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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Summary of 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.
Schedule of charges related to the conversion option on convertible debt | 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) |  |
Schedule of senior notes issued | 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.

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