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Debt
 9 Months Ended
Sep. 30, 2023
Debt [Abstract]  
Debt Debt
Debt consisted of the following:
September 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 2029794 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 2027846 854 2.189 %
2.500 %Senior Notes due December 2030159 160 2.562 %
2014 USD Notes3.375 %Senior Notes due April 20241,000 1,000 3.484 %
Other Debt
2023 INR Term Loan 3
9.430 %Term Loan due July 2024338 — 9.780 %
2022 INR Term Loan 4
8.640 %Term Loan due July 2023— 275 9.090 %
15,787 14,239 
Less: Unamortized discount and debt issuance costs(112)(111)
Less: Cumulative hedge accounting fair value adjustments 5
(109)(105)
Total debt outstanding15,566 14,023 
Less: Short-term debt 6
(1,337)(274)
Long-term debt$14,229 $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 INR28.1 billion Indian rupee-denominated loan issued in July 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 2014 USD Notes due April 2024 and the INR Term Loan due July 2024 are classified as short-term debt on the consolidated balance sheet as of September 30, 2023. The 2022 INR Term Loan due July 2023 was classified as short-term debt on the consolidated balance sheet as of December 31, 2022.
Senior Notes
In March 2023, the Company issued $750 million principal amount of notes due March 2028 and $750 million principal amount of notes due March 2033 (collectively the “2023 USD Notes”). The net proceeds from the issuance of the 2023 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $1.489 billion.
The Senior Notes described above are not subject to any financial covenants and may be redeemed in whole, or in part, at the Company’s option at any time for a specified make-whole amount. These notes are senior unsecured obligations and would rank equally with any future unsecured and unsubordinated indebtedness.
Indian Rupee (“INR”) Term Loan
In July 2022, the Company entered into an unsecured INR22.7 billion term loan ($285 million as of the date of settlement) originally due July 2023 (the “2022 INR Term Loan”). The net proceeds of the 2022 INR Term Loan, after deducting issuance costs, were INR22.6 billion ($284 million as of the date of settlement).
In April 2023, the Company entered into an additional unsecured INR4.97 billion term loan, also originally due July 2023 (the “April 2023 INR Term Loan”). The stated interest rate and effective interest rate were 9.480% and 9.705%, respectively. The net proceeds of the April 2023 INR Term Loan, after deducting issuance costs, were INR4.96 billion ($61 million as of the date of settlement).
In July 2023, the Company modified and combined the 2022 INR Term Loan and April 2023 INR Term Loan (the “2023 INR Term Loan”), increasing the total unsecured loans to INR28.1 billion ($342 million as of the date of settlement). The 2023 INR Term Loan is due July 2024.
The Company obtained the INR Term Loans to serve as economic hedges to offset possible changes in the value of INR-denominated monetary assets due to foreign exchange fluctuations. The INR Term Loans are not subject to any financial covenants and they may be repaid in whole at the Company’s option at any time for a specified make-whole amount.