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Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt as of March 31, 2025, and December 31, 2024, consisted of the following (in millions):
|  | March 31, 2025 |  |  |  |
|  |  |  | Weighted |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |
|  | Interest |  | Interest |  |  |  | March 31, |  | December 31,
|  | Rates |  | Rate (1) |  | Maturities |  | 2025 |  | 2024
Fixed Rate Notes |  |  |  |  |  |  |  |  |  |
Senior USD Notes |  | 1.2% - 5.6% |  | 3.7% |  | 2025 - 2052 |  | $ | 6,381 |  |  | $ | 6,381 |
Senior Euro Notes |  | 0.6% - 3.0% |  | 2.6% |  | 2025 - 2039 |  | 4,328 |  |  | 4,154 |
Senior GBP Notes |  | 2.3% - 3.4% |  | 7.0% |  | 2029 - 2031 |  | 221 |  |  | 214 |
Revolving Credit Facility (2) |  |  |  | 5.6% |  | 2029 |  | 152 |  |  | 151 |
Financing arrangements |  |  |  |  |  | 2025 - 2029 |  | 129 |  |  | 66 |
Other (3) |  |  |  |  |  |  |  | (299) |  |  | (312) |
Total long-term debt, including current portion |  |  |  |  |  | 10,912 |  |  | 10,654 |
Current portion of long-term debt |  |  |  |  |  |  |  | (2,254) |  |  | (968) |
Long-term debt, excluding current portion |  |  |  |  |  | $ | 8,658 |  |  | $ | 9,686 |
(1)The weighted average interest rate includes the impact of the fair value basis adjustments due to interest rate swaps and the impact of 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 9). The impact of the included fair value basis adjustments and cross-currency interest rate swaps in certain cases results in an effective weighted average interest rate being outside the stated interest rate range on the fixed rate notes. (2)Interest on the Revolving Credit Facility is generally payable at Secured Overnight Financing Rate ("SOFR") plus a spread of 0.100% plus an applicable margin of up to 1.625% and an unused commitment fee of up to 0.200%, each based upon the Company's corporate credit ratings. The weighted average interest rate on the Revolving Credit Facility excludes fees. (3)Other includes the amount of fair value basis adjustments due to interest rate swaps (see further discussion below in Note 9), unamortized debt issuance costs and unamortized non-cash bond discounts.
Schedule of Short-Term Debt | Short-term borrowings as of March 31, 2025, and December 31, 2024, consisted of the following (in millions):
|  | March 31, 2025 |  |  |  |
|  | Weighted |  |  |  |  |  |
|  | Average |  |  |  |  |  |
|  | Interest |  |  |  | March 31, |  | December 31,
|  | Rate |  | Maturities |  | 2025 |  | 2024
Euro-commercial paper notes ("ECP Notes") |  | 2.6 | % |  | Up to 183 days |  | $ | 108 |  |  | $ | 104 |
U.S. commercial paper notes ("USCP Notes") |  | 4.6 | % |  | Up to 397 days |  | 1,000 |  |  | 532 |
Total Short-term borrowings |  |  |  |  |  | $ | 1,108 |  |  | $ | 636 |
Schedule of Principal Maturities of Long-Term Debt | The following table summarizes the amount of our long-term debt, including financing arrangements for certain hardware and software, as of March 31, 2025, based on maturity date.
|  | Total
2025 |  | $ | 995 |
2026 |  | 1,288 |
2027 |  | 1,604 |
2028 |  | 1,671 |
2029 |  | 699 |
Thereafter |  | 4,954 |
Total principal payments |  | 11,211 |
Other debt per the long-term debt table |  | (299) |
Total long-term debt, including current portion |  | $ | 10,912 |

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