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DEBT | 9 Months Ended
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Sep. 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 September 30, 2025 and December 31, 2024, there were no borrowings outstanding and $22 million and $26 million, respectively, of letters of credit issued under the revolving credit facility. Outstanding Debt Outstanding debt consists of the following:
|  | September 30, 2025 |  | December 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 |
4.625% Senior Notes due April 2030 |  | — |  |  | — |  |  | 1,500 |  |  | 1,494 |
3.6% Senior Notes due June 2026 (3) |  | 1,000 |  |  | 999 |  |  | 1,000 |  |  | 999 |
4.0% (€750 Million) Senior Notes due November 2026 |  | 881 |  |  | 880 |  |  | 777 |  |  | 775 |
1.8% (€1 Billion) Senior Notes due March 2027 |  | 1,175 |  |  | 1,174 |  |  | 1,035 |  |  | 1,034 |
3.55% Senior Notes due March 2028 |  | 500 |  |  | 499 |  |  | 500 |  |  | 499 |
0.5% (€750 Million) Senior Notes due March 2028 |  | 881 |  |  | 879 |  |  | 777 |  |  | 774 |
3.625% (€500 Million) Senior Notes due November 2028 |  | 588 |  |  | 586 |  |  | 518 |  |  | 516 |
3.5% (€500 Million) Senior Notes due March 2029 |  | 588 |  |  | 586 |  |  | 518 |  |  | 516 |
4.25% (€750 Million) Senior Notes due May 2029 |  | 881 |  |  | 877 |  |  | 777 |  |  | 772 |
3.125% (€500 Million) Senior Notes due May 2031 |  | 588 |  |  | 582 |  |  | — |  |  | — |
4.5% (€1 Billion) Senior Notes due November 2031 |  | 1,175 |  |  | 1,169 |  |  | 1,035 |  |  | 1,030 |
3.625% (€650 Million) Senior Notes due March 2032 |  | 764 |  |  | 760 |  |  | 673 |  |  | 669 |
3.25% (€600 Million) Senior Notes due November 2032 |  | 705 |  |  | 698 |  |  | 621 |  |  | 614 |
4.125% (€1.25 Billion) Senior Notes due May 2033 |  | 1,468 |  |  | 1,456 |  |  | 1,294 |  |  | 1,282 |
4.75% (€1 Billion) Senior Notes due November 2034 |  | 1,175 |  |  | 1,168 |  |  | 1,035 |  |  | 1,028 |
3.75% (€850 Million) Senior Notes due March 2036 |  | 998 |  |  | 984 |  |  | 880 |  |  | 866 |
3.75% (€500 Million) Senior Notes due November 2037 |  | 588 |  |  | 584 |  |  | 518 |  |  | 514 |
4.125% (€750 Million) Senior Notes due May 2038 |  | 881 |  |  | 870 |  |  | — |  |  | — |
4.0% (€750 Million) Senior Notes due March 2044 |  | 881 |  |  | 865 |  |  | 777 |  |  | 762 |
3.875% (€700 Million) Senior Notes due March 2045 |  | 823 |  |  | 805 |  |  | 725 |  |  | 709 |
4.5% (€500 Million) Senior Notes due May 2046 |  | 588 |  |  | 575 |  |  | — |  |  | — |
Total outstanding debt |  | $ | 17,128 |  |  | $ | 16,996 |  |  | $ | 17,228 |  |  | $ | 16,598 |
Short-term debt |  | $ | 1,000 |  |  | $ | 999 |  |  | $ | 2,268 |  |  | $ | 1,745 |
Long-term debt |  | $ | 16,128 |  |  | $ | 15,997 |  |  | $ | 14,960 |  |  | $ | 14,853 |
(1) The carrying values differ from the outstanding principal amounts due to unamortized debt discounts and debt issuance costs of $132 million and $630 million as of September 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 September 30, 2025. Fair Value of Debt At September 30, 2025 and December 31, 2024, the fair value of outstanding debt was approximately $17.4 billion and $18.8 billion, respectively, 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 September 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 that matured in May 2025 (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 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 Statement of Operations:
(in millions) |  | Classification in Unaudited Consolidated Statement of Operations |  |  |  | Nine Months Ended |
|  |  |  | September 30, 2025 |
Change in fair value of the embedded derivative |  | Other income (expense), net |  |  |  | $ | 163 |  |
Amortization of debt discount |  | Interest expense |  |  |  | (523) |  |
Total charges |  |  |  | $ | (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 August 2025, the Company paid $1.5 billion on settlement of the exercise of the make-whole option to redeem the 4.625% Senior Notes due April 2030 (the "April 2030 Notes"). In addition, the Company paid the applicable accrued and unpaid interest. The difference of $25 million between the carrying value of the April 2030 Notes and the amount paid for their redemption is recorded as loss on the early extinguishment of the notes and included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2025. 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 $163 million and $468 million for the three and nine months ended September 30, 2025, respectively, and $137 million and $391 million for the three and nine months ended September 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 nine months ended September 30, 2025 and 2024, the portion of Euro-denominated debt designated as a net investment hedge ranged in value from $2.3 billion to $4.8 billion and from $2.3 billion to $5.3 billion, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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