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Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in millions):

						Weighted Average Rate (1)						Maturities Through						As of March 31, 2025						As of December 31, 2024
Fixed rate debt:
Unsecured senior notes						5.59%						2026 - 2033						$	9,699					$	9,699
Unsecured term loans						3.26%						2027 - 2036						7,577						7,687
Convertible notes						6.00%						2025						110						322
Total fixed rate debt																		17,386						17,708
Variable rate debt:
Unsecured revolving credit facilities (2)						—%						2026 - 2028						—						340
USD unsecured term loan						5.89%						2026 - 2037						2,175						2,227
Euro unsecured term loan						3.97%						2028						221						212
Total variable rate debt																		2,396						2,779
Finance lease liabilities																		116						117
Total debt (3)																		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

(1) 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.

(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 1.10%. 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.

(3) At March 31, 2025 and December 31, 2024, the weighted average interest rate for total debt was 4.99% and 5.03%, 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 March 31, 2025 for each of the next five years (in millions):

Year			As of March 31, 2025 (1)
Remainder of 2025			$	1,208
2026			2,932
2027			2,592
2028			3,077
2029			1,001
Thereafter			9,088
			$	19,898

(1)    Debt denominated in other currencies is calculated based on the applicable exchange rate at March 31, 2025.

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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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