Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following is a summary of outstanding debt (in millions):

As of December 31	2024		2023
Commercial paper	$	—	$	597
3.50% Senior Notes due June 2024	—		600
3.875% Senior Notes due December 2025	749		749
2.875% Senior Notes due May 2026 (EUR 500M)	520		550
8.205% Junior Subordinated Notes due January 2027	521		521
5.125% Senior Notes due March 2027	596		—
Delayed Draw Term Loan due April 2027	1,099		—
2.85% Senior Notes due May 2027	598		597
4.50% Senior Notes due December 2028	348		348
5.150% Senior Notes due March 2029	993		—
3.75% Senior Notes due May 2029	747		746
2.80% Senior Notes due May 2030	995		995
5.300% Senior Notes due March 2031	644		—
2.05% Senior Notes due August 2031	397		397
2.60% Senior Notes due December 2031	497		497
5.00% Senior Notes due September 2032	496		496
5.35% Senior Notes due February 2033	745		744
5.450% Senior Notes due March 2034	1,735		—
6.25% Senior Notes due September 2040	297		297
4.25% Senior Notes due December 2042	206		204
4.45% Senior Notes due May 2043	247		247
4.60% Senior Notes due June 2044	545		545
4.75% Senior Notes due May 2045	594		594
2.90% Senior Notes due August 2051	592		592
3.90% Senior Notes due February 2052	878		878
5.750% Senior Notes due March 2054	1,966		—
Other	11		5
Total debt	17,016		11,199
Less: Short-term debt and current portion of long-term debt	751		1,204
Total long-term debt	$	16,265	$	9,995

Schedule of Repayments of Long-term Debt

Repayments of total debt as of December 31, 2024 are as follows (in millions):

2025	$	751
2026	523
2027	2,823
2028	352
2029	1,752
Thereafter	11,006
Total Repayments	17,207
Unamortized discounts, premiums, and debt issuance costs	(191)
Total Debt	$	17,016

Schedule of Commercial Paper

Commercial paper outstanding, which is included in Short-term debt and current portion of long-term debt in the Company’s Consolidated Statements of Financial Position, is as follows (in millions):

As of December 31	2024		2023
Commercial paper outstanding	$	—	$	597

The weighted average commercial paper outstanding and its related interest rates are as follows (in millions, except percentages):

	Years Ended December 31
	2024			2023
Weighted average commercial paper outstanding	$	121		$	471
Weighted average interest rate of commercial paper outstanding	5.59		%	4.93		%