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Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | Debt is comprised of the following at the dates indicated (in millions):
| June 30, 2024 |  | December 31, 2023
4.00% senior notes due 2024 (1) (2) | $ | 199 |  |  | $ | 198 |
4.875% senior notes due 2025 (1) | 499 |  |  | 498 |
3.90% senior notes due 2025 | 47 |  |  | 47 |
4.20% senior notes due 2026 | 1,981 |  |  | 1,980 |
6.375% senior notes due 2027 | 480 |  |  | 488 |
6.625% senior notes due 2029 | 474 |  |  | 486 |
5.375% senior notes due 2036 | 417 |  |  | 417 |
5.50% senior notes due 2046 | 658 |  |  | 658 |
Revolving credit facility (1) | 285 |  |  | 131 |
Other debt | 2 |  |  | 1 |
Total debt | 5,042 |  |  | 4,904 |
Short-term debt and current portion of long-term debt | (983) |  |  | (329) |
Long-term debt | $ | 4,059 |  |  | $ | 4,575 |
(1)Included in short-term debt and current portion of long-term debt at June 30, 2024. (2)Included in short-term debt and current portion of long-term debt at December 31, 2023. Weighted average interest rates are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Total debt | 6.0 | % |  | 5.3 | % |  | 5.8 | % |  | 5.1 | %
Short-term debt | 7.5 | % |  | 6.8 | % |  | 7.8 | % |  | 6.5 | %
Schedule of Fair Value of Senior Notes | The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):
| June 30, 2024 |  | December 31, 2023
| Fair Value |  | Book Value |  | Fair Value |  | Book Value
Senior notes | $ | 4,610 |  |  | $ | 4,755 |  |  | $ | 4,633 |  |  | $ | 4,772 |

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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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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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