Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt is comprised of the following at the dates indicated (in millions):

	March 31, 2024		December 31, 2023
4.00% senior notes due 2024 (1)	$	198	$	198
4.875% senior notes due 2025	498		498
3.90% senior notes due 2025	47		47
4.20% senior notes due 2026	1,980		1,980
6.375% senior notes due 2027	480		488
6.625% senior notes due 2029	476		486
5.375% senior notes due 2036	417		417
5.50% senior notes due 2046	658		658
Revolving credit facility (1)	231		131
Other debt	2		1
Total debt	4,987		4,904
Short-term debt and current portion of long-term debt	(429)		(329)
Long-term debt	$	4,558	$	4,575

(1)Included in short-term debt and current portion of long-term debt

Weighted average interest rates are as follows:

	Three Months Ended  March 31,
	2024		2023
Total debt	5.6	%	4.8	%
Short-term debt	8.3	%	6.1	%

Schedule of Fair Value of Senior Notes

The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):

	March 31, 2024				December 31, 2023
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	4,591	$	4,754	$	4,633	$	4,772