Debt (Tables)

6 Months Ended

Jun. 30, 2026

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


	For the Six
	Months Ended
	June 30, 2026
Balance as of beginning-of-year	$	5,866
Refinance variable-rate term loan (1)	100
Issuance of 6.800% Subordinated Notes, due 2056 (2)	500
Unamortized discounts	8
Unamortized debt issuance costs	(3)
Unamortized adjustments from discontinued hedges	(8)
Fair value hedge on interest rate swap agreements	2
Balance as of end-of-period	$	6,465

(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 June 30, 2026.

(2) On June 29, 2026, we issued $500 million aggregate principal amount of 6.800% Fixed-to-Fixed Reset Rate Subordinated Notes due July 15, 2056 (“6.800% Subordinated Notes”). Beginning on July 15, 2036, and on each of the subsequent five-year anniversaries thereof, the interest rate will reset to the five-year Treasury rate as of the applicable reset interest determination date plus 240 basis points.