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v3.25.1

Debt Facilities | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt Facilities | Debt Facilities Mortgage and Loans Payable Our mortgage and loans payable consisted of the following (in millions):
| March 31, 2025 |  | December 31, 2024
Term loans | $ | 647 |  |  | $ | 628 |
Mortgage payable and other loans payable | 20 |  |  | 21 |
| 667 |  |  | 649 |
Less current portion | (5) |  |  | (5) |
Total | $ | 662 |  |  | $ | 644 |
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 March 31, 2025 and December 31, 2024, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $645 million and $625 million, respectively. As of March 31, 2025, we had 44 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 both March 31, 2025 and December 31, 2024, unamortized debt issuance costs for the 2022 Revolving Facility of $3 million, were presented in other assets in the condensed consolidated balance sheets. Senior Notes Our senior notes consisted of the following (in millions):
| March 31, 2025 |  | December 31, 2024
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
1.250% Senior Notes due 2025 | $ | 500 |  |  | 1.46 | % |  | $ | 500 |  |  | 1.46 | %
1.000% Senior Notes due 2025 | 700 |  |  | 1.18 | % |  | 700 |  |  | 1.18 | %
1.450% Senior Notes due 2026 | 700 |  |  | 1.64 | % |  | 700 |  |  | 1.64 | %
2.900% Senior Notes due 2026 | 600 |  |  | 3.04 | % |  | 600 |  |  | 3.04 | %
0.250% Euro Senior Notes due 2027 | 541 |  |  | 0.45 | % |  | 518 |  |  | 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 | 339 |  |  | 3.05 | % |  | 331 |  |  | 3.05 | %
1.558% Swiss Franc Senior Notes due 2029 | 113 |  |  | 1.79 | % |  | 110 |  |  | 1.79 | %
3.200% Senior Notes due 2029 | 1,200 |  |  | 3.30 | % |  | 1,200 |  |  | 3.30 | %
3.500% Singapore Dollar Senior Notes due 2030 | 372 |  |  | 3.67 | % |  | — |  |  | — | %
2.150% Senior Notes due 2030 | 1,100 |  |  | 2.27 | % |  | 1,100 |  |  | 2.27 | %
3.250% Euro Senior Notes due 2031 | 703 |  |  | 3.46 | % |  | 673 |  |  | 3.46 | %
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 | 649 |  |  | 1.18 | % |  | 622 |  |  | 1.18 | %
3.650% Euro Senior Notes due 2033 | 649 |  |  | 3.78 | % |  | 622 |  |  | 3.78 | %
5.500% Senior Notes due 2034 | 750 |  |  | 5.74 | % |  | 750 |  |  | 5.74 | %
3.625% Euro Senior Notes due 2034 | 541 |  |  | 3.75 | % |  | 518 |  |  | 3.75 | %
2.000% Japanese Yen Senior Notes Series A due 2035 | 251 |  |  | 2.07 | % |  | 239 |  |  | 2.07 | %
2.130% Japanese Yen Senior Notes Series C due 2035 | 98 |  |  | 2.20 | % |  | 94 |  |  | 2.20 | %
2.370% Japanese Yen Senior Notes Series B due 2043 | 68 |  |  | 2.42 | % |  | 65 |  |  | 2.42 | %
2.570% Japanese Yen Senior Notes Series D due 2043 | 30 |  |  | 2.62 | % |  | 29 |  |  | 2.62 | %
2.570% Japanese Yen Senior Notes Series E due 2043 | 66 |  |  | 2.62 | % |  | 64 |  |  | 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 | %
| 15,220 |  |  |  |  | 14,685 |  |  |
Less amount representing unamortized debt issuance costs and debt discounts | (123) |  |  |  |  | (123) |  |  |
| 15,097 |  |  |  |  | 14,562 |  |  |
Less current portion | (1,199) |  |  |  |  | (1,199) |  |  |
Total | $ | 13,898 |  |  |  |  | $ | 13,363 |  |  |
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, 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, 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. 3.250% Euro Senior Notes due 2031 and 3.625% Euro Senior Notes due 2034 On November 22, 2024, we issued €650 million, or approximately $706 million, at the exchange rate in effect on that date, aggregate principal amount of 3.250% senior notes due March 15, 2031 (the "2031 Euro Notes") and €500 million, or approximately $543 million, at the exchange rate in effect on that date, aggregate principal amount of 3.625% senior notes due November 22, 2034 (the "2034 Euro Notes"). Interest on the 2031 Euro Notes is payable annually in arrears on March 15 of each year, commencing on March 15, 2025. Interest on the 2034 Euro Notes is payable annually in arrears on November 22 of each year, commencing on November 22, 2025. Total debt discounts and debt issuance costs related to the 2031 and 2034 Euro Notes were $8 million and $6 million, respectively. 3.500% Singapore Dollar Senior Notes due 2030 On March 13, 2025, we issued SGD500 million, or approximately $370 million, at the exchange rate in effect on that date, aggregate principal amount of 3.500% senior notes due March 15, 2030 (the "2030 SGD Notes"). Interest on the notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. Total debt issuance costs related to the 2030 SGD Notes were $3 million. 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 March 31, 2025 (in millions):
Years ending: |
2025 (9 months remaining) | $ | 1,204 |
2026 | 1,305 |
2027 | 1,691 |
2028 | 1,393 |
2029 | 1,317 |
Thereafter | 8,977 |
Total | $ | 15,887 |
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 March 31,
|  |  |  |  | 2025 |  | 2024
Interest expense |  |  |  |  | $ | 122 |  |  | $ | 104 |
Interest capitalized |  |  |  |  | 11 |  |  | 9 |
Interest charges incurred |  |  |  |  | $ | 133 |  |  | $ | 113 |
Total interest paid in cash, net of capitalized interest, during the three months ended March 31, 2025 and 2024 was $93 million and $92 million, respectively.

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