XML 74 R45.htm IDEA: XBRL DOCUMENT v3.25.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of outstanding debt
Outstanding debt consists of the following: 
December 31, 2024December 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 debt2,268 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 OperationsYear Ended 
December 31, 2024
Change in fair value of the embedded derivative, including loss on bifurcationOther income (expense), net$517 
Amortization of debt discountInterest expense261 
Other
Other income (expense), net18 
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 20153.76 %Semi-annually in March and September
0.1% Senior Notes due March 2025
March 20210.30 %Annually in March
3.6% Senior Notes due June 2026
May 20163.70 %Semi-annually in June and December
4.0% Senior Notes due November 2026
November 20224.08 %Annually in November
1.8% Senior Notes due March 2027
March 20151.86 %Annually in March
3.55% Senior Notes due March 2028
August 20173.63 %Semi-annually in March and September
0.5% Senior Notes due March 2028
March 20210.63 %Annually in March
3.625% Senior Notes due November 2028
May 20233.74 %Annually in November
3.5% Senior Notes due March 2029
March 20243.61 %Annually in March
4.25% Senior Notes due May 2029
November 20224.35 %Annually in May
4.625% Senior Notes due April 2030
April 20204.72 %Semi-annually in April and October
4.5% Senior Notes due November 2031
November 20224.57 %Annually in November
3.625% Senior Notes due March 2032
March 20243.71 %Annually in March
3.25% Senior Notes due November 2032
November 20243.41 %Annually in November
4.125% Senior Notes due May 2033
May 20234.26 %Annually in May
4.75% Senior Notes due November 2034
November 20224.81 %Annually in November
3.75% Senior Notes due March 2036
March 20243.92 %Annually in March
3.75% Senior Notes due November 2037
November 20243.81 %Annually in November
4.0% Senior Notes due March 2044
March 20244.15 %Annually in March
3.875% Senior Notes due March 2045
November 20244.03 %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.