Debt (Tables)

9 Months Ended

Sep. 30, 2024

The following table sets forth the debt balances and activity as of, and for the nine months ended, September 30, 2024:


(in millions)	December 31, 2023		Proceeds from Issuances and Borrowings (1)		Note Redemptions		Repayments		Reclassifications (1)		Other (2)		September 30, 2024
Short-term debt	$	3,619	$	—	$	(2,500)	$	(669)	$	5,458	$	(57)	$	5,851
Long-term debt	69,903		8,089		—		—		(5,458)		(12)		72,522
Total debt to third parties	73,522		8,089		(2,500)		(669)		—		(69)		78,373

Long-term debt to affiliates	1,496		—		—		—		—		1		1,497
Total debt	$	75,018	$	8,089	$	(2,500)	$	(669)	$	—	$	(68)	$	79,870

(1)Issuances and borrowings and reclassifications are recorded net of accrued or paid issuance costs and discounts.

(2)Other includes the amortization of premiums, discounts, debt issuance costs and consent fees and the impact from changes in foreign currency exchange rates.

During the nine months ended September 30, 2024, we issued the following Senior Notes:


(in millions)	Principal Issuances		Discounts and Issuance Costs, Net		Net Proceeds from Issuance of Long-Term Debt		Issue Date
4.850% Senior Notes due 2029	$	1,000	$	(6)	$	994	January 12, 2024
5.150% Senior Notes due 2034	1,250		(11)		1,239		January 12, 2024
5.500% Senior Notes due 2055	750		(7)		743		January 12, 2024
3.550% Senior Notes due 2029 (EUR-denominated)	645		(3)		642		May 8, 2024
3.700% Senior Notes due 2032 (EUR-denominated)	806		(4)		802		May 8, 2024

3.850% Senior Notes due 2036 (EUR-denominated)	699		(7)		692		May 8, 2024
4.200% Senior Notes due 2029	700		(4)		696		September 26, 2024
4.700% Senior Notes due 2035	900		(6)		894		September 26, 2024
5.250% Senior Notes due 2055	900		(10)		890		September 26, 2024
Total of Senior Notes issued	$	7,650	$	(58)	$	7,592

5.050% Class A Senior ABS Notes due 2029	$	500	$	(3)	$	497	February 14, 2024

Total of ABS Notes issued	$	500	$	(3)	$	497

Schedule of Debt Instrument Redemption and Repayments

During the nine months ended September 30, 2024, we made the following redemption and repayments:


(in millions)	Principal Amount		Payment Date
7.125% Senior Notes due 2024	$	2,500	June 15, 2024
Total Redemption	$	2,500




4.738% Secured Series 2018-1 A-1 Notes due 2025	$	394	Various
5.152% Series 2018-1 A-2 Notes due 2028	275		Various

Total Repayments	$	669

Schedule of Maturities of ABS Notes

The expected maturities of our ABS Notes as of September 30, 2024, were as follows:


(in millions)	Expected Maturities
2024	$	198
2025	552
2026	459
2027	41
Total	$	1,250

Schedule of Variable Interest Entities

The following table summarizes the carrying amounts and classification of assets, which consist primarily of the deferred purchase price, and liabilities included on our Condensed Consolidated Balance Sheets with respect to the Service BRE:


(in millions)	September 30, 2024		December 31, 2023
Other current assets	$	182	$	209

Other current liabilities	421		373

The following table summarizes the carrying amounts and classification of assets and liabilities included in our Condensed Consolidated Balance Sheets with respect to the ABS Entities:


(in millions)	September 30, 2024		December 31, 2023

Assets
Equipment installment plan receivables, net	$	1,218	$	739
Equipment installment plan receivables due after one year, net	279		168
Other current assets	148		101
Liabilities
Accounts payable and accrued liabilities	$	2	$	1
Short-term debt	707		198
Long-term debt	540		550

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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