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Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Debt consists of the following (in millions):
Weighted Average Rate (1)
Maturities ThroughAs of March 31, 2026As of December 31, 2025
Fixed rate debt:
Unsecured senior notes5.52%2027 - 2038$12,041 $11,197 
Unsecured term loans3.32%2026 - 20377,832 8,024 
Total fixed rate debt19,873 19,221 
Variable rate debt:
Unsecured revolving credit facilities (2)
—%2028 - 2030— — 
USD unsecured term loan5.17%2026 - 20371,376 2,328 
Euro unsecured term loan3.62%2026 - 2042203 194 
Total variable rate debt1,579 2,522 
Finance lease liabilities159 159 
Total debt (3)
21,611 21,902 
Less: unamortized debt issuance costs(497)(557)
Total debt, net of unamortized debt issuance costs21,114 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.
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, 2026 for each of the next five years (in millions):
Year
As of March 31, 2026 (1)
Remainder of 2026$1,215 
20272,545 
20283,136 
20291,058 
20301,008 
Thereafter12,649 
$21,611 
(1) Debt denominated in other currencies is calculated based on the applicable exchange rate at March 31, 2026.