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Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in millions):

						Weighted Average Rate (1)			Maturities Through						As of September 30, 2024						As of December 31, 2023
Fixed rate debt:
Unsecured senior notes						5.59%			2026 - 2033						$	9,699					$	7,899
Secured senior notes						—%			2029						—						1,000
Unsecured term loans						3.25%			2027 - 2036						8,024						6,569
Convertible notes						6.00%			2025						323						1,150
Total fixed rate debt															18,046						16,618
Variable rate debt:
Unsecured revolving credit facilities (2)						6.48%			2026 - 2028						210						899
USD unsecured term loan						6.52%			2024 - 2037						2,522						3,666
Euro unsecured term loan						4.95%			2028						261						443
Total variable rate debt															2,993						5,008
Finance lease liabilities															350						369
Total debt (3)															21,389						21,995
Less: unamortized debt issuance costs															(549)						(543)
Total debt, net of unamortized debt issuance costs															20,840						21,452
Less—current portion															(1,868)						(1,720)
Long-term portion															$	18,972					$	19,732

(1) Weighted average interest rates are based on outstanding loan balance as of September 30, 2024, and for variable rate debt include either EURIBOR or Term SOFR plus the applicable margin.

(2) Advances under our unsecured revolving credit facilities accrue interest at Term SOFR plus a 0.10% credit adjustment spread plus an interest rate margin of 1.33%. Based on applicable Term SOFR rates, as of September 30, 2024, the interest rate under the unsecured credit facilities was 6.28%. We also pay a facility fee of 0.17% of the total commitments under such facility.

(3) At September 30, 2024 and December 31, 2023, the weighted average interest rate for total debt was 5.27% and 6.06%, respectively.

Schedule of Maturities of Long-Term Debt

The following is a schedule of annual maturities on our total debt, including finance leases, as of September 30, 2024 for each of the next five years (in millions):

Year			As of September 30, 2024 (1)
Remainder of 2024			$	717
2025			1,613
2026			2,937
2027			2,609
2028			3,414
Thereafter			10,099
			$	21,389

(1)    Debt denominated in other currencies is calculated based on the applicable exchange rate at September 30, 2024.

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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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