v3.25.3
Long-Term Debt and Credit Arrangements (Tables)
 9 Months Ended
Sep. 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, 2024September 30, 2025
Stated Interest Rates
Effective Interest RatesMaturities
2025 Convertible Notes (1)
$1,150 $1,150 0.00 %0.2 %December 2025
2028 Convertible Notes
1,725 1,725 0.875 %1.1 %December 2028
2028 Exchangeable Senior Notes— 1,221 0.00 %0.0 %May 2028
2027 Senior Notes700 — — %— %—
2028 Senior Notes500 — — %— %—
2029 Senior Notes1,500 1,500 4.50 %4.7 %August 2029
2030 Senior Notes1,250 1,250 4.30 %4.5 %January 2030
2031 Senior Notes— 1,000 4.15 %4.3 %January 2031
2034 Senior Notes1,500 1,500 4.80 %4.9 %September 2034
2035 Senior Notes— 1,250 4.80 %5.0 %September 2035
2054 Senior Notes1,250 1,250 5.35 %5.4 %September 2054
Total debt (2)
9,575 11,846 
Less: unamortized discount and issuance costs(78)(81)
Less: current portion of long-term debt (1)
(1,150)(1,150)
Total long-term debt$8,347 $10,615 
(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 $12.9 billion as of December 31, 2024 and September 30, 2025, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.