v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The carrying value of our total debt, including short-term and long-term debt, consisted of the following (in millions):
As of March 31, 2025As of December 31, 2024
Short-term debt:
Commercial Paper$433 $529 
2025 Senior Notes (3.65%; unsecured due May 23, 2025)
1,250 1,249 
2025 Senior Notes (3.75%; unsecured due December 1, 2025)
1,249 1,249 
Total short-term debt2,932 3,027 
Long-term debt:
2027 Senior Notes (4.00%; unsecured due September 15, 2027)
1,493 1,492 
2027 Senior Notes (3.10%; unsecured due September 15, 2027)
499 498 
2028 Senior Notes (3.625%; unsecured due September 1, 2028)
941 937 
2028 Senior Notes (3.75%; unsecured due September 21, 2028)
597 596 
2029 Senior Notes (4.35%; unsecured due June 15, 2029)
1,243 1,243 
2030 Senior Notes (2.10%; unsecured due June 15, 2030)
1,240 1,240 
2031 Senior Notes (5.25%; unsecured due June 15, 2031)
744 743 
2032 Senior Notes (1.85%; unsecured due September 15, 2032)
1,488 1,488 
2033 Senior Notes (4.60%; unsecured due March 15, 2033)
1,490 1,490 
2040 Senior Notes (2.65%; unsecured due September 15, 2040)
1,233 1,233 
2048 Senior Notes (4.25%; unsecured due September 21, 2048)
1,233 1,233 
2050 Senior Notes (3.00%; unsecured due June 15, 2050)
1,223 1,223 
2052 Senior Notes (4.95%; unsecured due June 15, 2052)
1,467 1,467 
2060 Senior Notes (3.00%; unsecured due September 15, 2060)
1,473 1,473 
2062 Senior Notes (5.20%; unsecured due June 15, 2062)
985 985 
Total long-term debt17,349 17,341 
Total debt$20,281 $20,368 
As of March 31, 2025, our senior notes of $19.8 billion had a weighted average maturity of 13 years and a weighted average cost of 3.7% per annum.
Credit Facilities
We have a $3.9 billion senior unsecured revolving credit facility, or the Credit Facility, with future capacity to increase our borrowings under the Credit Facility by an additional $1.0 billion, subject to the consent of the lenders funding the increase and certain other conditions. On May 31, 2024, we agreed with the lenders to extend the maturity date of the Credit Facility from May 25, 2027, to May 31, 2029, among other items. No amounts were outstanding under the Credit Facility as of March 31, 2025.
As of March 31, 2025, of the $3.9 billion that was available for borrowing under the Credit Facility, $433 million was required to back-stop the notes outstanding under our Commercial Paper Program and $172 million was required to support certain broker-dealer and other subsidiary commitments. Amounts required to back-stop notes outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $3.3 billion is available for working capital and general corporate purposes including, but not limited to, acting as a back-stop to future amounts outstanding under the Commercial Paper Program.
Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of March 31, 2025, there were no amounts outstanding under these credit lines.
Commercial Paper Program
Our Commercial Paper Program is currently backed by the borrowing capacity available under the Credit Facility, as described above. The effective interest rate of commercial paper issuances does not materially differ from short-term
interest rates, which fluctuate due to market conditions and as a result may impact our interest expense. During the three months ended March 31, 2025, we had net repayments of $96 million under the Commercial Paper Program.
Commercial paper notes of $433 million with original maturities ranging from 1 to 20 days were outstanding as of March 31, 2025, with a weighted average interest rate of 4.6% per annum, and a weighted average remaining maturity of 12 days.