Long-Term Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 8 Long-Term Debt

Long-term debt consisted of the following:

(in millions)	March 31, 2025			December 31, 2024
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026	$	25		$	25
Current portion of 3-year term loan facility expires 2025		—			150
Current portion of 5-year term loan facility expires 2027		50			50
Total current portion of long-term debt		75			225
Long-term debt:
Note agreements:
4.500% senior notes, semi-annual interest payments, net of the unamortized discount,    balloon due 2029		350			350
2.375% senior notes, semi-annual interest payments, net of the unamortized discount,    balloon due 2031		700			700
4.200% senior notes, semi-annual interest payments, net of the unamortized discount,    balloon due 2032		598			598
5.650% senior notes, semi-annual interest payments, net of the unamortized discount,    balloon due 2034		599			599
4.950% senior notes, semi-annual interest payments, net of the unamortized discount,    balloon due 2052		592			592
Total notes		2,839			2,839
Credit agreements:
5-year term loan facility, periodic interest and principal payments, SOFR plus up to    1.750%, expires October 27, 2026		162			169
5-year revolving loan facility, periodic interest payments, SOFR plus up to 1.525%, plus commitment fees up to 0.225%, expires October 27, 2026		400			250
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires March 31, 2027		350			362
Total credit agreements		912			781
Debt issuance costs (contra)		(20	)		(21	)
Total long-term debt, less unamortized discount and debt issuance costs		3,731			3,599
Current portion of long-term debt		75			225
Total debt	$	3,806		$	3,824

Note agreements: The Company maintains notes from issuances aggregating to a total outstanding debt balance of $2,850 million exclusive of the associated discount balance as of March 31, 2025 and December 31, 2024.

Credit agreements: On March 31, 2025, the Company repaid the outstanding balance on the 3-year term loan facility of $150 million.

The Company has credit agreements that include term loans and a Revolving Credit Facility of $800 million, all having similar terms and covenants. The outstanding balance on the term loans was $587 million and $756 million as of March 31, 2025 and December 31, 2024, respectively. There were outstanding balances on the Revolving Credit Facility of $400 million and $250 million as of March 31, 2025 and December 31, 2024, respectively.

The Company is required to maintain certain financial ratios and comply with certain covenants. The Company was in compliance with all such covenants as of March 31, 2025 and December 31, 2024.

At March 31, 2025, the 1-month Term SOFR Rate for the term loan due October 2026 and the term loan due March 2027 was 4.425%. At March 31, 2025, the 1-month Term SOFR Rate for the Revolving Credit Facility was 4.427%. These SOFR rates are inclusive of a 0.100% credit-spread adjustment per the terms of the relevant agreements.

Fair value information about financial instruments not measured at fair value

The following table presents liabilities that are not measured at fair value on a recurring basis:

	March 31, 2025				December 31, 2024
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Current portion of long-term debt	$	—	$	—	$	—	$	—
Long-term debt	$	2,839	$	2,641	$	2,839	$	2,602

The carrying value of the Company's borrowings under various credit agreements approximates its fair value due to the variable interest rate based upon adjusted SOFR. The fair values above, which exclude accrued interest, are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instruments. The fair values of our respective senior notes are considered Level 2 financial instruments, as their values are measured by using observable inputs, other than quoted prices in active markets.