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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of outstanding debt | Outstanding debt consists of the following:
|  | December 31, 2024 |  | December 31, 2023
(in millions) |  | 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) |  | 984 |  |  | 984 |  |  | 1,050 |  |  | 1,048 |
0.75% Convertible Senior Notes due May 2025 (2)(3) |  | 784 |  |  | 261 |  |  | 862 |  |  | 857 |
3.6% Senior Notes due June 2026 |  | 1,000 |  |  | 999 |  |  | 1,000 |  |  | 998 |
4.0% (€750 Million) Senior Notes due November 2026 |  | 777 |  |  | 775 |  |  | 828 |  |  | 825 |
1.8% (€1 Billion) Senior Notes due March 2027 |  | 1,035 |  |  | 1,034 |  |  | 1,105 |  |  | 1,103 |
3.55% Senior Notes due March 2028 |  | 500 |  |  | 499 |  |  | 500 |  |  | 499 |
0.5% (€750 Million) Senior Notes due March 2028 |  | 777 |  |  | 774 |  |  | 828 |  |  | 825 |
3.625% (€500 Million) Senior Notes due November 2028 |  | 518 |  |  | 516 |  |  | 552 |  |  | 549 |
3.5% (€500 Million) Senior Notes due March 2029 |  | 518 |  |  | 516 |  |  | — |  |  | — |
4.25% (€750 Million) Senior Notes due May 2029 |  | 777 |  |  | 772 |  |  | 828 |  |  | 823 |
4.625% Senior Notes due April 2030 |  | 1,500 |  |  | 1,494 |  |  | 1,500 |  |  | 1,492 |
4.5% (€1 Billion) Senior Notes due November 2031 |  | 1,035 |  |  | 1,030 |  |  | 1,105 |  |  | 1,098 |
3.625% (€650 Million) Senior Notes due March 2032 |  | 673 |  |  | 669 |  |  | — |  |  | — |
3.25% (€600 Million) Senior Notes due November 2032 |  | 621 |  |  | 614 |  |  | — |  |  | — |
4.125% (€1.25 Billion) Senior Notes due May 2033 |  | 1,294 |  |  | 1,282 |  |  | 1,381 |  |  | 1,367 |
4.75% (€1 Billion) Senior Notes due November 2034 |  | 1,035 |  |  | 1,028 |  |  | 1,105 |  |  | 1,097 |
3.75% (€850 Million) Senior Notes due March 2036 |  | 880 |  |  | 866 |  |  | — |  |  | — |
3.75% (€500 Million) Senior Notes due November 2037 |  | 518 |  |  | 514 |  |  | — |  |  | — |
4.0% (€750 Million) Senior Notes due March 2044 |  | 777 |  |  | 762 |  |  | — |  |  | — |
3.875% (€700 Million) Senior Notes due March 2045 |  | 725 |  |  | 709 |  |  | — |  |  | — |
Total outstanding debt |  | $ | 17,228 |  |  | $ | 16,598 |  |  | $ | 14,249 |  |  | $ | 14,184 |
Short-term debt |  | 2,268 |  |  | 1,745 |  |  | 1,967 |  |  | 1,961 |
Long-term debt |  | $ | 14,960 |  |  | $ | 14,853 |  |  | $ | 12,282 |  |  | $ | 12,223 |
(1) The carrying values differ from the outstanding principal amounts due to unamortized debt discounts and debt issuance costs of $630 million and $65 million as of December 31, 2024 and 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 Consolidated Balance Sheet as of December 31, 2024.
Schedule of charges related to the conversion option on convertible debt | The Company recognized the following charges related to the conversion option on the May 2025 Notes in its Consolidated Statement of Operations:
(in millions) |  | Classification in Consolidated Statements of Operations |  | Year Ended |  |  |  |
|  | December 31, 2024 |  |  |  |
Change in fair value of the embedded derivative, including loss on bifurcation |  | Other income (expense), net |  | $ | 517 |  |  |  |  |
Amortization of debt discount |  | Interest expense |  | 261 |  |  |  |  |
Other |  | Other income (expense), net |  | 18 |  |  |  |  |
Total charges |  | $ | 796 |  |  |  |  |
Schedule of nonconvertible senior notes | The following table summarizes the information related to nonconvertible senior notes outstanding at December 31, 2024:
Nonconvertible Senior Notes |  | Date of Issuance |  | Effective Interest Rate (1) |  | Timing of Interest Payments
3.65% Senior Notes due March 2025 |  | March 2015 |  | 3.76 | % |  | Semi-annually in March and September
0.1% Senior Notes due March 2025 |  | March 2021 |  | 0.30 | % |  | Annually in March
3.6% Senior Notes due June 2026 |  | May 2016 |  | 3.70 | % |  | Semi-annually in June and December
4.0% Senior Notes due November 2026 |  | November 2022 |  | 4.08 | % |  | Annually in November
1.8% Senior Notes due March 2027 |  | March 2015 |  | 1.86 | % |  | Annually in March
3.55% Senior Notes due March 2028 |  | August 2017 |  | 3.63 | % |  | Semi-annually in March and September
0.5% Senior Notes due March 2028 |  | March 2021 |  | 0.63 | % |  | Annually in March
3.625% Senior Notes due November 2028 |  | May 2023 |  | 3.74 | % |  | Annually in November
3.5% Senior Notes due March 2029 |  | March 2024 |  | 3.61 | % |  | Annually in March
4.25% Senior Notes due May 2029 |  | November 2022 |  | 4.35 | % |  | Annually in May
4.625% Senior Notes due April 2030 |  | April 2020 |  | 4.72 | % |  | Semi-annually in April and October
4.5% Senior Notes due November 2031 |  | November 2022 |  | 4.57 | % |  | Annually in November
3.625% Senior Notes due March 2032 |  | March 2024 |  | 3.71 | % |  | Annually in March
3.25% Senior Notes due November 2032 |  | November 2024 |  | 3.41 | % |  | Annually in November
4.125% Senior Notes due May 2033 |  | May 2023 |  | 4.26 | % |  | Annually in May
4.75% Senior Notes due November 2034 |  | November 2022 |  | 4.81 | % |  | Annually in November
3.75% Senior Notes due March 2036 |  | March 2024 |  | 3.92 | % |  | Annually in March
3.75% Senior Notes due November 2037 |  | November 2024 |  | 3.81 | % |  | Annually in November
4.0% Senior Notes due March 2044 |  | March 2024 |  | 4.15 | % |  | Annually in March
3.875% Senior Notes due March 2045 |  | November 2024 |  | 4.03 | % |  | Annually in March
(1) Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.

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