Debt (Tables)

6 Months Ended

Jun. 30, 2025

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.