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v3.25.1

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended |
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) |  | 4.99% | 5.03%
Total debt | [1] | $ 19,898 | $ 20,604
Less: unamortized debt issuance costs |  | (509) | (528)
Total debt, net of unamortized debt issuance costs |  | 19,389 | 20,076
Less—current portion |  | (1,396) | (1,603)
Long-term portion |  | 17,993 | 18,473
Total fixed rate debt |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt |  | $ 17,386 | 17,708
Unsecured senior notes |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 5.59% |
Long-term debt |  | $ 9,699 | 9,699
Unsecured term loans |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 3.26% |
Long-term debt |  | $ 7,577 | 7,687
Convertible notes |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 6.00% |
Long-term debt |  | $ 110 | 322
Total variable rate debt |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt |  | $ 2,396 | 2,779
Unsecured Revolving Credit Facilities |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2],[3] | 0.00% |
Long-term debt | [3] | $ 0 | 340
Unsecured Revolving Credit Facilities | Unsecured Revolving Credit Facility Due 2024 |  |  |
Debt Instrument [Line Items] |  |  |
Credit adjustment spread (as a percent) |  | 0.10% |
Margin on floating rate base (as a percent) |  | 1.10% |
Facility fee (as a percent) |  | 0.15% |
USD unsecured term loan |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 5.89% |
Long-term debt |  | $ 2,175 | 2,227
Euro unsecured term loan |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 3.97% |
Long-term debt |  | $ 221 | 212
Finance lease liabilities |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt |  | $ 116 | $ 117
Maximum | Unsecured Revolving Credit Facilities | Unsecured Revolving Credit Facility Due 2024 |  |  |
Debt Instrument [Line Items] |  |  |
Long term debt, stated interest rate (as a percent) |  | 5.52% |
[1] | At March 31, 2025 and December 31, 2024, the weighted average interest rate for total debt was 4.99% and 5.03%, respectively
[2] | Weighted average interest rates are based on outstanding loan balance as of March 31, 2025, and for variable rate debt include either EURIBOR or Term SOFR plus the applicable margin.
[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 of 1.10%. Based on applicable Term SOFR rates, as of March 31, 2025, the interest rate under the unsecured credit facilities was 5.52%. We also pay a facility fee of 0.15% of the total commitments under such facility.

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