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v3.25.3

Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following:
|  |  |  |  | September 30, 2025 |  | December 31, 2024 |  | Effective Interest Rate
|  |  |  |  | (in millions) |  |
Senior Notes |  |  |  |  |  |  |  |  |
2025 USD Notes |  | Floating Rate | Senior Notes due March 2028 |  | $ | 300 |  |  | $ | — |  |  | **
|  | 4.550 | % | Senior Notes due March 2028 |  | 450 |  |  | — |  |  | 4.727 | %
|  | 4.950 | % | Senior Notes due March 2032 |  | 500 |  |  | — |  |  | 5.063 | %
2024 USD Notes |  | 4.100 | % | Senior Notes due January 2028 |  | 750 |  |  | 750 |  |  | 4.262 | %
|  | 4.350 | % | Senior Notes due January 2032 |  | 1,150 |  |  | 1,150 |  |  | 4.446 | %
|  | 4.550 | % | Senior Notes due January 2035 |  | 1,100 |  |  | 1,100 |  |  | 4.633 | %
|  | 4.875 | % | Senior Notes due May 2034 |  | 1,000 |  |  | 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 |  | 1.000 | % | Senior Notes due February 2029 |  | 880 |  |  | 781 |  |  | 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 |  |  | 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 |  | 2.100 | % | Senior Notes due December 2027 |  | 938 |  |  | 833 |  |  | 2.189 | %
|  | 2.500 | % | Senior Notes due December 2030 |  | 176 |  |  | 156 |  |  | 2.562 | %
|  |  |  |  | 19,144 |  |  | 18,420 |  |  |
Less: Unamortized discount and debt issuance costs | (127) |  |  | (131) |  |  |
Less: Cumulative hedge accounting fair value adjustments 1 |  | (34) |  |  | (63) |  |  |
Total debt outstanding | 18,983 |  |  | 18,226 |  |  |
Less: Short-term debt 2 |  | — |  |  | (750) |  |  |
Long-term debt | $ | 18,983 |  |  | $ | 17,476 |  |  |
**The $300 million of Senior Notes due March 2028 are Floating Rate Notes that bear interest at a floating rate, reset quarterly, equal to the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.44%. 1 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. 2 As of December 31, 2024, the 2019 USD Notes due March 2025 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets. Senior Notes In February 2025, the Company issued $300 million principal amount of Floating Rate Notes due March 2028, $450 million principal amount of 4.550% notes due March 2028 and $500 million principal amount of 4.950% notes due March 2032 (collectively, the “2025 USD Notes”). The net proceeds from the issuance of the 2025 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $1.242 billion. The 2025 USD Notes are not subject to any financial covenants, are senior unsecured obligations and rank equally with any future unsecured and unsubordinated indebtedness. At the Company’s option, the notes may be redeemed in whole, or in part, at any time for a specified make-whole amount, with the exception of the Floating Rate Notes.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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