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DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Revolving Credit Facility

See Note 12 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for information related to the Company's unsecured revolving credit facility that extends a revolving line of credit of up to $2 billion to the Company. At June 30, 2025 and December 31, 2024, there were no borrowings outstanding and $24 million and $26 million, respectively, of letters of credit issued under the revolving credit facility.
Outstanding Debt
 
Outstanding debt consists of the following: 
June 30, 2025December 31, 2024
(in millions)
Outstanding
 Principal 
Amount
Carrying
 Value (1)
Outstanding
 Principal 
Amount
Carrying
 Value (1)
3.65% Senior Notes due March 2025 (2)
$— $— $500 $500 
0.1% (€950 Million) Senior Notes due March 2025 (2)
— — 984 984 
0.75% Convertible Senior Notes due May 2025 (2)
— — 784 261 
3.6% Senior Notes due June 2026 (3)
1,000 999 1,000 999 
4.0% (€750 Million) Senior Notes due November 2026
880 879 777 775 
1.8% (€1 Billion) Senior Notes due March 2027
1,174 1,173 1,035 1,034 
3.55% Senior Notes due March 2028
500 499 500 499 
0.5% (€750 Million) Senior Notes due March 2028
880 878 777 774 
3.625% (€500 Million) Senior Notes due November 2028
587 585 518 516 
3.5% (€500 Million) Senior Notes due March 2029
587 585 518 516 
4.25% (€750 Million) Senior Notes due May 2029
880 876 777 772 
4.625% Senior Notes due April 2030
1,500 1,494 1,500 1,494 
3.125% (€500 Million) Senior Notes due May 2031
587 581 — — 
4.5% (€1 Billion) Senior Notes due November 2031
1,174 1,168 1,035 1,030 
3.625% (€650 Million) Senior Notes due March 2032
763 759 673 669 
3.25% (€600 Million) Senior Notes due November 2032
704 697 621 614 
4.125% (€1.25 Billion) Senior Notes due May 2033
1,467 1,454 1,294 1,282 
4.75% (€1 Billion) Senior Notes due November 2034
1,174 1,166 1,035 1,028 
3.75% (€850 Million) Senior Notes due March 2036
998 983 880 866 
3.75% (€500 Million) Senior Notes due November 2037
587 584 518 514 
4.125% (€750 Million) Senior Notes due May 2038
880 869 — — 
4.0% (€750 Million) Senior Notes due March 2044
880 864 777 762 
3.875% (€700 Million) Senior Notes due March 2045
823 805 725 709 
4.5% (€500 Million) Senior Notes due May 2046
587 574 — — 
Total outstanding debt$18,612 $18,472 $17,228 $16,598 
Short-term debt$1,000 $999 $2,268 $1,745 
Long-term debt$17,612 $17,473 $14,960 $14,853 
(1)    The carrying values differ from the outstanding principal amounts due to unamortized debt discounts and debt issuance costs of $140 million and $630 million as of June 30, 2025 and December 31, 2024, respectively.
(2)    Included in "Short-term debt" in the Consolidated Balance Sheet as of December 31, 2024.
(3)    Included in "Short-term debt" in the Unaudited Consolidated Balance Sheet as of June 30, 2025.
 
Fair Value of Debt

At June 30, 2025 and December 31, 2024, the fair value of outstanding debt was approximately $18.8 billion and was considered a "Level 2" fair value measurement (see Note 6). Fair value was estimated based upon actual trades at the end of the reporting period or the most recent trade available as well as the Company's stock price at the end of the reporting period. The fair value of the Company's debt in excess of the outstanding principal amount at June 30, 2025 is primarily due to interest rate fluctuations. The fair value of the Company's debt in excess of the outstanding principal amount at December 31, 2024 primarily relates to the conversion premium, which is the conversion value in excess of the principal amount, on the convertible senior notes (the "May 2025 Notes").
Convertible Senior Notes

See Note 12 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for information related to the May 2025 Notes. Upon issuance and subsequent balance sheet-date reassessments through September 30, 2024, the conversion option of the May 2025 Notes qualified for the equity scope exception under Accounting Standards Codification ("ASC") 815 Derivatives and Hedging because the Company had the option to deliver either cash or shares of the Company's common stock to satisfy the conversion premium. Under such exception, the conversion option is not required to be accounted for as a separate instrument. On November 1, 2024, the Company irrevocably elected to settle the conversion premium in cash. Upon that election, the conversion option no longer qualified for the exception and was deemed to be an embedded derivative which required bifurcation from the debt contract. Upon bifurcation of the conversion option, the Company recorded an embedded derivative liability at fair value of $1.2 billion, a debt discount of $783 million reducing the carrying value of the May 2025 Notes to zero, and a loss of $428 million. The debt discount was amortized over the remaining term of the May 2025 Notes using the straight-line method. The fair value of the embedded derivative liability was $1.3 billion at December 31, 2024 and is included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheet. At December 31, 2024, the fair value of the May 2025 Notes was $2.1 billion and the unamortized debt discount and debt issuance costs was $523 million. In May 2025, upon the maturity of the May 2025 Notes, the Company paid $1.9 billion in cash in the aggregate to repay the principal amount and settle the conversion premium of $1.1 billion. In addition, the Company paid the applicable accrued and unpaid interest relating to May 2025 Notes.

The Company recognized the following activity related to the conversion option of the May 2025 Notes in its Unaudited Consolidated Statements of Operations:
(in millions)Classification in Unaudited Consolidated Statements of OperationsThree Months EndedSix Months Ended
June 30, 2025June 30, 2025
Change in fair value of the embedded derivativeOther income (expense), net$5 $163 
Amortization of debt discountInterest expense(131)(523)
Total charges
$(126)$(360)

The fair values of the May 2025 Notes and the embedded derivative liability were both considered as "Level 2" fair value measurements (see Note 6).

Nonconvertible Senior Notes

The following table summarizes the information related to the senior notes issued in May 2025:
Senior Notes
Effective Interest Rate (1)
Timing of Interest Payments
3.125% Senior Notes due May 2031
3.32%Annually in May
4.125% Senior Notes due May 2038
4.25%Annually in May
4.5% Senior Notes due May 2046
4.66%Annually in May
(1)    Represents the coupon interest rate adjusted for deferred debt issuance costs and premiums or discounts existing at the origination of the debt.

The proceeds from the issuance of these senior notes are available for general corporate purposes, including to repurchase shares of the Company's common stock and to redeem or repay outstanding indebtedness.

In March 2025, the Company paid $1.5 billion on the maturity of the 3.65% and 0.1% Senior Notes due March 2025. In addition, the Company paid the applicable accrued and unpaid interest relating to each of these senior notes.

Interest expense related to nonconvertible senior notes consists primarily of coupon interest expense of $161 million and $305 million for the three and six months ended June 30, 2025, respectively, and $136 million and $254 million for the three and six months ended June 30, 2024, respectively.

The Company designates certain portions of the aggregate principal value of the Euro-denominated debt as a hedge of the foreign currency exposure of the net investment in certain Euro functional currency subsidiaries. For the six months ended June 30, 2025 and 2024, the portion of Euro-denominated debt designated as a net investment hedge ranged in value from $2.3 billion to $4.0 billion and from $2.3 billion to $3.5 billion, respectively.

On July 23, 2025, the Company announced its intention to utilize the make-whole option to redeem the $1.5 billion 4.625% Senior Notes due in 2030 with settlement in August 2025.