XML 71 R44.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Summary of Debt | Debt consists of the following (in millions):
| As of December 31,
| 2024 |  | 2023
Series E senior notes, with a rate of 4% due June 2025 | $ | 500 |  |  | $ | 499 |
Series F senior notes, with a rate of 4 ½% due February 2026 | 399 |  |  | 399 |
Series G senior notes, with a rate of 3 ⅞% due April 2024 | — |  |  | 400 |
Series H senior notes, with a rate of 3 ⅜% due December 2029 | 644 |  |  | 643 |
Series I senior notes, with a rate of 3 ½% due September 2030 | 740 |  |  | 738 |
Series J senior notes, with a rate of 2.9% due December 2031 | 442 |  |  | 441 |
Series K senior notes, with a rate of 5.7% due July 2034 | 585 |  |  | — |
Series L senior notes, with a rate of 5.5% due April 2035 | 683 |  |  | — |
Total senior notes | 3,993 |  |  | 3,120 |
Credit facility revolver ⁽¹⁾ | (6) |  |  | (8) |
Credit facility term loan due January 2027 | 499 |  |  | 499 |
Credit facility term loan due January 2028 | 499 |  |  | 498 |
Mortgage and other debt, with an average interest rate of 4.67% at both December 31, 2024 and 2023, maturing through November 2027 | 98 |  |  | 100 |
Total debt | $ | 5,083 |  |  | $ | 4,209 |
_____________ (1)There were no outstanding credit facility borrowings at December 31, 2024 or 2023. Amount shown represents deferred financing costs related to the credit facility revolver.
Summary of Aggregate Debt Maturities | Aggregate debt maturities, including principal amortization, are as follows (in millions):
| As of December 31, 2024
2025 | $ | 502 |
2026 | 402 |
2027 | 592 |
2028 | 500 |
2029 | 650 |
Thereafter | 2,500 |
| 5,146 |
Deferred financing costs | (31) |
Unamortized discounts, net | (32) |
Total debt | $ | 5,083 |
Summary of Reconciliation between Interest Expense and Cash Interest Paid | The following is a reconciliation between interest expense and cash interest paid (in millions):
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Interest expense | $ | 215 |  |  | $ | 191 |  |  | $ | 156 |
Amortization of debt premiums/discounts, net | (3) |  |  | (2) |  |  | (2) |
Amortization of deferred financing costs | (7) |  |  | (7) |  |  | (8) |
Non-cash losses on debt extinguishment | — |  |  | (1) |  |  | — |
Change in accrued interest | (33) |  |  | 2 |  |  | (4) |
Interest paid ⁽¹⁾ | $ | 172 |  |  | $ | 183 |  |  | $ | 142 |
___________ (1)Does not include capitalized interest of $10 million in each of 2024, 2023 and 2022.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration