| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The fair values of our fixed rate notes were estimated using Level 2 inputs including quoted market prices for these instruments. The fair value of our commercial paper was estimated using Level 2 inputs. The commercial paper includes a discount and fair value was determined to approximate the carrying value due to the short term to maturity. | | | | | | | | | | | | | As of June 30, 2025 | | (in millions) | Debt: | Carrying Amount | | Fair value | | Commercial Paper | $ | 601 | | | $ | 601 | | | | | | | | | | 2025 Senior Notes (3.75%; unsecured due December 1, 2025) | 1,249 | | | 1,246 | | 2027 Senior Notes (4.00%; unsecured due September 15, 2027) | 1,493 | | | 1,494 | | 2027 Senior Notes (3.10%; unsecured due September 15, 2027) | 499 | | | 489 | | 2028 Senior Notes (3.625%; unsecured due September 1, 2028) | 946 | | | 981 | | 2028 Senior Notes (3.75%; unsecured due September 21, 2028) | 597 | | | 591 | | 2029 Senior Notes (4.35%; unsecured due June 15, 2029) | 1,244 | | | 1,255 | | 2030 Senior Notes (2.10%; unsecured due June 15, 2030) | 1,241 | | | 1,121 | | 2031 Senior Notes (5.25%; unsecured due June 15, 2031) | 744 | | | 779 | | 2032 Senior Notes (1.85%; unsecured due September 15, 2032) | 1,488 | | | 1,246 | | 2033 Senior Notes (4.60%; unsecured due March 15, 2033) | 1,491 | | | 1,494 | | 2040 Senior Notes (2.65%; unsecured due September 15, 2040) | 1,234 | | | 906 | | 2048 Senior Notes (4.25%; unsecured due September 21, 2048) | 1,233 | | | 1,033 | | 2050 Senior Notes (3.00%; unsecured due June 15, 2050) | 1,223 | | | 818 | | 2052 Senior Notes (4.95%; unsecured due June 15, 2052) | 1,467 | | | 1,359 | | 2060 Senior Notes (3.00%; unsecured due September 15, 2060) | 1,473 | | | 915 | | 2062 Senior Notes (5.20%; unsecured due June 15, 2062) | 985 | | | 934 | | Total debt | $ | 19,208 | | | $ | 17,262 | |
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