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Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Debt consists of the following (in millions):
|  | Weighted Average Rate (1) |  | Maturities Through |  | As of June 30, 2025 |  | As of December 31, 2024
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 5.59% |  | 2026 - 2033 |  | $ | 9,699 |  |  | $ | 9,699 |
Unsecured term loans |  | 3.25% |  | 2027 - 2036 |  | 7,332 |  |  | 7,687 |
Convertible notes |  | 6.00% |  | 2025 |  | 106 |  |  | 322 |
Total fixed rate debt |  |  |  |  |  | 17,137 |  |  | 17,708 |
Variable rate debt: |  |  |  |  |  |  |  |
Unsecured revolving credit facilities (2) |  | —% |  | 2028 / 2030 |  | — |  |  | 340 |
USD unsecured term loans |  | 5.67% |  | 2026 - 2037 |  | 2,046 |  |  | 2,227 |
Euro unsecured term loan |  | 3.28% |  | 2028 |  | 205 |  |  | 212 |
Total variable rate debt |  |  |  |  |  | 2,251 |  |  | 2,779 |
Finance lease liabilities |  |  |  |  |  | 115 |  |  | 117 |
Total debt (3) |  |  |  |  |  | 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 |
(1) 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. (2) 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. (3) At June 30, 2025 and December 31, 2024, the weighted average interest rate for total debt was 4.64% 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 June 30, 2025 for each of the next five years (in millions):
Year | As of June 30, 2025 (1)
Remainder of 2025 | $ | 755 |
2026 | 2,943 |
2027 | 2,603 |
2028 | 3,085 |
2029 | 1,006 |
Thereafter | 9,111 |
| $ | 19,503 |
(1) Debt denominated in other currencies is calculated based on the applicable exchange rate at June 30, 2025.

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