Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

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.