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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Changes in Debt | Changes in debt (in millions) were as follows:
| For the Nine Months Ended September 30,
| 2024
Balance as of beginning-of-year | $ | 5,949 |
Issuance of 5.852% Senior Notes due 2034 | 350 |
Partial repayment of variable-rate term loan, due 2024 (1) | (100) |
Unamortized debt issuance costs | (1) |
Unamortized adjustments from discontinued hedges | (12) |
Fair value hedge on interest rate swap agreements | 11 |
Balance as of end-of-period | $ | 6,197 |
(1) In July 2024, we refinanced our $250 million variable-rate term loan due 2024 into a $150 million variable-rate term loan due July 16, 2027. The term loan uses a Secured Overnight Financing Rate (“SOFR”)-based interest rate, plus transition spread of 10 basis points and credit spread of 137.5 basis points.

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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 No definition available. + Details
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