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Debt
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Debt
We have a short-term debt financing program of up to $25.0 billion through the issuance of commercial paper. Net proceeds from this program are used for general corporate purposes. We had $2.3 billion and $3.0 billion of commercial paper outstanding as of December 31, 2024 and June 30, 2025, respectively, with a weighted-average effective interest rate of 4.4% in each period. The estimated fair value of the commercial paper approximated its carrying value as of December 31, 2024 and June 30, 2025.
Our short-term debt balance also includes the current portion of certain long-term debt.
Long-Term Debt
In May 2025, we issued $5.0 billion of U.S. dollar-denominated fixed-rate senior unsecured notes in four tranches: $750 million of 4.00% notes due 2030, $1.25 billion of 4.50% notes due 2035, $1.5 billion of 5.25% notes due 2055, and $1.5 billion of 5.30% notes due 2065. Additionally in May 2025, we issued €6.75 billion of euro-denominated fixed-rate senior unsecured notes in five tranches: €1.5 billion of 2.50% notes due 2029, €1.5 billion of 3.00% notes due 2033, €1.25 billion of 3.38% notes due 2037, €1.25 billion of 3.88% notes due 2045, and €1.25 billion of 4.00% notes due 2054. The net proceeds from all notes issued in May 2025 are used for general corporate purposes.
Total outstanding long-term debt is summarized below (in millions, except percentages):
MaturityCoupon RateEffective Interest RateAs of
December 31, 2024
As of
June 30, 2025
Debt
2016 U.S. dollar notes20262.00%2.23%$2,000 $2,000 
2020 U.S. dollar notes2025 - 2060
0.45% - 2.25%
0.57% - 2.33%
10,000 10,000 
2025 U.S. dollar notes2030 - 2065
4.00% - 5.30%
4.21% - 5.44%
5,000 
2025 Euro notes(1)
2029 - 2054
2.50% - 4.00%
2.69% - 4.12%
7,903 
      Total face value of long-term debt12,000 24,903 
  Unamortized discount and debt issuance costs(1)
(118)(296)
Less: Current portion of long-term notes(2)
(999)(1,000)
       Total long-term debt$10,883 $23,607 
(1)Principal, unamortized discount, and debt issuance costs for the euro-denominated notes include the effect of foreign exchange rates.
(2)Total current portion of long-term debt is included within accrued expenses and other current liabilities. See Note 7 for further details.
The notes in the table above are fixed-rate senior unsecured obligations and rank equally with each other. We may redeem the notes at any time in whole or in part at specified redemption prices. The effective interest rates are based on proceeds received with interest payable semi-annually, except for the euro-denominated notes, which are payable annually.
The total estimated fair value of the outstanding notes was approximately $9.0 billion and $21.9 billion as of December 31, 2024 and June 30, 2025, respectively. The fair value was determined based on observable market prices of identical instruments in less active markets and is categorized accordingly as Level 2 in the fair value hierarchy.
Credit Facility
As of June 30, 2025, we had $10.0 billion of revolving credit facilities, of which $4.0 billion expires in April 2026 and $6.0 billion expires in April 2030. The interest rates for all credit facilities are determined based on a formula using certain market rates. No amounts were outstanding under the credit facilities as of December 31, 2024 and June 30, 2025.