INDEBTEDNESS (Tables)

6 Months Ended

Jun. 30, 2024

The following table summarizes total indebtedness:


June 30, 2024
Notes Payable:	Principal Amount		Fair Value of Interest Rate Swaps (1)		Unamortized (Discount) Premium		Unamortized Debt Issuance Costs		Carrying Value
5.25% 2014 Senior Notes, due 2044	$	600	$	(37)	$	3	$	(4)	$	562
1.75% 2015 Senior Notes, due 2027	536		—		—		(1)		535

3.25% 2017 Senior Notes, due 2028	500		(25)		(2)		(1)		472
4.25% 2018 Senior Notes, due 2029	400		(39)		(1)		(2)		358
4.875% 2018 Senior Notes, due 2048	400		(39)		(6)		(3)		352
0.950% 2019 Senior Notes, due 2030	803		—		(2)		(3)		798
3.75% 2020 Senior Notes, due 2025	700		(11)		—		(1)		688
3.25% 2020 Senior Notes, due 2050	300		—		(4)		(3)		293
2.55% 2020 Senior Notes, due 2060	300		—		(2)		(3)		295
2.00% 2021 Senior Notes, due 2031	600		—		(6)		(4)		590
2.75% 2021 Senior Notes, due 2041	600		—		(12)		(5)		583
3.10% 2021 Senior Notes, due 2061	500		—		(7)		(5)		488
3.75% 2022 Senior Notes, due 2052	500		(42)		(8)		(5)		445
4.25% 2022 Senior Notes, due 2032	500		(12)		(2)		(4)		482
Total debt	$	7,239	$	(205)	$	(49)	$	(44)	$	6,941
Current portion									(688)
Total long-term debt									$	6,253


December 31, 2023
Notes Payable:	Principal Amount		Fair Value of Interest Rate Swaps (1)		Unamortized (Discount) Premium		Unamortized Debt Issuance Costs		Carrying Value
5.25% 2014 Senior Notes, due 2044	$	600	$	(34)	$	3	$	(4)	$	565
1.75% 2015 Senior Notes, due 2027	552		—		—		(1)		551

3.25% 2017 Senior Notes, due 2028	500		(26)		(2)		(2)		470
4.25% 2018 Senior Notes, due 2029	400		(34)		(2)		(2)		362
4.875% 2018 Senior Notes, due 2048	400		(36)		(6)		(3)		355
0.950% 2019 Senior Notes, due 2030	829		—		(2)		(4)		823
3.75% 2020 Senior Notes, due 2025	700		(16)		(1)		(1)		682
3.25% 2020 Senior Notes, due 2050	300		—		(4)		(3)		293
2.55% 2020 Senior Notes, due 2060	300		—		(2)		(3)		295
2.00% 2021 Senior Notes, due 2031	600		—		(6)		(4)		590
2.75% 2021 Senior Notes, due 2041	600		—		(12)		(5)		583
3.10% 2021 Senior Notes, due 2061	500		—		(7)		(5)		488
3.75% 2022 Senior Notes, due 2052	500		(29)		(8)		(5)		458
4.25% 2022 Senior Notes, due 2032	500		(8)		(2)		(4)		486
Total long-term debt	$	7,281	$	(183)	$	(51)	$	(46)	$	7,001

(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.

Schedule of Line of Credit Facilities

Further information on the key terms of these revolving credit facilities is below:


					June 30, 2024				December 31, 2023
	Issue Date	Capacity		Maturity	Drawn		Undrawn		Drawn		Undrawn
2021 Credit Facility	December 17, 2021	$	1,250	December 17, 2026 (Terminated in 2024)	$	—	$	—	$	—	$	1,250
2024 Credit Facility	May 6, 2024	$	1,250	May 6, 2029	$	—	$	1,250	$	—	$	—

Principal Payments Due on Long-Term Borrowings

The repayment schedule for the Company’s borrowings is as follows:


Year Ending December 31,	Year Ending Total
2024 (After June 30,)	$	—
2025	700
2026	—
2027	536
2028	500
Thereafter	5,503
Total	$	7,239

Summary of Components of Interest as Presented in Consolidated Statements of Operations

The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Income	$	23	$	15	$	45	$	25
Expense on borrowings(1)	(74)		(75)		(148)		(145)
(Expense) income on UTPs and other tax related liabilities(2)	(5)		(4)		(9)		14
Net periodic pension costs - interest component	(7)		(7)		(13)		(13)
Interest expense, net	$	(63)	$	(71)	$	(125)	$	(119)
Interest paid(3)	$	51	$	47	$	151	$	143

(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate swaps and cross currency swaps, which are more fully discussed in Note 7.

(2) The amount for the six months ended June 30, 2023 reflects a $22 million reduction of tax-related interest expense primarily related to the resolutions of tax matters.

(3) Interest paid includes net settlements on interest rate swaps, which are more fully discussed in Note 7.

Fair Value and Carrying Value of Long-Term Debt

The fair value and carrying value of the Company’s debt as of June 30, 2024 and December 31, 2023 are as follows:


	June 30, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
















Total debt	$	6,941	$	6,121	$	7,001	$	6,402