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Debt | 12 Months Ended
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Dec. 31, 2024
Debt Instruments [Abstract] |
Debt | Debt Debt consisted of the following at December 31:
|  |  |  |  | 2024 |  | 2023 |  | Effective Interest Rate
|  |  |  |  | (in millions) |  |
Senior Notes |  |  |  |  |  |  |  |  |
2024 USD Notes |  | 4.100 | % | Senior Notes due January 2028 |  | $ | 750 |  |  | $ | — |  |  | 4.262 | %
|  | 4.350 | % | Senior Notes due January 2032 |  | 1,150 |  |  | — |  |  | 4.446 | %
|  | 4.550 | % | Senior Notes due January 2035 |  | 1,100 |  |  | — |  |  | 4.633 | %
|  | 4.875 | % | Senior Notes due May 2034 |  | 1,000 |  |  | — |  |  | 5.047 | %
2023 USD Notes |  | 4.875 | % | Senior Notes due March 2028 |  | 750 |  |  | 750 |  |  | 5.003 | %
|  | 4.850 | % | Senior Notes due March 2033 |  | 750 |  |  | 750 |  |  | 4.923 | %
2022 EUR Notes 1 |  | 1.000 | % | Senior Notes due February 2029 |  | 781 |  |  | 830 |  |  | 1.138 | %
2021 USD Notes |  | 2.000 | % | Senior Notes due November 2031 |  | 750 |  |  | 750 |  |  | 2.112 | %
|  | 1.900 | % | Senior Notes due March 2031 |  | 600 |  |  | 600 |  |  | 1.981 | %
|  | 2.950 | % | Senior Notes due March 2051 |  | 700 |  |  | 700 |  |  | 3.013 | %
2020 USD Notes |  | 3.300 | % | Senior Notes due March 2027 |  | 1,000 |  |  | 1,000 |  |  | 3.420 | %
|  | 3.350 | % | Senior Notes due March 2030 |  | 1,500 |  |  | 1,500 |  |  | 3.430 | %
|  | 3.850 | % | Senior Notes due March 2050 |  | 1,500 |  |  | 1,500 |  |  | 3.896 | %
2019 USD Notes |  | 2.950 | % | Senior Notes due June 2029 |  | 1,000 |  |  | 1,000 |  |  | 3.030 | %
|  | 3.650 | % | Senior Notes due June 2049 |  | 1,000 |  |  | 1,000 |  |  | 3.689 | %
|  | 2.000 | % | Senior Notes due March 2025 |  | 750 |  |  | 750 |  |  | 2.147 | %
2018 USD Notes |  | 3.500 | % | Senior Notes due February 2028 |  | 500 |  |  | 500 |  |  | 3.598 | %
|  | 3.950 | % | Senior Notes due February 2048 |  | 500 |  |  | 500 |  |  | 3.990 | %
2016 USD Notes |  | 2.950 | % | Senior Notes due November 2026 |  | 750 |  |  | 750 |  |  | 3.044 | %
|  | 3.800 | % | Senior Notes due November 2046 |  | 600 |  |  | 600 |  |  | 3.893 | %
2015 EUR Notes 2 |  | 2.100 | % | Senior Notes due December 2027 |  | 833 |  |  | 885 |  |  | 2.189 | %
|  | 2.500 | % | Senior Notes due December 2030 |  | 156 |  |  | 166 |  |  | 2.562 | %
2014 USD Notes |  | 3.375 | % | Senior Notes due April 2024 |  | — |  |  | 1,000 |  |  | 3.484 | %
Other Debt |  |  |  |  |  |  |  |  |
2023 INR Term Loan 3 |  | 9.430 | % | Term Loan due July 2024 |  | — |  |  | 338 |  |  | 9.780 | %
|  |  |  |  | 18,420 |  |  | 15,869 |  |  |
Less: Unamortized discount and debt issuance costs |  | (131) |  |  | (109) |  |  |
Less: Cumulative hedge accounting fair value adjustments 4 |  | (63) |  |  | (79) |  |  |
Total debt outstanding |  | 18,226 |  |  | 15,681 |  |  |
Less: Short-term debt 5 |  | (750) |  |  | (1,337) |  |  |
Long-term debt |  | $ | 17,476 |  |  | $ | 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 23 (Derivative and Hedging Instruments) for additional information. 5 The 2019 USD Notes due March 2025 are classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets as of December 31, 2024. As of December 31, 2023, 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 sheets. Scheduled annual maturities of the principal portion of debt outstanding at December 31, 2024 are summarized below.
|  | (in millions)
2025 |  | $ | 750 |
2026 |  | 750 |
2027 |  | 1,833 |
2028 |  | 2,000 |
2029 |  | 1,781 |
Thereafter |  | 11,306 |
Total |  | $ | 18,420 |
Senior Notes During 2024, the Company issued a total of $4 billion of debt, as follows: •In May 2024, the Company issued $1 billion principal amount of notes due May 2034 •In September 2024, the Company issued $750 million principal amount of notes due January 2028, $1,150 million principal amount of notes due January 2032 and $1,100 million principal amount of notes due January 2035 The issuances in 2024 are collectively referred to as the “2024 USD Notes”. The net proceeds from the issuance of the 2024 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $3.96 billion. 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. In February 2022, the Company issued €750 million ($781 million and $830 million as of December 31, 2024 and 2023, respectively) principal amount of notes due February 2029 (the “2022 EUR Notes”). The net proceeds from the issuance of the 2022 EUR Notes, after deducting the original issue discount, underwriting discount and offering expenses, were €743 million ($843 million as of the date of settlement). 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 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 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 matured in 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. Commercial Paper Program and Credit Facility As of December 31, 2024, the Company has a commercial paper program (the “Commercial Paper Program”) under which the Company is authorized to issue up to $8 billion in unsecured commercial paper notes with maturities of up to 397 days from the date of issuance. The Commercial Paper Program is available in U.S. dollars. In conjunction with the Commercial Paper Program, the Company has a committed five-year unsecured $8 billion revolving credit facility (the “Credit Facility”). The Credit Facility, which previously was set to expire on November 8, 2028, was extended and now expires on November 7, 2029. Borrowings under the Credit Facility are available in U.S. dollars and/or euros. The facility fee under the Credit Facility is determined according to the Company’s credit rating and is payable on the average daily commitment, regardless of usage, per annum. In addition to the facility fee, interest rates on borrowings under the Credit Facility would be based on prevailing market interest rates plus applicable margins that fluctuate based on the Company’s credit rating. The Credit Facility contains customary representations, warranties, affirmative and negative covenants, events of default and indemnification provisions. The Company was in compliance in all material respects with the covenants of the Credit Facility at December 31, 2024 and 2023. Borrowings under the Commercial Paper Program and the Credit Facility are to be used to provide liquidity for general corporate purposes, including providing liquidity in the event of one or more settlement failures by the Company’s customers. The Company may borrow and repay amounts under the Commercial Paper Program and Credit Facility for business continuity purposes. The Company had no borrowings under the Credit Facility or the Commercial Paper Program at December 31, 2024 and 2023.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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