| Schedule of Long-term Debt |
Debt consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31,
2025 | | December 31,
2024 | | Effective
Interest Rate | | | | | | (in millions) | | | | Senior Notes | | | | | | | | | | | | | | | | | | | | 2025 USD Notes | | Floating Rate | Senior Notes due March 2028 | | $ | 300 | | | $ | — | | | ** | | | 4.550 | % | Senior Notes due March 2028 | | 450 | | | — | | | 4.727 | % | | | 4.950 | % | Senior Notes due March 2032 | | 500 | | | — | | | 5.063 | % | | | | | | | | | | | 2024 USD Notes | | 4.100 | % | Senior Notes due January 2028 | | 750 | | | 750 | | | 4.262 | % | | | 4.350 | % | Senior Notes due January 2032 | | 1,150 | | | 1,150 | | | 4.446 | % | | | 4.550 | % | Senior Notes due January 2035 | | 1,100 | | | 1,100 | | | 4.633 | % | | | 4.875 | % | Senior Notes due May 2034 | | 1,000 | | | 1,000 | | | 5.047 | % | | | | | | | | | | | | 2023 USD Notes | | 4.875 | % | Senior Notes due March 2028 | | 750 | | | 750 | | | 5.003 | % | | | 4.850 | % | Senior Notes due March 2033 | | 750 | | | 750 | | | 4.923 | % | | | | | | | | | | | 2022 EUR Notes | | 1.000 | % | Senior Notes due February 2029 | | 810 | | | 781 | | | 1.138 | % | | | | | | | | | | | | 2021 USD Notes | | 2.000 | % | Senior Notes due November 2031 | | 750 | | | 750 | | | 2.112 | % | | | 1.900 | % | Senior Notes due March 2031 | | 600 | | | 600 | | | 1.981 | % | | | 2.950 | % | Senior Notes due March 2051 | | 700 | | | 700 | | | 3.013 | % | | | | | | | | | | | | 2020 USD Notes | | 3.300 | % | Senior Notes due March 2027 | | 1,000 | | | 1,000 | | | 3.420 | % | | | 3.350 | % | Senior Notes due March 2030 | | 1,500 | | | 1,500 | | | 3.430 | % | | | 3.850 | % | Senior Notes due March 2050 | | 1,500 | | | 1,500 | | | 3.896 | % | | | | | | | | | | | | 2019 USD Notes | | 2.950 | % | Senior Notes due June 2029 | | 1,000 | | | 1,000 | | | 3.030 | % | | | 3.650 | % | Senior Notes due June 2049 | | 1,000 | | | 1,000 | | | 3.689 | % | | | 2.000 | % | Senior Notes due March 2025 | | — | | | 750 | | | 2.147 | % | | | | | | | | | | | | 2018 USD Notes | | 3.500 | % | Senior Notes due February 2028 | | 500 | | | 500 | | | 3.598 | % | | | 3.950 | % | Senior Notes due February 2048 | | 500 | | | 500 | | | 3.990 | % | | | | | | | | | | | | 2016 USD Notes | | 2.950 | % | Senior Notes due November 2026 | | 750 | | | 750 | | | 3.044 | % | | | 3.800 | % | Senior Notes due November 2046 | | 600 | | | 600 | | | 3.893 | % | | | | | | | | | | | 2015 EUR Notes | | 2.100 | % | Senior Notes due December 2027 | | 865 | | | 833 | | | 2.189 | % | | | 2.500 | % | Senior Notes due December 2030 | | 162 | | | 156 | | | 2.562 | % | | | | | | | | | | | | | | | | | | | | | | | | | | 18,987 | | | 18,420 | | | | | Less: Unamortized discount and debt issuance costs | (135) | | | (131) | | | | Less: Cumulative hedge accounting fair value adjustments 1 | | (50) | | | (63) | | | | | Total debt outstanding | 18,802 | | | 18,226 | | | | Less: Short-term debt 2 | | — | | | (750) | | | | | Long-term debt | $ | 18,802 | | | $ | 17,476 | | | |
**The $300 million of Senior Notes due March 2028 are Floating Rate Notes that bear interest at a floating rate, reset quarterly, equal to the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.44%. 1The Company has an interest rate swap that is accounted for as a fair value hedge. See Note 16 (Derivative and Hedging Instruments) for additional information. 2As of December 31, 2024, the 2019 USD Notes due March 2025 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets.
|