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Long-Term Debt and Revolving Credit Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Components of Debt | Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):
|  | As of December 31, |  |  |  |
|  | 2023 |  | 2024 |  | Effective Interest Rates |  | Maturities
2030 Senior Note |  | $ | — |  |  | $ | 1,250 |  |  | 4.5 | % |  | January 15, 2030
2034 Senior Note |  | — |  |  | 1,500 |  |  | 4.9 | % |  | September 15, 2034
2054 Senior Note |  | — |  |  | 1,250 |  |  | 5.4 | % |  | September 15, 2054
2030 Refinanced Term Loans |  | 1,986 |  |  | — |  |  | — | % |  | —
2026 Senior Note |  | 1,500 |  |  | — |  |  | — | % |  | —
2027 Senior Note |  | 1,200 |  |  | 700 |  |  | 7.7 | % |  | September 15, 2027
2028 Senior Note |  | 500 |  |  | 500 |  |  | 7.0 | % |  | January 15, 2028
2029 Senior Note |  | 1,500 |  |  | 1,500 |  |  | 4.7 | % |  | August 15, 2029
2025 Convertible Notes (1) |  | 1,150 |  |  | 1,150 |  |  | 0.2 | % |  | December 15, 2025
2028 Convertible Notes |  | 1,725 |  |  | 1,725 |  |  | 1.1 | % |  | December 1, 2028
Total debt |  | 9,561 |  |  | 9,575 |  |  |  |  |
Less: unamortized discount and issuance costs |  | (77) |  |  | (78) |  |  |  |  |
Less: current portion of long-term debt |  | (25) |  |  | (1,150) |  |  |  |  |
Total long-term debt |  | $ | 9,459 |  |  | $ | 8,347 |  |  |  |  |
(1) The 2025 Convertible Notes will mature on December 15, 2025, and is classified within accrued and other current liabilities on our consolidated balance sheet as of December 31, 2024.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table presents the fair values of our Senior Notes as of December 31, 2024, and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input (in millions):
|  | As of December 31, 2024
2027 Senior Note |  | $ | 713 |
2028 Senior Note |  | 505 |
2029 Senior Note |  | 1,450 |
Total |  | $ | 2,668 |
Future Principal Payments | The future principal payments for our long-term debt as of December 31, 2024 are summarized as follows (in millions):
|  | Future Minimum Payments
Year Ending December 31, |  |
2025 |  | $ | 1,150 |
2026 |  | — |
2027 |  | 700 |
2028 |  | 2,225 |
2029 |  | 1,500 |
Thereafter |  | 4,000 |
Total |  | $ | 9,575 |
Schedule of Debt Expense | The following table presents the amount of interest expense recognized relating to the contractual interest coupon and amortization of the debt discount and issuance costs with respect to our long-term debt, for the years ended December 31, 2022, 2023 and 2024 (in millions):
|  | Year Ended December 31,
|  | 2022 |  | 2023 |  | 2024
Contractual interest coupon |  | $ | 510 |  |  | $ | 577 |  |  | $ | 473 |
Amortization of debt discount and issuance costs |  | 15 |  |  | 18 |  |  | 16 |
Total interest expense from long-term debt |  | $ | 525 |  |  | $ | 595 |  |  | $ | 489 |

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