| Summary of Outstanding Debt |
Outstanding debt consists of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 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) (3) | | 784 | | | 655 | | | 784 | | | 261 | | 3.6% Senior Notes due June 2026 | | 1,000 | | | 999 | | | 1,000 | | | 999 | | 4.0% (€750 Million) Senior Notes due November 2026 | | 810 | | | 809 | | | 777 | | | 775 | | 1.8% (€1 Billion) Senior Notes due March 2027 | | 1,080 | | | 1,079 | | | 1,035 | | | 1,034 | | 3.55% Senior Notes due March 2028 | | 500 | | | 499 | | | 500 | | | 499 | | 0.5% (€750 Million) Senior Notes due March 2028 | | 810 | | | 808 | | | 777 | | | 774 | | 3.625% (€500 Million) Senior Notes due November 2028 | | 540 | | | 538 | | | 518 | | | 516 | | 3.5% (€500 Million) Senior Notes due March 2029 | | 540 | | | 538 | | | 518 | | | 516 | | 4.25% (€750 Million) Senior Notes due May 2029 | | 810 | | | 806 | | | 777 | | | 772 | | 4.625% Senior Notes due April 2030 | | 1,500 | | | 1,494 | | | 1,500 | | | 1,494 | | 4.5% (€1 Billion) Senior Notes due November 2031 | | 1,080 | | | 1,074 | | | 1,035 | | | 1,030 | | 3.625% (€650 Million) Senior Notes due March 2032 | | 702 | | | 698 | | | 673 | | | 669 | | 3.25% (€600 Million) Senior Notes due November 2032 | | 648 | | | 641 | | | 621 | | | 614 | | 4.125% (€1.25 Billion) Senior Notes due May 2033 | | 1,351 | | | 1,337 | | | 1,294 | | | 1,282 | | 4.75% (€1 Billion) Senior Notes due November 2034 | | 1,080 | | | 1,073 | | | 1,035 | | | 1,028 | | 3.75% (€850 Million) Senior Notes due March 2036 | | 919 | | | 904 | | | 880 | | | 866 | | 3.75% (€500 Million) Senior Notes due November 2037 | | 540 | | | 537 | | | 518 | | | 514 | | 4.0% (€750 Million) Senior Notes due March 2044 | | 810 | | | 795 | | | 777 | | | 762 | | 3.875% (€700 Million) Senior Notes due March 2045 | | 757 | | | 740 | | | 725 | | | 709 | | | Total outstanding debt | | $ | 16,261 | | | $ | 16,024 | | | $ | 17,228 | | | $ | 16,598 | | | Short-term debt | | $ | 784 | | | $ | 655 | | | $ | 2,268 | | | $ | 1,745 | | | Long-term debt | | $ | 15,477 | | | $ | 15,369 | | | $ | 14,960 | | | $ | 14,853 | |
(1) The carrying values differ from the outstanding principal amounts due to unamortized debt discounts and debt issuance costs of $237 million and $630 million as of March 31, 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 March 31, 2025.
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