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Debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Carrying value of outstanding debt | The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):
|  | Coupon Rate |  | March 31, 2024 |  | Effective Interest Rate |  | December 31, 2023 |  | Effective Interest Rate
Long-Term Debt |  |  |  |  |  |  |  |  |  |
Senior Notes: |  |  |  |  |  |  |  |  |  |
Senior notes due 2024 |  | 3.450 | % |  | $ | 750 |  |  | 3.531 | % |  | $ | 750 |  |  | 3.531 | %
Senior notes due 2025 |  | 1.900 | % |  | 800 |  |  | 1.803 | % |  | 800 |  |  | 1.803 | %
Senior notes due 2025 |  | 5.900 | % |  | 425 |  |  | 6.036 | % |  | 425 |  |  | 6.036 | %
Senior notes due 2026 |  | 1.400 | % |  | 750 |  |  | 1.252 | % |  | 750 |  |  | 1.252 | %
Senior notes due 2027 |  | 3.600 | % |  | 850 |  |  | 3.689 | % |  | 850 |  |  | 3.689 | %
Senior notes due 2027 |  | 5.950 | % |  | 300 |  |  | 6.064 | % |  | 300 |  |  | 6.064 | %
Senior notes due 2030 |  | 2.700 | % |  | 950 |  |  | 2.623 | % |  | 950 |  |  | 2.623 | %
Senior notes due 2031 |  | 2.600 | % |  | 750 |  |  | 2.186 | % |  | 750 |  |  | 2.186 | %
Senior notes due 2032 |  | 6.300 | % |  | 425 |  |  | 6.371 | % |  | 425 |  |  | 6.371 | %
Senior notes due 2042 |  | 4.000 | % |  | 750 |  |  | 4.114 | % |  | 750 |  |  | 4.114 | %
Senior notes due 2051 |  | 3.650 | % |  | 1,000 |  |  | 2.517 | % |  | 1,000 |  |  | 2.517 | %
Total senior notes |  |  |  | 7,750 |  |  |  |  | 7,750 |  |  |
Hedge accounting fair value adjustments (1) |  |  |  | 1 |  |  |  |  | 2 |  |  |
Unamortized premium/(discount) and debt issuance costs |  |  |  | (27) |  |  |  |  | (29) |  |  |
Less: Current portion of long-term debt |  |  |  | (1,550) |  |  |  |  | (750) |  |  |
Total long-term debt |  |  |  | 6,174 |  |  |  |  | 6,973 |  |  |
Short-Term Debt |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  |  |  | 1,550 |  |  |  |  | 750 |  |  |
Unamortized premium/(discount) and debt issuance costs |  |  |  | 1 |  |  |  |  | — |  |  |
Total short-term debt |  |  |  | 1,551 |  |  |  |  | 750 |  |  |
Total Debt |  |  |  | $ | 7,725 |  |  |  |  | $ | 7,723 |  |  |
(1) Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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