Outstanding debt at March 31, 2024 and December 31, 2023 consists of the following (in millions):


	March 31, 2024				December 31, 2023
	Outstanding Principal Amount		Carrying Value (1)		Outstanding Principal Amount		Carrying Value (1)
2.375% (€1 Billion) Senior Notes due September 2024 (2) (3)	$	1,080	$	1,079	$	1,105	$	1,104
3.65% Senior Notes due March 2025 (2)	500		500		500		499
0.1% (€950 Million) Senior Notes due March 2025 (2)	1,026		1,025		1,050		1,048
0.75% Convertible Senior Notes due May 2025 (2) (3)	862		858		862		857
3.6% Senior Notes due June 2026	1,000		998		1,000		998
4.0% (€750 Million) Senior Notes due November 2026	810		807		828		825
1.8% (€1 Billion) Senior Notes due March 2027	1,080		1,078		1,105		1,103
3.55% Senior Notes due March 2028	500		499		500		499
0.5% (€750 Million) Senior Notes due March 2028	810		807		828		825
3.625% (€500 Million) Senior Notes due November 2028	540		537		552		549
3.5% (€500 Million) Senior Notes due March 2029	540		537		—		—
4.25% (€750 Million) Senior Notes due May 2029	810		805		828		823
4.625% Senior Notes due April 2030	1,500		1,493		1,500		1,492
4.5% (€1 Billion) Senior Notes due November 2031	1,080		1,073		1,105		1,098
3.625% (€650 Million) Senior Notes due March 2032	702		698		—		—
4.125% (€1.25 Billion) Senior Notes due May 2033	1,350		1,336		1,381		1,367
4.75% (€1 Billion) Senior Notes due November 2034	1,080		1,072		1,105		1,097
3.75% (€850 Million) Senior Notes due March 2036	918		904		—		—
4.0% (€750 Million) Senior Notes due March 2044	810		794		—		—
Total outstanding debt	$	16,998	$	16,900	$	14,249	$	14,184
Short-term debt	$	3,468	$	3,462	$	1,967	$	1,961
Long-term debt	$	13,530	$	13,438	$	12,282	$	12,223

(1) The carrying values differ from the outstanding principal amounts due to unamortized debt discounts and debt issuance costs of $98 million and $65 million as of March 31, 2024 and December 31, 2023, respectively.

(2) Included in "Short-term debt" in the Unaudited Consolidated Balance Sheet as of March 31, 2024.

(3) Included in "Short-term debt" in the Consolidated Balance Sheet as of December 31, 2023.

The following table summarizes the information related to other senior notes issued in March 2024:

Other Senior Notes

Effective Interest Rate (1)

Timing of Interest Payments

3.5% Senior Notes due March 2029

3.61%

Annually in March

3.625% Senior Notes due March 2032

3.71%

Annually in March

3.75% Senior Notes due March 2036

3.92%

Annually in March

4.0% Senior Notes due March 2044

4.15%

Annually in March

(1) Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details