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Debt Facilities | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt Facilities | Debt Facilities Mortgage and Loans Payable As of September 30, 2024 and December 31, 2023, our mortgage and loans payable consisted of the following (in millions):
| September 30, 2024 |  | December 31, 2023
Term loans | $ | 670 |  |  | $ | 643 |
Mortgage payable and other loans payable | 24 |  |  | 29 |
| 694 |  |  | 672 |
Less amount representing unamortized debt issuance costs and debt discounts | (1) |  |  | (1) |
| 693 |  |  | 671 |
Less current portion | (5) |  |  | (8) |
Total | $ | 688 |  |  | $ | 663 |
Senior Credit Facility and Refinancing In 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500 million senior unsecured term loan facility (the "2022 Term Loan Facility" and, together with the 2022 Revolving Facility, collectively, the "2022 Credit Facilities"). The total debt issuance costs for the 2022 Revolving Facility and 2022 Term Loan Facility are $7 million and $1 million, respectively. We borrowed the full £500 million available under the 2022 Term Loan Facility, or approximately $677 million at the exchange rate in effect on that date. The 2022 Credit Facilities have a maturity date of January 7, 2027. We may borrow, repay and reborrow amounts under the 2022 Revolving Facility until the Maturity Date, at which time all amounts outstanding under the 2022 Revolving Facility must be repaid in full. The term loan made under the 2022 Term Loan Facility has no scheduled principal amortization and must be repaid in full on the maturity date. The 2022 Revolving Facility provides for extensions of credit in U.S. Dollars as well as certain other foreign currencies. Borrowings under the 2022 Revolving Facility bear interest at a rate based on the daily Secured Overnight Financing Rate ("SOFR"), term SOFR, an alternative currency daily rate, or an alternative currency term rate plus a spread adjustment, plus a margin that can vary from 0.555% to 1.200%. Borrowings under the 2022 Term Loan Facility bear interest at a rate based on the daily Sterling Overnight Index Average ("SONIA"), plus a spread adjustment, plus a margin that can vary from 0.625% to 1.450%. We are also required to pay a quarterly letter of credit fee on the face amount of each letter of credit, which fee is based on the same margin that applies from time to time to SOFR-indexed borrowings under the revolving credit line. The margin is dependent on either our consolidated net leverage ratio or our credit ratings. We are also required to pay a quarterly facility fee ranging from 0.07% to 0.25% per annum. The 2022 Credit Agreement contains customary covenants, including financial ratio covenants that are required to be maintained as of each quarter end. As of September 30, 2024 and December 31, 2023, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $667 million and $636 million, respectively. As of September 30, 2024, we had 43 irrevocable letters of credit totaling $69 million issued and outstanding under the 2022 Revolving Facility, with approximately $3.9 billion remaining available to borrow under the 2022 Revolving Facility. As of September 30, 2024 and December 31, 2023, unamortized debt issuance costs for the 2022 Revolving Facility of $4 million and $5 million, respectively, were presented in other assets in the condensed consolidated balance sheets. Senior Notes As of September 30, 2024 and December 31, 2023, our senior notes consisted of the following (in millions):
| September 30, 2024 |  | December 31, 2023
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
2.625% Senior Notes due 2024 | $ | 1,000 |  |  | 2.79 | % |  | $ | 1,000 |  |  | 2.79 | %
1.250% Senior Notes due 2025 | 500 |  |  | 1.46 | % |  | 500 |  |  | 1.46 | %
1.000% Senior Notes due 2025 | 700 |  |  | 1.18 | % |  | 700 |  |  | 1.18 | %
2.900% Senior Notes due 2026 | 600 |  |  | 3.04 | % |  | 600 |  |  | 3.04 | %
1.450% Senior Notes due 2026 | 700 |  |  | 1.64 | % |  | 700 |  |  | 1.64 | %
0.250% Euro Senior Notes due 2027 | 556 |  |  | 0.45 | % |  | 552 |  |  | 0.45 | %
1.800% Senior Notes due 2027 | 500 |  |  | 1.96 | % |  | 500 |  |  | 1.96 | %
1.550% Senior Notes due 2028 | 650 |  |  | 1.67 | % |  | 650 |  |  | 1.67 | %
2.000% Senior Notes due 2028 | 400 |  |  | 2.21 | % |  | 400 |  |  | 2.21 | %
2.875% Swiss Franc Senior Notes due 2028 | 355 |  |  | 3.05 | % |  | 357 |  |  | 3.05 | %
1.558% Swiss Franc Senior Notes due 2029 | 118 |  |  | 1.79 | % |  | — |  |  | — | %
3.200% Senior Notes due 2029 | 1,200 |  |  | 3.30 | % |  | 1,200 |  |  | 3.30 | %
2.150% Senior Notes due 2030 | 1,100 |  |  | 2.27 | % |  | 1,100 |  |  | 2.27 | %
2.500% Senior Notes due 2031 | 1,000 |  |  | 2.65 | % |  | 1,000 |  |  | 2.65 | %
3.900% Senior Notes due 2032 | 1,200 |  |  | 4.07 | % |  | 1,200 |  |  | 4.07 | %
1.000% Euro Senior Notes due 2033 | 667 |  |  | 1.18 | % |  | 662 |  |  | 1.18 | %
3.650% Euro Senior Notes due 2033 | 667 |  |  | 3.78 | % |  | — |  |  | — | %
5.500% Senior Notes due 2034 | 750 |  |  | 5.74 | % |  | — |  |  | — | %
2.000% Japanese Yen Senior Notes Series A due 2035 | 262 |  |  | 2.07 | % |  | 267 |  |  | 2.07 | %
2.130% Japanese Yen Senior Notes Series C due 2035 | 103 |  |  | 2.20 | % |  | 105 |  |  | 2.20 | %
2.370% Japanese Yen Senior Notes Series B due 2043 | 71 |  |  | 2.42 | % |  | 72 |  |  | 2.42 | %
2.570% Japanese Yen Senior Notes Series D due 2043 | 32 |  |  | 2.62 | % |  | 32 |  |  | 2.62 | %
2.570% Japanese Yen Senior Notes Series E due 2043 | 70 |  |  | 2.62 | % |  | 71 |  |  | 2.62 | %
3.000% Senior Notes due 2050 | 500 |  |  | 3.09 | % |  | 500 |  |  | 3.09 | %
2.950% Senior Notes due 2051 | 500 |  |  | 3.00 | % |  | 500 |  |  | 3.00 | %
3.400% Senior Notes due 2052 | 500 |  |  | 3.50 | % |  | 500 |  |  | 3.50 | %
| 14,701 |  |  |  |  | 13,168 |  |  |
Less amount representing unamortized debt issuance costs and debt discounts | (116) |  |  |  |  | (108) |  |  |
| 14,585 |  |  |  |  | 13,060 |  |  |
Less current portion | (2,198) |  |  |  |  | (998) |  |  |
Total | $ | 12,387 |  |  |  |  | $ | 12,062 |  |  |
2.000% Japanese Yen Senior Notes Series A due 2035, 2.370% Japanese Yen Senior Notes Series B due 2043, 2.130% Japanese Yen Senior Notes Series C due 2035, 2.570% Japanese Yen Senior Notes Series D due 2043 and 2.570% Japanese Yen Senior Notes Series E due 2043 (collectively, the "Japanese Yen Senior Notes") On February 16, 2023, we issued ¥10.0 billion, or approximately $75 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.570% senior notes due March 8, 2043. On March 8, 2023, and at the exchange rate in effect on that date, we issued ¥37.7 billion, or approximately $275 million in U.S. dollars, aggregate principal amount of 2.000% senior notes due March 8, 2035, ¥10.2 billion, or approximately $75 million in U.S. dollars, aggregate principal amount of 2.370% senior notes due March 8, 2043, ¥14.8 billion, or approximately $108 million in U.S. dollars, aggregate principal amount of 2.130% senior notes due March 8, 2035 and ¥4.6 billion, or approximately $34 million in U.S. dollars, aggregate principal amount of 2.570% senior notes due March 8, 2043. Interest on the notes is payable semi-annually in arrears on March 8 and September 8 of each year, commencing on September 8, 2023. Total debt issuance costs related to the Japanese Yen Senior Notes were $4 million. 2.875% Swiss Franc Senior Notes due 2028 On September 12, 2023, we issued CHF300 million, or approximately $337 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.875% senior notes due September 12, 2028 (the "2028 CHF Notes"). Interest on the notes is payable annually in arrears on September 12 of each year, commencing on September 12, 2024. Total debt issuance costs related to the 2028 CHF Notes were $3 million. 5.500% Senior Notes due 2034 On May 30, 2024, we issued $750 million aggregate principal amount of 5.500% senior notes due June 15, 2034 (the "2034 Notes"). Interest on the notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2024. Total debt discount and debt issuance costs related to the 2034 Notes were $14 million. 3.650% Euro Senior Notes due 2033 On September 3, 2024, we issued €600 million, or approximately $664 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 3.650% senior notes due September 3, 2033 (the "2033 Euro Notes"). Interest on the notes is payable annually in arrears on September 3 of each year, commencing on September 3, 2025. Total debt discount and debt issuance costs related to the 2033 Euro Notes were $6 million. 1.558% Swiss Franc Senior Notes due 2029 On September 4, 2024, we issued CHF100 million, or approximately $118 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 1.558% senior notes due September 4, 2029 (the "2029 CHF Notes"). Interest on the notes is payable annually in arrears on September 4 of each year, commencing on September 4, 2025. Total debt issuance costs related to the 2029 CHF Notes were insignificant. Maturities of Debt Instruments The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs and debt discounts, as of September 30, 2024 (in millions):
Years ending: |
2024 (3 months remaining) | $ | 1,002 |
2025 | 1,205 |
2026 | 1,305 |
2027 | 1,729 |
2028 | 1,409 |
Thereafter | 8,745 |
Total | $ | 15,395 |
Interest Charges The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest expense | $ | 117 |  |  | $ | 102 |  |  | $ | 331 |  |  | $ | 299 |
Interest capitalized | 9 |  |  | 6 |  |  | 27 |  |  | 18 |
Interest charges incurred | $ | 126 |  |  | $ | 108 |  |  | $ | 358 |  |  | $ | 317 |
Total interest paid in cash, net of capitalized interest, during the three months ended September 30, 2024 and 2023 was $104 million and $90 million, respectively. Total interest paid in cash, net of capitalized interest, during the nine months ended September 30, 2024 and 2023 was $313 million and $316 million, respectively.

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