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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Summary of Outstanding Debt | Outstanding debt at September 30, 2024 and December 31, 2023 consists of the following (in millions):
|  | September 30, 2024 |  | December 31, 2023
|  | Outstanding Principal Amount |  | Carrying Value (1) |  | Outstanding Principal Amount |  | Carrying Value (1)
2.375% (€1 Billion) Senior Notes due September 2024 (2) |  | $ | — |  |  | $ | — |  |  | $ | 1,105 |  |  | $ | 1,104 |
3.65% Senior Notes due March 2025 (3) |  | 500 |  |  | 500 |  |  | 500 |  |  | 499 |
0.1% (€950 Million) Senior Notes due March 2025 (3) |  | 1,060 |  |  | 1,059 |  |  | 1,050 |  |  | 1,048 |
0.75% Convertible Senior Notes due May 2025 (2) (3) |  | 862 |  |  | 860 |  |  | 862 |  |  | 857 |
3.6% Senior Notes due June 2026 |  | 1,000 |  |  | 999 |  |  | 1,000 |  |  | 998 |
4.0% (€750 Million) Senior Notes due November 2026 |  | 837 |  |  | 835 |  |  | 828 |  |  | 825 |
1.8% (€1 Billion) Senior Notes due March 2027 |  | 1,116 |  |  | 1,115 |  |  | 1,105 |  |  | 1,103 |
3.55% Senior Notes due March 2028 |  | 500 |  |  | 499 |  |  | 500 |  |  | 499 |
0.5% (€750 Million) Senior Notes due March 2028 |  | 837 |  |  | 835 |  |  | 828 |  |  | 825 |
3.625% (€500 Million) Senior Notes due November 2028 |  | 558 |  |  | 556 |  |  | 552 |  |  | 549 |
3.5% (€500 Million) Senior Notes due March 2029 |  | 558 |  |  | 556 |  |  | — |  |  | — |
4.25% (€750 Million) Senior Notes due May 2029 |  | 837 |  |  | 832 |  |  | 828 |  |  | 823 |
4.625% Senior Notes due April 2030 |  | 1,500 |  |  | 1,493 |  |  | 1,500 |  |  | 1,492 |
4.5% (€1 Billion) Senior Notes due November 2031 |  | 1,116 |  |  | 1,109 |  |  | 1,105 |  |  | 1,098 |
3.625% (€650 Million) Senior Notes due March 2032 |  | 725 |  |  | 720 |  |  | — |  |  | — |
4.125% (€1.25 Billion) Senior Notes due May 2033 |  | 1,396 |  |  | 1,381 |  |  | 1,381 |  |  | 1,367 |
4.75% (€1 Billion) Senior Notes due November 2034 |  | 1,116 |  |  | 1,108 |  |  | 1,105 |  |  | 1,097 |
3.75% (€850 Million) Senior Notes due March 2036 |  | 949 |  |  | 934 |  |  | — |  |  | — |
4.0% (€750 Million) Senior Notes due March 2044 |  | 837 |  |  | 821 |  |  | — |  |  | — |
Total outstanding debt |  | $ | 16,304 |  |  | $ | 16,212 |  |  | $ | 14,249 |  |  | $ | 14,184 |
Short-term debt |  | $ | 2,422 |  |  | $ | 2,419 |  |  | $ | 1,967 |  |  | $ | 1,961 |
Long-term debt |  | $ | 13,882 |  |  | $ | 13,793 |  |  | $ | 12,282 |  |  | $ | 12,223 |
(1) The carrying values differ from the outstanding principal amounts due to unamortized debt discounts and debt issuance costs of $92 million and $65 million as of September 30, 2024 and December 31, 2023, respectively. (2) Included in "Short-term debt" in the Consolidated Balance Sheet as of December 31, 2023. (3) Included in "Short-term debt" in the Unaudited Consolidated Balance Sheet as of September 30, 2024.
Schedule of other senior notes issued | The following table summarizes the information related to other senior notes issued in March 2024:
Other Senior Notes |  |  |  | Effective Interest Rate (1) |  | Timing of Interest Payments
3.5% Senior Notes due March 2029 |  |  |  | 3.61% |  | Annually in March
3.625% Senior Notes due March 2032 |  |  |  | 3.71% |  | Annually in March
3.75% Senior Notes due March 2036 |  |  |  | 3.92% |  | Annually in March
4.0% Senior Notes due March 2044 |  |  |  | 4.15% |  | Annually in March
(1) Represents the coupon interest rate adjusted for deferred debt issuance costs and premiums or discounts existing at the origination of the debt.

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