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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding debt is as follows:
December 31,
(In millions)20242023
Short-term:
Current portion of long-term debt$519 $1,619 
$519 $1,619 
Long-term:
Senior notes – 3.50% due 2024
$— $600 
Senior notes – 3.875% due 2024
— 1,000 
Senior notes – 3.50% due 2025
500 499 
Senior notes – 1.349% due 2026
579 617 
Senior notes – 3.75% due 2026
599 599 
Senior notes – 4.550% due 2027
945 — 
Senior notes – Floating due 2027
299 — 
Senior notes – 4.375% due 2029
1,499 1,499 
Senior notes – 1.979% due 2030
566 601 
Senior notes – 2.25% due 2030
742 741 
Senior notes – 4.65% due 2030
991 — 
Senior notes – 2.375% due 2031
397 397 
Senior notes – 4.850% due 2031
992 — 
Senior notes – 5.750% due 2032
494 493 
Senior notes – 5.875% due 2033
299 298 
Senior notes – 5.400% due 2033
593 592 
Senior notes – 5.150% due 2034
495 — 
Senior notes – 5.00% due 2035
1,982 — 
Senior notes – 4.75% due 2039
496 496 
Senior notes – 5.35% due 2044
495 — 
Senior notes – 4.35% due 2047
494 494 
Senior notes – 4.20% due 2048
593 593 
Senior notes – 4.90% due 2049
1,239 1,239 
Senior notes – 2.90% due 2051
346 346 
Senior notes – 6.25% due 2052
491 491 
Senior notes – 5.450% due 2053
591 591 
Senior notes – 5.700% due 2053
989 988 
Senior notes – 5.450% due 2054
493 — 
Senior notes – 5.40% due 2055
1,479 — 
Mortgage – 5.70% due 2035
267 284 
Other2 5 
19,947 13,463 
Less current portion519 1,619 
 $19,428 $11,844 
The senior notes in the table are registered by the Company with the Securities and Exchange Commission and are not guaranteed.
The Company has a short-term debt financing program through the issuance of commercial paper. The proceeds from the issuance of commercial paper are used for general corporate purposes.
In November 2023, the Company increased its short-term commercial paper financing program (the "Program") to $3.5 billion from $2.8 billion. The Company did not have any commercial paper outstanding at December 31, 2024 and 2023.
Credit Facilities
In October 2023, the Company increased its multi-currency unsecured five-year revolving credit facility (the "Credit Facility") capacity to $3.5 billion from $2.8 billion and extended the expiration to October 2028. The interest rate on the Credit Facility was initially based on LIBOR plus a fixed margin which varied with the Company's credit rating. In the second quarter of 2023, the Credit Facility was amended so that borrowings under the Credit Facility bear interest at a rate per annum equal, at the Company's option, either at (a) Securities Overnight Financing Rate ("SOFR") benchmark rate for U.S. dollar borrowings, or (b) a currency specific benchmark rate, plus an applicable margin which varies with the Company's credit ratings. The Company is required to maintain certain coverage and leverage ratios for the Credit Facility, which are evaluated quarterly.
The Credit Facility includes provisions for determining a benchmark replacement rate in the event existing benchmark rates are no longer available or in certain other circumstances, in which an alternative rate may be required. At December 31, 2024 and 2023, the Company had no borrowings under this facility.
In October 2023, the Company terminated its one-year uncommitted revolving credit facility (the "Uncommitted Credit Facility"). There were no borrowings outstanding under the Uncommitted Credit Facility at December 31, 2023.
The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $123 million at December 31, 2024 and $113 million at December 31, 2023. There were no outstanding borrowings under these facilities at December 31, 2024 and 2023.
The Company has outstanding guarantees and letters of credit with various banks aggregating $163 million and $139 million at December 31, 2024 and 2023, respectively.
Senior Notes
In November 2024, the Company issued $7.25 billion in senior notes as follows:
•$950 million 4.550% senior notes due 2027;
•$1 billion 4.650% senior notes due 2030;
•$1 billion 4.850% senior notes due 2031;
•$2 billion 5.000% senior notes due 2035;
•$500 million 5.350% senior notes due 2044;
•$1.5 billion 5.400% senior notes due 2055; and
•$300 million floating rate senior notes due 2027 (the "Floating Notes"),
collectively referred to as the "November 2024 Notes".
For the Floating Notes, interest is calculated based on a compounded SOFR benchmark rate plus 0.700%.
The Company used the net proceeds from the November 2024 Notes offering to fund, in part, the McGriff Transaction, including the payment of related fees and expenses, as well as for general corporate purposes.
In June 2024, the Company repaid $600 million of 3.50% senior notes at maturity.
In March 2024, the Company repaid $1 billion of 3.875% senior notes at maturity.
In February 2024, the Company issued $500 million of 5.150% senior notes due 2034 and $500 million of 5.450% senior notes due 2054. The Company used the net proceeds from these issuances for general corporate purposes.
In October 2023, the Company repaid $250 million of 4.05% senior notes at maturity.
In September 2023, the Company issued $600 million of 5.400% senior notes due 2033 and $1 billion of 5.700% senior notes due 2053. In March 2023, the Company issued $600 million of 5.450% senior notes due 2053. The Company used the net proceeds from these issuances for general corporate purposes.
Scheduled repayments of long-term debt in 2025 and in the 4 succeeding years are $518 million, $1.2 billion, $1.3 billion, $22 million and $1.5 billion, respectively.
Bridge Loan Commitment Letter
In connection with the McGriff Transaction, on September 29, 2024, the Company entered into a Bridge Loan Commitment Letter (the “Commitment Letter”) to provide the Company under a 364-day unsecured bridge term loan facility in an amount not to exceed $7.75 billion (the “Bridge Loan Facility”). The Company paid approximately $23 million for customary upfront fees related to the Commitment Letter, amortized as interest expense. On November 8, 2024, the Company terminated the Commitment Letter.
Fair Value of Short-term and Long-term Debt
The estimated fair value of the Company’s short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown in the following table are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.
  
December 31, 2024December 31, 2023
(In millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Short-term debt$519 $518 $1,619 $1,610 
Long-term debt$19,428 $18,734 $11,844 $11,723 
The fair value of the Company’s short-term debt consists of term debt maturing within the next year and its fair value approximates its carrying value. The estimated fair value of a primary portion of the Company's long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. Short- and long-term debt would be classified as Level 2 in the fair value hierarchy.