Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt consists of the following (in millions):


	As of December 31,
	2023		2022

Series E senior notes, with a rate of 4% due June 2025	$	499	$	499
Series F senior notes, with a rate of 4½% due February 2026	399		399
Series G senior notes, with a rate of 3⅞% due April 2024	400		399
Series H senior notes, with a rate of 3⅜% due December 2029	643		642
Series I senior notes, with a rate of 3½% due September 2030	738		736
Series J senior notes, with a rate of 2.9% due December 2031	441		440
Total senior notes	3,120		3,115
Credit facility revolver ⁽¹⁾	(8)		(4)
Credit facility term loan due January 2027	499		499
Credit facility term loan due January 2028	498		499
Mortgage and other debt, with an average interest rate of 4.67% and 4.9% at December 31, 2023 and 2022, respectively, maturing through November 2027	100		106
Total debt	$	4,209	$	4,215

_____________

(1)There were no outstanding credit facility borrowings at December 31, 2023 or 2022. Amount shown represents deferred financing costs related to the credit facility revolver.

Aggregate Debt Maturities

Aggregate debt maturities, including principal amortization, are as follows (in millions):


	As of December 31, 2023
2024	$	402
2025	502
2026	402
2027	592
2028	500
Thereafter	1,850
	4,248
Deferred financing costs	(25)
Unamortized discounts, net	(14)
Total debt	$	4,209

Reconciliation between Interest Expense and Cash Interest Paid

The following is a reconciliation between interest expense and cash interest paid (in millions):


	Year ended December 31,
	2023		2022		2021 ⁽²⁾
Interest expense	$	191	$	156	$	191
Amortization of debt premiums/discounts, net	(2)		(2)		(2)
Amortization of deferred financing costs	(7)		(8)		(8)
Non-cash losses on debt extinguishment	(1)		—		(1)
Change in accrued interest	2		(4)		3
Interest paid ⁽¹⁾	$	183	$	142	$	183

___________

(1)Does not include capitalized interest of $10 million, $10 million and $4 million for 2023, 2022 and 2021, respectively.

(2)Interest expense and interest paid includes cash prepayment premiums of approximately $22 million in 2021.