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v3.25.2

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | 6 Months Ended |
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) |  | 4.64% | 5.03%
Total debt | [1] | $ 19,503 | $ 20,604
Less: unamortized debt issuance costs |  | (489) | (528)
Total debt, net of unamortized debt issuance costs |  | 19,014 | 20,076
Less—current portion |  | (1,402) | (1,603)
Long-term portion |  | 17,612 | 18,473
Total fixed rate debt |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt |  | $ 17,137 | 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] | 3.25% |
Long-term debt |  | $ 7,332 | 7,687
Convertible notes |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 6.00% |
Long-term debt |  | $ 106 | 322
Total variable rate debt |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt |  | $ 2,251 | 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] |  |  |
Margin on floating rate base (as a percent) |  | 1.10% |
Facility fee (as a percent) |  | 0.15% |
USD unsecured term loans |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 5.67% |
Long-term debt |  | $ 2,046 | 2,227
Euro unsecured term loan |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 3.28% |
Long-term debt |  | $ 205 | 212
Finance lease liabilities |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt |  | $ 115 | $ 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) |  | 5.42% |
[1] | At June 30, 2025 and December 31, 2024, the weighted average interest rate for total debt was 4.64% and 5.03%, respectively
[2] | Weighted average interest rates are based on outstanding loan balance as of June 30, 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 an interest rate margin of 1.10%. Based on applicable Term SOFR rates, as of June 30, 2025, the interest rate under the unsecured credit facilities was 5.42%. We also pay a facility fee of 0.15% of the total commitments under such facility.

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