v3.24.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Debt Outstanding
December 31 (in billions)Weighted-Average Interest Rate as of December 31, 2024Weighted-Average Interest Rate as of December 31, 2023
2024(b)
2023(b)
Term loans3.2 %3.2 %$3.1 $3.1 
Senior notes with maturities of 5 years or less, at face value3.4 %3.5 %26.7 25.9 
Senior notes with maturities between 5 and 10 years, at face value3.6 %3.3 %18.1 18.8 
Senior notes with maturities greater than 10 years, at face value3.9 %3.8 %55.4 53.4 
Finance lease obligations and other1.9 2.0 
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(6.0)(6.1)
Total debt4.1 %
(a)
4.0 %
(a)
99.1 97.1 
Less: Current portion4.9 2.1 
Noncurrent portion of debt
$94.2 $95.0 
(a)Rate represents an effective interest rate and includes the effects of amortization of debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, as well as the effects of our derivative financial instruments.
(b)As of December 31, 2024, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £3.3 billion, €8.5 billion and ¥22.3 billion RMB. As of December 31, 2023, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €6.7 billion and ¥22.1 billion RMB.
Debt Maturities
Principal Maturities of Debt
(in billions)
2025$4.9 
2026$4.9 
2027$5.7 
2028$7.0 
2029$4.8 
Thereafter$77.7 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
December 31, 2024December 31, 2023
(in billions)DesignationNotionalNet Derivative Asset (Liability)NotionalNet Derivative Asset (Liability)
Foreign Exchange Risk
Foreign Currency Denominated Debt
Cross-currency swapsFair value hedge$1.9 $(0.1)$— $— 
Cross-currency swapsCash flow hedge0.8 (0.2)0.8 (0.2)
Intercompany Loans
Foreign currency forwardsFair value hedge1.7 0.1 2.0 — 
Net Investments in Foreign Subsidiaries
Foreign currency denominated debt(a)
Net investment hedge7.3 7.4 
Cross-currency swapsNet investment hedge1.7 0.4 2.8 — 
Interest Rate Risk
Fixed-to-variable interest rate swapsFair value hedge$2.5 $(0.2)$2.5 $(0.2)
(a)Our foreign currency denominated debt designated as net investment hedges are non-derivative instruments and amount shown is the value of debt designated as a hedge.
Derivative Instruments, Gain (Loss) The table below summarizes the impact of our hedged foreign currency denominated debt and intercompany loans and the associated derivative contracts on the other income (loss) component of investment and other income (loss).
(in billions)202420232022
Foreign currency transaction gains (losses)$— $(0.2)$(0.6)
Derivative gains (losses)$0.1 $0.3 $0.6 
Schedule of accumulated other comprehensive income (loss) The table below summarizes the amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss).
(in billions)202420232022
Effect of net investment hedges$0.9 $0.3 $(0.4)
Accumulated Other Comprehensive Income (Loss)
December 31 (in millions)20242023
Cumulative translation adjustments$(2,474)$(1,596)
Deferred gains (losses) on cash flow hedges106 49 
Unrecognized gains (losses) on employee benefit obligations and other325 293 
Accumulated other comprehensive income (loss), net of deferred taxes$(2,043)$(1,253)