The following table summarizes the carrying value of our outstanding debt (in millions, except percentages): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Coupon | | As of | | Effective | | As of | | Effective | | | Rate | | December 31, 2024 | | Interest Rate | | December 31, 2023 | | Interest Rate | | Long-Term Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior notes: | | | | | | | | | | | | Senior notes due 2024 | | 3.450 | % | | $ | — | | | — | % | | $ | 750 | | | 3.531 | % | | Senior notes due 2025 | | 1.900 | % | | 800 | | | 1.803 | % | | 800 | | | 1.803 | % | | Senior notes due 2025 | | 5.900 | % | | 425 | | | 6.036 | % | | 425 | | | 6.036 | % | | Senior notes due 2026 | | 1.400 | % | | 750 | | | 1.252 | % | | 750 | | | 1.252 | % | | Senior notes due 2027 | | 3.600 | % | | 850 | | | 3.689 | % | | 850 | | | 3.689 | % | | Senior notes due 2027 | | 5.950 | % | | 300 | | | 6.064 | % | | 300 | | | 6.064 | % | | Senior notes due 2030 | | 2.700 | % | | 950 | | | 2.623 | % | | 950 | | | 2.623 | % | | Senior notes due 2031 | | 2.600 | % | | 750 | | | 2.186 | % | | 750 | | | 2.186 | % | | Senior notes due 2032 | | 6.300 | % | | 425 | | | 6.371 | % | | 425 | | | 6.371 | % | | Senior notes due 2042 | | 4.000 | % | | 750 | | | 4.114 | % | | 750 | | | 4.114 | % | | Senior notes due 2051 | | 3.650 | % | | 1,000 | | | 2.517 | % | | 1,000 | | | 2.517 | % | | Total senior notes | | | | 7,000 | | | | | 7,750 | | | | Hedge accounting fair value adjustments (1) | | | | — | | | | | 2 | | | | Unamortized discount and debt issuance costs | | | | (23) | | | | | (29) | | | | | | | | | | | | | | | | Less: Current portion of long-term debt | | | | (1,225) | | | | | (750) | | | | | Total long-term debt | | | | 5,752 | | | | | 6,973 | | | | | | | | | | | | | | | | Short-Term Debt | | | | | | | | | | | | Current portion of long-term debt | | | | 1,225 | | | | | 750 | | | | Commercial paper | | | | 450 | | | | | — | | | | Unamortized discount and debt issuance costs | | | | (2) | | | | | — | | | | | Total short-term debt | | | | 1,673 | | | | | 750 | | | | | Total Debt | | | | $ | 7,425 | | | | | $ | 7,723 | | | |
(1) Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recognized as a reduction to “Interest expense” over the remaining term of the related notes.
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