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Notes and Contracts Payable (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Notes and Contracts Payable

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(dollars in millions)

 

2.40% senior unsecured notes due August 15, 2031, effective interest rate of 2.44%

 

$

650

 

 

$

650

 

4.00% senior unsecured notes due May 15, 2030, effective interest rate of 4.05%

 

 

450

 

 

 

450

 

4.60% senior unsecured notes due November 15, 2024, effective interest rate of 4.60%

 

 

300

 

 

 

300

 

4.30% senior unsecured notes due February 1, 2023, effective interest rate of 4.35%

 

 

250

 

 

 

250

 

Trust deed note due November 1, 2023, collateralized by land and buildings
   with net book values of $
36 and $37 at December 31, 2022 and 2021,
   respectively, fixed interest rate of
5.26%

 

 

4

 

 

 

8

 

Other notes and contracts payable with maturities through 2027, weighted
   -average interest rates of
3.30% and 4.21% at December 31, 2022 and 2021,
   respectively

 

 

4

 

 

 

4

 

 

 

 

1,658

 

 

 

1,662

 

Unamortized discounts and debt issuance costs

 

 

(12

)

 

 

(14

)

 

 

$

1,646

 

 

$

1,648

 

Aggregate Annual Maturities of Notes and Contracts Payable

The aggregate annual maturities for notes and contracts payable for the next five years and thereafter are summarized as follows:

 

Year

 

Annual maturities

 

 

 

(in millions)

 

2023

 

$

256

 

2024

 

 

301

 

2025

 

 

1

 

2026

 

 

 

2027

 

 

 

Thereafter

 

 

1,100

 

 

 

$

1,658