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DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Summary of Outstanding Debt
Outstanding debt consists of the following: 
September 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 
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 OperationsNine Months Ended
September 30, 2025
Change in fair value of the embedded derivativeOther income (expense), net$163 
Amortization of debt discountInterest 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.