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v3.26.1

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended |
--- | --- | ---
Mar. 31, 2026 | Dec. 31, 2025
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) |  | 4.68% | 4.69%
Total debt | [1] | $ 21,611 | $ 21,902
Less: unamortized debt issuance costs |  | (497) | (557)
Total debt, net of unamortized debt issuance costs |  | 21,114 | 21,345
Less—current portion |  | (1,448) | (3,180)
Long-term portion |  | 19,666 | 18,165
Fixed rate debt: |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt |  | $ 19,873 | 19,221
Unsecured senior notes |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 5.52% |
Long-term debt |  | $ 12,041 | 11,197
Unsecured term loans |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 3.32% |
Long-term debt |  | $ 7,832 | 8,024
Variable rate debt: |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt |  | $ 1,579 | 2,522
Unsecured revolving credit facilities |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2],[3] | 0.00% |
Long-term debt | [3] | $ 0 | 0
Unsecured revolving credit facilities | Unsecured Revolving Credit Facility Due 2024 |  |  |
Debt Instrument [Line Items] |  |  |
Margin on floating rate base (as a percent) |  | 1.02% |
Facility fee (as a percent) |  | 0.11% |
USD unsecured term loan |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 5.17% |
Long-term debt |  | $ 1,376 | 2,328
Euro unsecured term loan |  |  |
Debt Instrument [Line Items] |  |  |
Weighted average interest rate (as a percent) | [2] | 3.62% |
Long-term debt |  | $ 203 | 194
Finance lease liabilities |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt |  | $ 159 | $ 159
Maximum | Unsecured revolving credit facilities | Unsecured Revolving Credit Facility Due 2024 |  |  |
Debt Instrument [Line Items] |  |  |
Long term debt, stated interest rate (as a percent) |  | 4.68% |
[1] | At March 31, 2026 and December 31, 2025, the weighted average interest rate for total debt was 4.68% and 4.69%, respectively
[2] | Weighted average interest rates are based on outstanding loan balance as of March 31, 2026, 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 1.02%. Based on applicable Term SOFR rates, as of March 31, 2026, the interest rate under the unsecured credit facilities was 4.68%. We also pay a facility fee of 0.11% of the total commitments under such facility.

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