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Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Instruments [Abstract]

Schedule of 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.

3INR28.1 billion Indian rupee-denominated loan issued in July 2023.

4The 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.

5The 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.

Schedule of Maturities of Long-term Debt

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

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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