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Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of outstanding debt, net of unamortized issuance costs and original issue discount, at December 31, (in millions):

			2024						2023
4.000% senior notes due 2024 (1)			$	—					$	198
4.875% senior notes due 2025			—						498
3.900% senior notes due 2025 (2)			47						47
4.200% senior notes due 2026			1,233						1,980
6.375% senior notes due 2027			486						488
6.625% senior notes due 2029			477						486
6.375% senior notes due 2030			741						—
6.625% senior notes due 2032			494						—
5.375% senior notes due 2036			417						417
5.500% senior notes due 2046			658						658
Revolving credit facility (1) (2)			40						131
Other debt			2						1
Total debt			4,595						4,904
Short-term debt and current portion of long-term debt			(87)						(329)
Long-term debt			$	4,508					$	4,575

(1)Included in short-term debt and current portion of long-term debt at December 31, 2023.

(2)Included in short-term debt and current portion of long-term debt at December 31, 2024.

Weighted average interest rates for the years ended December 31, are as follows:

						2024						2023						2022
Total debt						5.8%						5.2%						4.3%
Short-term debt						8.0%						6.9%						4.0%

Schedule of Maturities of Long-term Debt

The Company’s debt maturities for the five years following December 31, 2024 and thereafter are as follows (in millions):

2025						2026						2027						2028						2029						Thereafter						Total
$87						$1,235						$500						$2						$500						$2,336						$4,660

Schedule of Fair Value of Senior Notes

The fair values of the Company’s senior notes are based on quoted market prices and are as follows at December 31, (in millions):

			2024												2023
			Fair Value						Book Value						Fair Value						Book Value
Senior notes			$	4,624					$	4,553					$	4,633					$	4,772

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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.

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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.

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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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