| Schedule of Long-term Debt Instruments |
The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | | | | | (in millions) | | Accounts receivable factoring | $ | — | | | $ | 450 | | | | | | | | | | | | | | | | | | | | | | 1.60%, Euro-denominated senior notes, due 2028 (net of $1 and $1 unamortized issuance costs, respectively) | 584 | | | 519 | | 4.35%, senior notes, due 2029 (net of $1 and $1 unamortized issuance costs, respectively) | 299 | | | 299 | | 4.650%, senior notes, due 2029 (net of $4 and $5 unamortized issuance costs, respectively) | 546 | | | 545 | | 3.25%, senior notes, due 2032 (net of $5 and $5 unamortized issuance costs and $2 and $2 discount, respectively) | 793 | | | 793 | | 5.150%, senior notes, due 2034 (net of $5 and $5 unamortized issuance costs and $1 and $1 discount, respectively) | 544 | | | 544 | | 4.25%, Euro-denominated senior notes, due 2036 (net of $6 and $7 unamortized issuance costs and $2 and $2 discount, respectively) | 869 | | | 772 | | 4.40%, senior notes, due 2046 (net of $3 and $3 unamortized issuance costs and $1 and $1 discount, respectively) | 296 | | | 296 | | 5.40%, senior notes, due 2049 (net of $3 and $4 unamortized issuance costs and $1 and $1 discount, respectively) | 346 | | | 345 | | 3.10%, senior notes, due 2051 (net of $15 and $15 unamortized issuance costs and $29 and $30 discount, respectively) | 1,456 | | | 1,455 | | 4.15%, senior notes, due 2052 (net of $10 and $10 unamortized issuance costs and $2 and $2 discount, respectively) | 988 | | | 988 | | | | | | 5.750%, senior notes, due 2054 (net of $6 and $6 unamortized issuance costs and $3 and $3 discount, respectively) | 541 | | | 541 | | 6.875%, fixed-to-fixed reset rate junior subordinated notes, due 2054 (net of $6 and $7 unamortized issuance costs, respectively) | 494 | | | 493 | | Term Loan A, due 2027 (net of $0 and $2 unamortized issuance costs, respectively) | — | | | 248 | | | Finance leases and other | 34 | | | 64 | | | Total debt | 7,790 | | | 8,352 | | | Less: current portion | (32) | | | (509) | | | Long-term debt | $ | 7,758 | | | $ | 7,843 | |
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