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Debt (Tables)
6 Months Ended
Jun. 30, 2023
Debt [Abstract]  
Schedule of Long-term Debt
Debt consisted of the following:
June 30,
2023
December 31,
2022
Effective
Interest Rate
(in millions)
Senior Notes
2023 USD Notes4.875 %Senior Notes due March 2028$750 $— 5.003 %
4.850 %Senior Notes due March 2033750 — 4.923 %
2022 EUR Notes 1
1.000 %Senior Notes due February 2029817 800 1.138 %
2021 USD Notes2.000 %Senior Notes due November 2031750 750 2.112 %
1.900 %Senior Notes due March 2031600 600 1.981 %
2.950 %Senior Notes due March 2051700 700 3.013 %
2020 USD Notes3.300 %Senior Notes due March 20271,000 1,000 3.420 %
3.350 %Senior Notes due March 20301,500 1,500 3.430 %
3.850 %Senior Notes due March 20501,500 1,500 3.896 %
2019 USD Notes2.950 %Senior Notes due June 20291,000 1,000 3.030 %
3.650 %Senior Notes due June 20491,000 1,000 3.689 %
2.000 %Senior Notes due March 2025750 750 2.147 %
2018 USD Notes3.500 %Senior Notes due February 2028500 500 3.598 %
3.950 %Senior Notes due February 2048500 500 3.990 %
2016 USD Notes2.950 %Senior Notes due November 2026750 750 3.044 %
3.800 %Senior Notes due November 2046600 600 3.893 %
2015 EUR Notes 2
2.100 %Senior Notes due December 2027872 854 2.189 %
2.500 %Senior Notes due December 2030163 160 2.562 %
2014 USD Notes3.375 %Senior Notes due April 20241,000 1,000 3.484 %
Other Debt
April 2023 INR Term Loan 3
9.480 %Term Loan due July 202361 — 9.705 %
2022 INR Term Loan 4
8.640 %Term Loan due July 2023277 275 9.090 %
15,840 14,239 
Less: Unamortized discount and debt issuance costs(115)(111)
Less: Cumulative hedge accounting fair value adjustments 5
(105)(105)
Total debt outstanding15,620 14,023 
Less: Short-term debt 6
(1,336)(274)
Long-term debt$14,284 $13,749 
1 €750 million euro-denominated debt issued in February 2022.
2 €950 million euro-denominated debt remaining of the €1.650 billion issued in December 2015.
3 INR4.97 billion Indian rupee-denominated loan issued in April 2023.
4 INR22.7 billion Indian rupee-denominated loan issued in July 2022.
5 The Company has an interest rate swap which is accounted for as a fair value hedge. See Note 17 (Derivative and Hedging Instruments) for additional information.
6 The INR Term Loans due July 2023 and the 2014 USD Notes due April 2024 are classified as short-term debt on the consolidated balance sheet as of June 30, 2023. The INR Term Loan due July 2023 is classified as short-term debt on the consolidated balance sheet as of December 31, 2022.