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Debt and Borrowing Arrangements (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Short-Term Borrowings and Related Weighted-Average Interest Rates | Our short-term borrowings and related weighted-average interest rates consisted of:
| As of June 30, 2025 |  | As of December 31, 2024
| Amount Outstanding |  | Weighted- Average Rate |  | Amount Outstanding |  | Weighted- Average Rate
| (in millions, except percentages)
Commercial paper | $ | 1,603 |  |  | 4.6 | % |  | $ | — |  |  | — | %
Bank loans | 61 |  |  | 13.4 | % |  | 71 |  |  | 12.1 | %
Total short-term borrowings | $ | 1,664 |  |  |  |  | $ | 71 |  |  |
Schedule of Uncommitted and Committed Credit Lines Available | Our uncommitted and committed credit facilities available include:
| As of June 30, 2025 |  | As of December 31, 2024
| Facility Amount |  | Borrowed Amount |  | Facility Amount |  | Borrowed Amount
| (in millions)
Uncommitted credit facilities | $ | 901 |  |  | $ | 61 |  |  | $ | 784 |  |  | $ | 71 |
Credit facilities (1): |  |  |  |  |  |  |
February 19, 2025 | — |  |  | — |  |  | 1,500 |  |  | — |
February 18, 2026 | 1,500 |  |  | — |  |  | — |  |  | — |
February 23, 2027 | — |  |  | — |  |  | 4,500 |  |  | — |
February 19, 2030 | 4,500 |  |  | — |  |  | — |  |  | — |
(1)On February 19, 2025, our $1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 21, 2024 expired and we entered into a $1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 18, 2026. Additionally, we early terminated our $4.5 billion five-year senior unsecured revolving credit agreement dated as of February 23, 2022, and entered into a $4.5 billion five-year senior unsecured revolving credit agreement that will expire on February 19, 2030.
Schedule of Debt Repayments | During the six months ended June 30, 2025, we repaid the following notes (in millions):
Interest Rate |  | Maturity Date |  | Amount |  | USD Equivalent
3.250% |  | March 2025 |  | C$600 |  | $417
1.500% |  | May 2025 |  | $750 |  | $750
During the six months ended June 30, 2024, we repaid the following notes (in millions):
Interest Rate |  | Maturity Date |  | Amount |  | USD Equivalent
2.125% |  | March 2024 |  | $500 |  | $500
Schedule of Debt Issuances | During the six months ended June 30, 2025, we issued the following notes (in millions):
Issuance Date |  | Interest Rate |  | Maturity Date |  | Principal Amount |  | Principal Amount USD Equivalent
May 2025 |  | 4.250% |  | May 2028 |  | $700 |  | $700
May 2025 |  | 4.500% |  | May 2030 |  | $500 |  | $500
May 2025 |  | 5.125% |  | May 2035 |  | $400 |  | $400
During the six months ended June 30, 2024, we issued the following notes (in millions):
Issuance Date |  | Interest Rate |  | Maturity Date |  | Principal Amount |  | Principal Amount USD Equivalent
February 2024 |  | 4.750% |  | February 2029 |  | $550 |  | $550
Schedule of Fair Value of Debt | The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. The fair value of substantially all of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data).
| As of June 30, 2025 |  | As of December 31, 2024
| (in millions)
Fair Value | $ | 19,128 |  |  | $ | 15,846 |
Carrying Value | $ | 20,887 |  |  | $ | 17,749 |
Schedule of Interest and Other Expense | Interest and other expense, net consisted of:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions) |  | (in millions)
Interest expense | $ | 151 |  |  | $ | 130 |  |  | $ | 288 |  |  | $ | 252 |
Other income, net | (98) |  |  | (98) |  |  | (82) |  |  | (152) |
Interest and other expense, net | $ | 53 |  |  | $ | 32 |  |  | $ | 206 |  |  | $ | 100 |

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