v3.25.2
Debt and Borrowing Arrangements (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Short-Term Borrowings and Related Weighted-Average Interest Rates
Our short-term borrowings and related weighted-average interest rates consisted of:
 As of June 30, 2025As of December 31, 2024
Amount
Outstanding		Weighted-
Average Rate		Amount
Outstanding		Weighted-
Average Rate
(in millions, except percentages)
Commercial paper$1,603 4.6 %$— — %
Bank loans61 13.4 %71 12.1 %
Total short-term borrowings$1,664 $71 
Schedule of Uncommitted and Committed Credit Lines Available
Our uncommitted and committed credit facilities available include:
 As of June 30, 2025As of December 31, 2024
Facility AmountBorrowed AmountFacility AmountBorrowed Amount
(in millions)
Uncommitted credit facilities
$901 $61 $784 $71 
Credit facilities (1):
February 19, 2025— — 1,500 — 
February 18, 20261,500 — — — 
February 23, 2027— — 4,500 — 
February 19, 20304,500 — — — 

(1)On February 19, 2025, our $1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 21, 2024 expired and we entered into a $1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 18, 2026. Additionally, we early terminated our $4.5 billion five-year senior unsecured revolving credit agreement dated as of February 23, 2022, and entered into a $4.5 billion five-year senior unsecured revolving credit agreement that will expire on February 19, 2030.
Schedule of Debt Repayments
During the six months ended June 30, 2025, we repaid the following notes (in millions):

Interest RateMaturity DateAmountUSD Equivalent
3.250%March 2025C$600$417
1.500%May 2025$750$750

During the six months ended June 30, 2024, we repaid the following notes (in millions):

Interest RateMaturity DateAmountUSD Equivalent
2.125%March 2024$500$500
Schedule of Debt Issuances
During the six months ended June 30, 2025, we issued the following notes (in millions):

Issuance Date
Interest RateMaturity Date
Principal Amount
Principal Amount
USD Equivalent
May 20254.250%May 2028$700$700
May 20254.500%May 2030$500$500
May 20255.125%May 2035$400$400

During the six months ended June 30, 2024, we issued the following notes (in millions):

Issuance Date
Interest RateMaturity Date
Principal Amount
Principal Amount
USD Equivalent
February 20244.750%February 2029$550$550
Schedule of Fair Value of Debt
The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. The fair value of substantially all of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data).

 As of June 30, 2025As of December 31, 2024
(in millions)
Fair Value$19,128 $15,846 
Carrying Value$20,887 $17,749 
Schedule of Interest and Other Expense
Interest and other expense, net consisted of:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2025202420252024
 (in millions)(in millions)
Interest expense
$151 $130 $288 $252 
Other income, net
(98)(98)(82)(152)
Interest and other expense, net$53 $32 $206 $100