v3.25.2
Long-Term Debt and Credit Arrangements (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Debt
Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):
As of
December 31, 2024June 30, 2025
Stated Interest Rates
Effective Interest RatesMaturities
2025 Convertible Notes (1)
$1,150 $1,150 0.00 %0.2 %December 2025
2028 Convertible Notes1,725 1,725 0.875 %1.1 %December 2028
2028 Exchangeable Senior Notes— 1,224 0.00 %0.0 %May 2028
2027 Senior Note700 700 7.50 %7.7 %September 2027
2028 Senior Note500 500 6.25 %7.0 %January 2028
2029 Senior Note1,500 1,500 4.50 %4.7 %August 2029
2030 Senior Note1,250 1,250 4.30 %4.5 %January 2030
2034 Senior Note1,500 1,500 4.80 %4.9 %September 2034
2054 Senior Note1,250 1,250 5.35 %5.4 %September 2054
Total debt (2)
9,575 10,799 
Less: unamortized discount and issuance costs(78)(71)
Less: current portion of long-term debt (1)
(1,150)(1,150)
Total long-term debt$8,347 $9,578 
(1) The 2025 Convertible Notes will mature on December 15, 2025, and was classified within accrued and other current liabilities on our condensed consolidated balance sheets.
(2) The total fair value of our outstanding debt was $9.5 billion and $11.6 billion as of December 31, 2024 and June 30, 2025, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.