v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding debt is as follows:
(In millions)June 30,
2025		December 31, 2024
Short-term:
Commercial paper$150 $— 
Current portion of long-term debt619 519 
$769 $519 
Long-term:
Senior notes – 3.50% due 2025
$— $500 
Senior notes – 1.349% due 2026
654 579 
Senior notes – 3.75% due 2026
600 599 
Senior notes – 4.550% due 2027
945 945 
Senior notes – Floating due 2027
298 299 
Senior notes – 4.375% due 2029
1,499 1,499 
Senior notes – 1.979% due 2030
630 566 
Senior notes – 2.25% due 2030
743 742 
Senior notes – 4.65% due 2030
991 991 
Senior notes – 2.375% due 2031
398 397 
Senior notes – 4.850% due 2031
992 992 
Senior notes – 5.750% due 2032
494 494 
Senior notes – 5.875% due 2033
299 299 
Senior notes – 5.400% due 2033
593 593 
Senior notes – 5.150% due 2034
496 495 
Senior notes – 5.00% due 2035
1,982 1,982 
Senior notes – 4.75% due 2039
496 496 
Senior notes – 5.35% due 2044
494 495 
Senior notes – 4.35% due 2047
494 494 
Senior notes – 4.20% due 2048
594 593 
Senior notes – 4.90% due 2049
1,239 1,239 
Senior notes – 2.90% due 2051
346 346 
Senior notes – 6.25% due 2052
492 491 
Senior notes – 5.450% due 2053
591 591 
Senior notes – 5.700% due 2053
989 989 
Senior notes – 5.450% due 2054
493 493 
Senior notes – 5.40% due 2055
1,479 1,479 
Mortgage – 5.70% due 2035
257 267 
Other1 2 
19,579 19,947 
Less: current portion619 519 
 $18,960 $19,428 
The senior notes in the table above are registered by the Company with the Securities and Exchange Commission and are not guaranteed.
The Company has a $3.5 billion short-term debt financing program through the issuance of commercial paper. The proceeds from the issuance of commercial paper are used for general corporate purposes. The Company had $150 million of commercial paper outstanding at June 30, 2025, at an average effective interest rate of 4.60%. The Company did not have any commercial paper outstanding at December 31, 2024.
Credit Facilities
The Company has a $3.5 billion multi-currency unsecured five-year credit facility (the "Credit Facility") expiring October 2028. Borrowings under the Credit Facility bear interest at a rate per annum, equal, at the Company's option, either at (a) the Securities Overnight Financing Rate ("SOFR") benchmark rate for U.S. dollar borrowings, or (b) a currency specific benchmark rate, plus an applicable margin which varies with the Company's credit ratings. The Company is required to maintain certain coverage and leverage ratios for the Credit Facility, which are evaluated quarterly. The Credit Facility includes provisions for determining a benchmark replacement rate in the event existing benchmark rates are no longer available, or in certain other circumstances, in which an alternative rate may be required. At June 30, 2025 and December 31, 2024, the Company had no borrowings under this facility.
The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $123 million at June 30, 2025 and December 31, 2024. There were no outstanding borrowings under these facilities at June 30, 2025 and December 31, 2024.
The Company also has outstanding guarantees and letters of credit with various banks aggregating $161 million and $163 million, at June 30, 2025 and December 31, 2024, respectively.
Senior Notes
In March 2025, the Company repaid $500 million of 3.50% senior notes at maturity.
In November 2024, the Company issued $7.25 billion in senior notes as follows:
•$950 million 4.550% senior notes due 2027;
•$1 billion 4.650% senior notes due 2030;
•$1 billion 4.850% senior notes due 2031;
•$2 billion 5.000% senior notes due 2035;
•$500 million 5.350% senior notes due 2044;
•$1.5 billion 5.400% senior notes due 2055; and
•$300 million floating rate senior notes due 2027 (the "Floating Notes"), collectively referred to as the "November 2024 Notes".
For the Floating Notes, interest is calculated based on a compounded SOFR benchmark rate plus 0.700%.
The Company used the net proceeds from the November 2024 Notes offering to fund, in part, the McGriff acquisition, including the payment of related fees and expenses, as well as for general corporate purposes.
In June 2024, the Company repaid $600 million of 3.50% senior notes at maturity. In March 2024, the Company repaid $1 billion of 3.875% senior notes at maturity. In February 2024, the Company issued $500 million of 5.150% senior notes due 2034 and $500 million of 5.450% senior notes due 2054. The Company used the net proceeds from these issuances for general corporate purposes.
Fair Value of Short-term and Long-term Debt
The estimated fair value of the Company's short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown in the following table are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.
June 30, 2025December 31, 2024
(In millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Short-term debt$769 $767 $519 $518 
Long-term debt$18,960 $18,613 $19,428 $18,734 
The fair value of the Company's short-term debt consists primarily of term debt maturing within the next year and its fair value approximates its carrying value. The estimated fair value of a primary portion of the Company's long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. Short-term and long-term debt would be classified as Level 2 in the fair value hierarchy.