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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long Term Debt | Debt consists of the following (in millions):
|  |  |  |  |  | As of December 31,
|  | Interest Rate(1) |  | Maturities Through |  | 2023 |  | 2022
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 3.70% - 11.63% |  | 2026 - 2030 |  | $ | 7,899 |  |  | $ | 7,199 |
Secured senior notes |  | 8.25% |  | 2029 |  | 1,000 |  |  | 2,371 |
Unsecured term loans |  | 1.28% - 5.89% |  | 2027 - 2035 |  | 6,569 |  |  | 4,561 |
Convertible notes |  | 6.00% |  | 2025 |  | 1,150 |  |  | 1,725 |
Total fixed rate debt |  |  |  |  |  | 16,618 |  |  | 15,856 |
Variable rate debt(2): |  |  |  |  |  |  |  |
Unsecured revolving credit facilities(3) |  | 7.25% -7.50% |  | 2025 - 2028 |  | 899 |  |  | 2,744 |
USD unsecured term loans |  | 5.99% - 9.98% |  | 2024 - 2037 |  | 3,666 |  |  | 4,336 |
Euro unsecured term loans |  | 5.26% -6.10% |  | 2024 - 2026 |  | 443 |  |  | 535 |
Total variable rate debt |  |  |  |  |  | 5,008 |  |  | 7,615 |
Finance lease liabilities |  |  |  |  |  | 369 |  |  | 351 |
Total debt (4) |  |  |  |  |  | 21,995 |  |  | 23,822 |
Less: unamortized debt issuance costs |  |  |  |  |  | (543) |  |  | (431) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 21,452 |  |  | 23,391 |
Less—current portion |  |  |  |  |  | (1,720) |  |  | (2,088) |
Long-term portion |  |  |  |  |  | $ | 19,732 |  |  | $ | 21,303 |
(1)Interest rates based on outstanding loan balance as of December 31, 2023, and for variable rate debt, includes either EURIBOR or Term SOFR plus the applicable margin. (2)During the year ended December 31, 2023, we completed our transition from LIBOR to Term SOFR rates for all of our variable rate facilities, with such transition having taken effect at the interest reset date for each such facility. (3)Advances under our unsecured revolving credit facilities accrue interest at Term SOFR plus a 0.10% credit adjustment spread plus an interest rate margin primarily at 1.80%. Based on applicable Term SOFR rates, as of December 31, 2023, the maximum interest rate under the unsecured credit facilities was 7.50%. We also pay a facility fee primarily at 0.20% of the total commitments under such facility. (4)At December 31, 2023 and 2022, the weighted average interest rate for total debt was 6.06% and 6.23%, respectively.
Schedule of Convertible Debt | The net carrying value of the 6.00% convertible notes was as follows:
(in millions) | As of December 31, 2023 |  | As of December 31, 2022 |
Principal | $ | 1,150 |  |  | $ | 1,725 |  |
Less: Unamortized debt issuance costs | 13 |  |  | 24 |  |
| $ | 1,137 |  |  | $ | 1,701 |  |
The interest expense recognized related to the 6.00% convertible notes was as follows:
(in millions) | As of December 31, 2023 |  | As of December 31, 2022 |
Contractual interest expense | $ | 69 |  |  | $ | 76 |  |
Amortization of debt issuance costs | 8 |  |  | 16 |  |
| $ | 77 |  |  | $ | 92 |  |
Schedule of Annual Maturities on Long-Term Debt Including Capital Leases | Following is a schedule of annual maturities on our total debt including finance leases, as of December 31, 2023 for each of the next five years (in millions):
Year | As of December 31, 2023 (1)
2024 | $ | 1,722 |
2025 | 2,650 |
2026 | 3,406 |
2027 | 3,763 |
2028 | 3,489 |
Thereafter | 6,965 |
| $ | 21,995 |
(1) Debt denominated in other currencies is calculated based on the applicable exchange rate at December 31, 2023.

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