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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long Term Debt | Debt consists of the following (in millions):
|  |  |  |  |  | As of December 31,
|  | Weighted Average Rate(1) |  | Maturities Through |  | 2024 |  | 2023
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 5.59% |  | 2026 - 2033 |  | $ | 9,699 |  |  | $ | 7,899 |
Secured senior notes |  | —% |  | 2029 |  | — |  |  | 1,000 |
Unsecured term loans |  | 3.27% |  | 2027 - 2036 |  | 7,687 |  |  | 6,569 |
Convertible notes |  | 6.00% |  | 2025 |  | 322 |  |  | 1,150 |
Total fixed rate debt |  |  |  |  |  | 17,708 |  |  | 16,618 |
Variable rate debt: |  |  |  |  |  |  |  |
Unsecured revolving credit facilities(2) |  | 5.91% |  | 2026 - 2028 |  | 340 |  |  | 899 |
USD unsecured term loans |  | 6.02% |  | 2026 - 2037 |  | 2,227 |  |  | 3,666 |
Euro unsecured term loans |  | 3.97% |  | 2028 |  | 212 |  |  | 443 |
Total variable rate debt |  |  |  |  |  | 2,779 |  |  | 5,008 |
Finance lease liabilities |  |  |  |  |  | 117 |  |  | 369 |
Total debt (3) |  |  |  |  |  | 20,604 |  |  | 21,995 |
Less: unamortized debt issuance costs |  |  |  |  |  | (528) |  |  | (543) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 20,076 |  |  | 21,452 |
Less—current portion |  |  |  |  |  | (1,603) |  |  | (1,720) |
Long-term portion |  |  |  |  |  | $ | 18,473 |  |  | $ | 19,732 |
(1)Weighted average interest rates are based on outstanding loan balance as of December 31, 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 December 31, 2024, the interest rate under the unsecured credit facilities was 5.77%. We also pay a facility fee of 0.17% of the total commitments under such facility. (3)At December 31, 2024 and 2023, the weighted average interest rate for total debt was 5.03% and 6.06%, respectively.
Schedule of Convertible Debt | The net carrying value of the 6.00% convertible notes was as follows:
(in millions) | As of December 31, 2024 |  | As of December 31, 2023 |
Principal | $ | 322 |  |  | $ | 1,150 |  |
Less: Unamortized debt issuance costs | 1 |  |  | 13 |  |
| $ | 321 |  |  | $ | 1,137 |  |
The interest expense recognized related to the 6.00% convertible notes was as follows:
(in millions) | As of December 31, 2024 |  | As of December 31, 2023 |  |  |
Contractual interest expense | $ | 50 |  |  | $ | 69 |  |  |  |
Amortization of debt issuance costs | 6 |  |  | 8 |  |  |  |
| $ | 56 |  |  | $ | 77 |  |  |  |
Schedule of Maturities of Long-Term Debt | The following is a schedule of annual maturities on our total debt including finance leases, as of December 31, 2024 for each of the next five years (in millions):
Year | As of December 31, 2024 (1)
2025 | $ | 1,604 |
2026 | 2,927 |
2027 | 2,587 |
2028 | 3,413 |
2029 | 998 |
Thereafter | 9,075 |
| $ | 20,604 |
(1) Debt denominated in other currencies is calculated based on the applicable exchange rate at December 31, 2024.

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