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Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt as of September 30, 2023, and December 31, 2022, consisted of the following (in millions):

						September 30, 2023
												Weighted
												Average
						Interest						Interest												September 30,						December 31,
						Rates						Rate (1)						Maturities						2023						2022
Fixed Rate Notes
Senior USD Notes						0.6% - 5.6%						3.6%						2024 - 2052						$	8,659					$	9,409
Senior Euro Notes						0.6% - 3.0%						2.9%						2024 - 2039						4,759						6,154
Senior GBP Notes						2.3% - 3.4%						7.3%						2029 - 2031						1,129						1,119
Revolving Credit Facility (2)												6.6%						2026						155						280
Incremental Revolving Credit Facility (3)																		2023						—						—
Other (4)																								(641)						(626)
Total long-term debt, including current portion																								14,061						16,336
Current portion of long-term debt																								(1,320)						(2,130)
Long-term debt, excluding current portion																								$	12,741					$	14,206

(1)The weighted average interest rate includes the impact of the fair value basis adjustments due to interest rate swaps and cross-currency interest rate swaps designated as fair value hedges and excludes the impact of cross-currency interest rate swaps designated as net investment hedges (see Note 8).

(2)Interest on the Revolving Credit Facility is generally payable at SOFR plus a margin up to 0.428% dependent on tenor, plus an applicable margin of up to 1.625% and an unused commitment fee of up to 0.225%, each based upon the Company's corporate credit ratings. The weighted average interest rate on the Revolving Credit Facility excludes fees.

(3)Interest on the Incremental Revolving Credit Facility is generally payable at a rate, at the option of the Company, equal to the Term SOFR Rate plus 0.10% plus a margin of up to 1.625% or equal to the Base Rate plus a margin of up to 0.625%, in either case plus an unused commitment fee of up to 0.225%.

(4)Other includes primarily the fair value basis adjustments due to interest rate swaps (see Note 8), unamortized debt issuance costs and unamortized non-cash bond discounts.

Schedule of Short-Term Debt

Short-term borrowings as of September 30, 2023, and December 31, 2022, consisted of the following (in millions):

						September 30, 2023
						Weighted
						Average
						Interest												September 30,						December 31,
						Rate						Maturities						2023						2022
Euro-commercial paper notes ("ECP Notes")						4.0		%				Up to 183 days						$	2,196					$	2,054
U.S. commercial paper notes ("USCP Notes")						5.6		%				Up to 397 days						2,399						1,701
Total Short-term borrowings																		$	4,595					$	3,755

Schedule of Principal Maturities of Long-Term Debt

The following summarizes the aggregate maturities of our long-term debt, including other financing obligations for certain hardware and software, based on stated contractual maturities, excluding the fair value basis adjustments due to interest rate swaps (see Note 8) and net unamortized non-cash bond discounts of $(650) million as of September 30, 2023 (in millions):

						Total
2023 remaining period						$	10
2024						1,320
2025						1,435
2026						1,270
2027						1,977
Thereafter						8,785
Total principal payments						14,797
Debt issuance costs, net of accumulated amortization						(86)
Total long-term debt						$	14,711

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