Debt

3 Months Ended

Mar. 31, 2026

Note 6. Debt

Debt consists of the following (in millions):


	Weighted Average Rate (1)	Maturities Through	As of March 31, 2026		As of December 31, 2025
Fixed rate debt:
Unsecured senior notes	5.52%	2027 - 2038	$	12,041	$	11,197
Unsecured term loans	3.32%	2026 - 2037	7,832		8,024
Total fixed rate debt			19,873		19,221
Variable rate debt:
Unsecured revolving credit facilities (2)	—%	2028 - 2030	—		—
USD unsecured term loan	5.17%	2026 - 2037	1,376		2,328
Euro unsecured term loan	3.62%	2026 - 2042	203		194
Total variable rate debt			1,579		2,522
Finance lease liabilities			159		159
Total debt (3)			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

(1) 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.

(2) 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.

(3) At March 31, 2026 and December 31, 2025, the weighted average interest rate for total debt was 4.68% and 4.69%, respectively.

Unsecured Revolving Credit Facilities

As of March 31, 2026 our aggregate revolving credit capacity is $6.4 billion. The commitments are split evenly between the two facilities and are scheduled to mature in October 2028 and October 2030. As of March 31, 2026, our unsecured revolving credit facilities were undrawn.

Debt financing transactions

In February 2026, we issued $1.25 billion of senior notes due in 2033, and $1.25 billion of senior notes due in 2038, for net proceeds of approximately $2.5 billion. Interest accrues on the notes at a fixed rate of 4.750% and 5.250% per annum and is payable semi-annually in arrears, respectively. The net proceeds from the offering were primarily used to refinance the senior notes maturing in 2026 and any remaining net proceeds to repay existing indebtedness. The repayment resulted in an immaterial loss on extinguishment of debt recognized within Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss) for the three months ended March 31, 2026.

Export credit facilities and agency guarantees

All of our unsecured ship financing term loans are guaranteed by the export credit agency in the respective country in which the ship is constructed. For the majority of the loans as of March 31, 2026, we pay to the applicable export credit agency, depending on the financing agreement, an average per ship upfront fee ranging from 2.35% to 4.53% of the maximum loan amount in consideration for these guarantees. We amortize the fees that are paid upfront over the life of the loan through Interest expense, net of interest capitalized. We classify these fees within Amortization of debt issuance costs, discounts and premiums in our consolidated statements of cash flows. Prior to the loan being drawn, we present these fees within Other assets

in our consolidated balance sheets. Once the loan is drawn, such fees are classified as a discount to the related loan, or contra-liability account, within Current portion of long-term debt or long-term debt.

Debt covenants

Our revolving credit facilities, the majority of our term loans, and certain of our credit card processing agreements, contain covenants that require us, among other things, to maintain a fixed charge coverage ratio, and limit our net debt-to-capital ratio. As of March 31, 2026, we were in compliance with our debt covenants and we estimate we will be in compliance for the next twelve months.

Annual maturities

The following is a schedule of annual maturities on our total debt, including finance leases, as of March 31, 2026 for each of the next five years (in millions):


Year	As of March 31, 2026 (1)
Remainder of 2026	$	1,215
2027	2,545
2028	3,136
2029	1,058
2030	1,008
Thereafter	12,649
	$	21,611

(1) Debt denominated in other currencies is calculated based on the applicable exchange rate at March 31, 2026.