Debt

6 Months Ended

Jun. 30, 2025

As of June 30, 2025, the Company had aggregate outstanding long-term notes of $14,453 million, net of $62 million of issuance costs and discounts, with varying maturities (the "Notes"). As of December 31, 2024, the Company had aggregate outstanding notes of $15,583 million, net of $70 million of issuance costs and discounts. Each of the Notes are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates.

A portion of the outstanding Notes is denominated in foreign currency (comprised of €4,700 million as of June 30, 2025 and €5,170 million as of December 31, 2024, respectively) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement loss, net of hedging impacts, totaling $55 million and $84 million, respectively, for the three and six months ended June 30, 2025). See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.

The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of June 30, 2025 and December 31, 2024:


	Principal Amount at Par						Level 2 Fair Value as of
	June 30, 2025		December 31, 2024		Issuance Date	Maturity	June 30, 2025		December 31, 2024
	(in millions)						(in millions)
5.875% Senior Notes	$	—	$	800	February 2015	February 2025	$	—	$	801
3.000% Senior Notes(1)	—		487		April 2020	June 2025	—		487
3.625% Senior Notes	—		500		April 2020	June 2025	—		497
4.375% Senior Notes	1,000		1,000		October 2016	November 2026	1,005		998
3.625% Senior Notes(1)	1,525		1,346		May 2017	May 2027	1,559		1,375
4.875% Senior Notes	1,600		1,600		October 2017	April 2028	1,687		1,607
5.875% Senior Notes	1,900		1,900		April 2018	November 2028	1,939		1,970
4.625% Senior Notes(1)	1,291		1,139		October 2018	May 2029	1,379		1,220
6.375% Senior Notes	800		800		October 2018	May 2029	861		848
3.875% Senior Notes(1)	1,408		1,242		April 2019	November 2029	1,471		1,293
5.375% Senior Notes	900		900		April 2019	November 2029	940		918
3.625% Senior Notes(1)	1,291		1,139		October 2019	June 2030	1,336		1,174
4.875% Senior Notes	1,000		1,000		October 2019	June 2030	1,023		996
4.900% Senior Notes	1,000		1,000		August 2024	August 2034	1,020		982
5.400% Senior Notes	800		800		August 2024	August 2054	791		782
	$	14,515	$	15,653			$	15,011	$	15,948

(1) The following Senior Notes have a principal amount denominated in euros: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.

In the six months ended June 30, 2025, the Company repaid upon maturity the $800 million aggregate principal amount of its 5.875% Senior Notes, the €470 million aggregate principal amount of its 3.000% Senior Notes, and the $500 million aggregate principal amount of its 3.625% Senior Notes.

Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens, and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. Certain of the Notes additionally limit the ability to enter into sale and lease-back transactions and create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries. As of June 30, 2025 and December 31, 2024, the Company was in compliance with all related covenants.

Revolving Credit Facility

On April 12, 2024, the Company entered into a five-year, $3 billion unsecured revolving credit facility that matures on April 12, 2029 (the “Revolving Credit Agreement”), to replace its previous $1 billion unsecured revolving credit facility. As of June 30, 2025, no amounts have been borrowed under the Revolving Credit Agreement.

The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate per annum equal to a base rate (the “Alternate Base Rate”) plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the “Adjusted Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0.00% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company’s credit ratings.

The Revolving Credit Agreement contains customary affirmative covenants and negative covenants (and customary baskets and exceptions with respect thereto) for a credit facility of this size and type and requires the Company to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 as of the last day of each fiscal quarter. As of June 30, 2025 and December 31, 2024, the Company was in compliance with all related covenants and ratios.

Commercial Paper Program

In May 2025, the Company established a $3 billion commercial paper program (the “Commercial Paper Program”) under which it may issue short-term unsecured commercial paper notes. Net proceeds from this program may be used for general corporate purposes. There were no borrowings outstanding under the Commercial Paper Program as of June 30, 2025.