Debt (Tables)

3 Months Ended

Mar. 31, 2026

Changes in long-term debt, excluding current portion, (in millions) were as follows:


	For the Three
	Months Ended
	March 31,
	2026
Balance as of beginning-of-year	$	5,866
Refinance variable-rate term loan (1)	100
Unamortized discounts	4
Unamortized debt issuance costs	1
Unamortized adjustments from discontinued hedges	(4)
Fair value hedge on interest rate swap agreements	2
Balance as of end-of-period	$	5,969

(1) On March 30, 2026, we refinanced our $150 million variable-rate term loan due 2027 into a $250 million variable-rate term loan due March 30, 2031. The term loan uses a Secured Overnight Financing Rate-based interest rate, plus an applicable credit spread of 125 basis points as of March 31, 2026.