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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.

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- References

No definition available.

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- Definition

Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities.

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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

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- 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

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