Debt and Credit Agreements

3 Months Ended

Mar. 31, 2024

The following table includes a summary of the Company’s long-term debt.


(In millions)	March 31, 2024		December 31, 2023

3.65% weighted-average private placement senior notes(1)	$	825	$	825
3.90% senior notes due May 15, 2027	750		750
4.375% senior notes due March 15, 2029	500		500
5.60% senior notes due March 15, 2034	500		—
Revolving credit agreement	—		—
Total	2,575		2,075
Unamortized debt premium	85		90
Unamortized debt discount	(1)		—
Unamortized debt issuance costs	(8)		(4)
Total debt	2,651		2,161
Less: current portion of long-term debt	575		575
Long-term debt	$	2,076	$	1,586

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(1)The 3.65% weighted-average senior notes have bullet maturities of $575 million and $250 million due in September 2024 and 2026, respectively.

As of March 31, 2024, the Company was in compliance with all financial covenants for its revolving credit agreement and its 3.65% weighted-average private placement senior notes (the “private placement senior notes”).

As of March 31, 2024, the Company had no borrowings outstanding under its revolving credit agreement and unused commitments of $1.5 billion.

5.60% Senior Notes due March 15, 2034

On March 13, 2024, the Company issued $500 million aggregate principal amount of 5.60% senior notes due 2034 (the “2034 senior notes”). The 2034 senior notes will mature on March 15, 2034, and interest on such notes is payable semi-annually. The 2034 senior notes are general, unsecured obligations of the Company. Under the terms of the indenture governing the 2034 senior notes, the Company may redeem all or any portion of the 2034 senior notes on any date at a price equal to the principal amount thereof, plus applicable redemption prices described in the governing indenture. The Company is also subject to various covenants and events of default customarily found in such debt instruments. The 2034 senior notes were issued at a discount of $1 million, and the Company incurred approximately $5 million of debt issuance costs that were capitalized and will be amortized over the term of such notes.