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Debt (Tables)
 12 Months Ended
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 Through20242023
Fixed rate debt:
Unsecured senior notes5.59%2026 - 2033$9,699 $7,899 
Secured senior notes—%2029— 1,000 
Unsecured term loans3.27%2027 - 20367,687 6,569 
Convertible notes6.00%2025322 1,150 
Total fixed rate debt17,708 16,618 
Variable rate debt:
Unsecured revolving credit facilities(2)
5.91%2026 - 2028340 899 
USD unsecured term loans6.02%2026 - 20372,227 3,666 
Euro unsecured term loans3.97%2028212 443 
Total variable rate debt2,779 5,008 
Finance lease liabilities117 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, 2024As of December 31, 2023
Principal$322 $1,150 
Less: Unamortized debt issuance costs1 13 
$321 $1,137 
The interest expense recognized related to the 6.00% convertible notes was as follows:
(in millions)As of December 31, 2024As of December 31, 2023
Contractual interest expense$50 $69 
Amortization of debt issuance costs6 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 
20262,927 
20272,587 
20283,413 
2029998 
Thereafter9,075 
$20,604 
(1)    Debt denominated in other currencies is calculated based on the applicable exchange rate at December 31, 2024.