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Debt and Credit Agreements | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements The following table includes a summary of the Company’s long-term debt.
(In millions) |  | June 30, 2024 |  | December 31, 2023
3.65% weighted-average private placement senior notes(1) |  | $ | 825 |  |  | $ | 825 |
3.90% senior notes due May 15, 2027 |  | 750 |  |  | 750 |
4.375% senior notes due March 15, 2029 |  | 500 |  |  | 500 |
5.60% senior notes due March 15, 2034 |  | 500 |  |  | — |
Revolving credit agreement |  | — |  |  | — |
Total |  | 2,575 |  |  | 2,075 |
Unamortized debt premium |  | 80 |  |  | 90 |
Unamortized debt discount |  | (1) |  |  | — |
Unamortized debt issuance costs |  | (8) |  |  | (4) |
Total debt |  | 2,646 |  |  | 2,161 |
Less: current portion of long-term debt |  | 575 |  |  | 575 |
Long-term debt |  | $ | 2,071 |  |  | $ | 1,586 |
_______________________________________________________________________________ (1)The 3.65% weighted-average senior notes have bullet maturities of $575 million and $250 million due in September 2024 and 2026, respectively. As of June 30, 2024, the Company was in compliance with all financial covenants for its revolving credit agreement and its 3.65% weighted-average private placement senior notes (the “private placement senior notes”). As of June 30, 2024, the Company had no borrowings outstanding under its revolving credit agreement and unused commitments of $1.5 billion. 5.60% Senior Notes due March 15, 2034 On March 13, 2024, the Company issued $500 million aggregate principal amount of 5.60% senior notes due 2034 (the “2034 senior notes”). The 2034 senior notes will mature on March 15, 2034, and interest on such notes is payable semi-annually. The 2034 senior notes are general, unsecured obligations of the Company. Under the terms of the indenture governing the 2034 senior notes, the Company may redeem all or any portion of the 2034 senior notes on any date at a price equal to the principal amount thereof, plus applicable redemption prices described in the governing indenture. The Company is also subject to various covenants and events of default customarily found in such debt instruments. The 2034 senior notes were issued at a discount of $1 million, and the Company incurred approximately $5 million of debt issuance costs that were capitalized and will be amortized over the term of such notes.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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