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Debt (Tables)
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Debt consisted of the following:
June 30,
2024
December 31,
2023
Effective
Interest Rate
(in millions)
Senior Notes
2024 USD Notes
4.875 %
Senior Notes due May 2034
$1,000 $— 5.047 %
2023 USD Notes4.875 %Senior Notes due March 2028750 750 5.003 %
4.850 %Senior Notes due March 2033750 750 4.923 %
2022 EUR Notes 1
1.000 %Senior Notes due February 2029803 830 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 2027856 885 2.189 %
2.500 %Senior Notes due December 2030160 166 2.562 %
2014 USD Notes3.375 %Senior Notes due April 2024— 1,000 3.484 %
Other Debt
2023 INR Term Loan 3
9.430 %Term Loan due July 2024337 338 9.780 %
15,806 15,869 
Less: Unamortized discount and debt issuance costs(118)(109)
Less: Cumulative hedge accounting fair value adjustments 4
(83)(79)
Total debt outstanding15,605 15,681 
Less: Short-term debt 5
(1,086)(1,337)
Long-term debt$14,519 $14,344 
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 The Company has an interest rate swap that is accounted for as a fair value hedge. See Note 16 (Derivative and Hedging Instruments) for additional information.
5 The 2019 USD Notes due March 2025 and the INR Term Loan due July 2024 are classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheet as of June 30, 2024. The 2014 USD Notes due April 2024 and the INR Term Loan due July 2024 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheet as of December 31, 2023.