. The cumulative, aggregate increase to the carrying value of the senior notes was approximately $48 million at September 30, 2025. For additional information regarding our Senior Notes, refer to Note 13 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2024 Form 10-K. Revolving Credit Agreements In May 2025, we entered into an amended and restated 5-year, $5.0 billion unsecured revolving credit agreement. The May 2025 revolving credit agreement (i) increases the amount of the commitments under our June 2023 revolving credit agreement from $2.642 billion to $5.0 billion and (ii) replaces our existing May 2024 364-day $2.1 billion unsecured revolving credit agreement, which expired in accordance with its terms. Under the revolving credit agreement, at our option, we can borrow on either a competitive advance basis or a revolving credit basis. The revolving credit portion bears interest at Term SOFR or the base rate plus a spread. The competitive advance portion of any borrowings will bear interest at market rates prevailing at the time of borrowing on either a fixed rate or a floating rate based Term SOFR, at our option. The SOFR spread varies depending on our credit ratings ranging from 79.5 to 130.0 basis points. As of September 30, 2025, our SOFR was 101.5 basis points. We also pay an annual facility fee regardless of utilization. This facility fee varies depending on our credit ratings ranging from 8.0 to 20.0 basis points. As of September 30, 2025, our facility fee was 11.0 basis points. The terms of our revolving credit agreement include standard provisions related to conditions of borrowing which could limit our ability to borrow additional funds. In addition, our credit agreement contains customary restrictive covenants and a financial covenant regarding maximum debt to capitalization of 60%, as well as customary events of default. We are in compliance with this financial covenant, with actual debt to capitalization of 40.3% as measured in accordance with the revolving credit agreement as of September 30, 2025. Upon our agreement with one or more financial institutions, we may expand the aggregate commitments under the revolving credit agreement by up to $1.0 billion, to a maximum of $6.0 billion. At September 30, 2025, we had no borrowings and approximately $10 million of letters of credit outstanding under the revolving credit agreement. Accordingly, as of September 30, 2025, we had $4.990 billion of remaining borrowing capacity under the credit agreement (which excludes the uncommitted $1.0 billion of incremental loan facilities), none of which would be restricted by our financial covenant compliance requirement. We have other customary relationships, including financial advisory and banking, with some parties to the revolving credit agreement. For additional information regarding our Revolving Credit Agreements, refer to Note 13 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2024 Form 10-K. Commercial Paper Under our commercial paper program, we may issue short-term, unsecured commercial paper notes privately placed on a discount basis through certain broker dealers at any time. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. The net proceeds of issuances have been and are expected to be used for general corporate purposes. The maximum principal amount outstanding at any one time during the nine months ended September 30, 2025 was $1.2 billion, with no outstanding amount at September 30, 2025 and December 31, 2024. For additional information regarding our Commercial Paper refer to Note 13 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2024 Form 10-K. Other Short-term Borrowings We are a member, through one subsidiary, of the Federal Home Loan Bank of Cincinnati, or FHLB. As a member we have the ability to obtain short-term cash advances, subject to certain minimum collateral requirements. At September 30, 2025 we had no outstanding short-term FHLB borrowings.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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