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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt at December 31, 2024 and 2023 consisted of the following:
(in millions) |  | December 31, 2024 |  |  | December 31, 2023 |
Current portion of long-term debt: |  |  |  |  |  |
Current portion of 5-year term loan facility expires 2026 |  | $ | 25 |  |  | $ | 25 |
Current portion of 3-year term loan expires 2025 |  |  | 150 |  |  |  | — |
Current portion of 5-year term loan credit agreement expires 2027 |  |  | 50 |  |  |  | 44 |
Current portion of 4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024 |  |  | — |  |  |  | 500 |
Total current portion of long-term debt |  |  | 225 |  |  |  | 569 |
Long-term debt: |  |  |  |  |  |
Note agreements: |  |  |  |  |  |
4.500% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2029 |  |  | 350 |  |  |  | 350 |
2.375% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2031 |  |  | 700 |  |  |  | 700 |
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2032 |  |  | 598 |  |  |  | 598 |
5.650% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2034 |  |  | 599 |  |  |  | — |
4.950% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2052 |  |  | 592 |  |  |  | 592 |
Total notes |  |  | 2,839 |  |  |  | 2,240 |
Credit agreements: |  |  |  |  |  |
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires October 27, 2026 |  |  | 169 |  |  |  | 194 |
5-year revolving loan facility, periodic interest payments, SOFR plus up to 1.525%, plus commitment fees up to 0.225%, expires October 27, 2026 |  |  | 250 |  |  |  | 100 |
3-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.625%, expires March 31, 2025 |  |  | — |  |  |  | 300 |
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires March 31, 2027 |  |  | 362 |  |  |  | 412 |
Total credit agreements |  |  | 781 |  |  |  | 1,006 |
Debt issuance costs (contra) |  |  | (21 | ) |  |  | (19 | )
Total long-term debt less unamortized discount and debt issuance costs |  |  | 3,599 |  |  |  | 3,227 |
Current portion of long-term debt |  |  | 225 |  |  |  | 569 |
Total debt |  | $ | 3,824 |  |  | $ | 3,796 |
Schedule of Liabilities that are Not Measured at Fair Value on a Recurring Basis | The following tables presents liabilities that are not measured at fair value on a recurring basis:
|  | December 31, 2024 |  |  | December 31, 2023 |
(in millions) |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | — |  |  | $ | — |  |  | $ | 500 |  |  | $ | 495 |
Long-term debt |  | $ | 2,839 |  |  | $ | 2,602 |  |  | $ | 2,240 |  |  | $ | 1,993 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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