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Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Changes in Debt | Changes in debt (in millions) were as follows:
| For the Six Months Ended June 30,
| 2025
Balance as of beginning-of-year | $ | 6,156 |
Issuance of 2.330% Senior Notes, due 2030 | 500 |
Repayment of 3.35% Senior Notes, due 2025 | (300) |
Early extinguishment of senior notes: |
3.05% notes, due 2030 | (34) |
4.35% notes, due 2048 | (129) |
4.375% notes, due 2050 | (136) |
Early extinguishment of subordinated notes: |
Variable rate, due 2066 | (97) |
Variable rate, due 2067 | (97) |
Early extinguishment of capital securities: |
Variable rate, due 2066 | (21) |
Variable rate, due 2067 | (5) |
Unamortized premiums (discounts) | (80) |
Unamortized debt issuance costs | 1 |
Unamortized adjustments from discontinued hedges | (8) |
Fair value hedge on interest rate swap agreements | 17 |
Balance as of end-of-period | $ | 5,767 |
Schedule of Extinguishment of Debt | Details underlying the recognition of a gain (loss) on the early extinguishment of debt (in millions) reported within interest expense on our Consolidated Statements of Comprehensive Income (Loss) were as follows:
| For the Six
| Months Ended
| June 30,
| 2025
Principal balance outstanding prior to repurchase (1) | $ | 519 |
Unamortized debt issuance costs and discounts | (4) |
Amount paid to repurchase debt | (421) |
Gain (loss) on early extinguishment of debt, pre-tax | $ | 94 |
(1) In May 2025, pursuant to a tender offer, we repurchased $34 million of our 3.05% Senior Notes due 2030, $129 million of our 4.35% Senior Notes due 2048, $136 million of our 4.375% Senior Notes due 2050, $97 million of our Subordinated Notes due 2066, $97 million of our Subordinated Notes due 2067, $21 million of our Capital Securities due 2066 and $5 million of our Capital Securities due 2067.

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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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- Definition Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481244/470-50-50-1 + Details
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