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Debt Facilities
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Facilities Debt Facilities
Mortgage and Loans Payable
Our mortgage and loans payable balance consisted of the following (in millions):
June 30,
2025		December 31, 2024
Term loans$687 $628 
Mortgage payable and other loans payable29 21 
716 649 
Less current portion(14)(5)
Total$702 $644 
Senior Credit Facility
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").
As of June 30, 2025 and December 31, 2024, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $686 million and $625 million, respectively.
As of June 30, 2025, we had 43 irrevocable letters of credit totaling $63 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 June 30, 2025 and December 31, 2024, unamortized debt issuance costs for the 2022 Revolving Facility of $3 million, were presented in other assets in our condensed consolidated balance sheets.
Senior Notes
Our senior notes balance consisted of the following (in millions):
June 30, 2025December 31, 2024
AmountEffective RateAmountEffective 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
589 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
378 3.05 %331 3.05 %
3.250% Euro Senior Notes due 2029
883 3.45 %— — %
1.558% Swiss Franc Senior Notes due 2029
126 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
393 3.67 %— — %
2.150% Senior Notes due 2030
1,100 2.27 %1,100 2.27 %
3.250% Euro Senior Notes due 2031
766 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
707 1.18 %622 1.18 %
3.650% Euro Senior Notes due 2033
707 3.78 %622 3.78 %
4.000% Euro Senior Notes due 2034
883 4.17 %— — %
5.500% Senior Notes due 2034
750 5.74 %750 5.74 %
3.625% Euro Senior Notes due 2034
589 3.75 %518 3.75 %
2.000% Japanese Yen Senior Notes Series A due 2035
261 2.07 %239 2.07 %
2.130% Japanese Yen Senior Notes Series C due 2035
103 2.20 %94 2.20 %
2.370% Japanese Yen Senior Notes Series B due 2043
71 2.42 %65 2.42 %
2.570% Japanese Yen Senior Notes Series D due 2043
32 2.62 %29 2.62 %
2.570% Japanese Yen Senior Notes Series E due 2043
69 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 %
17,357 14,685 
Less amount representing unamortized debt issuance costs and debt discounts(138)(123)
17,219 14,562 
Less current portion(1,899)(1,199)
Total
$15,320 $13,363 
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.
3.250% Euro Senior Notes due 2029 and 4.000% Euro Senior Notes due 2034
On May 19, 2025, we issued €750 million, or approximately $851 million, at the exchange rate in effect on that date, aggregate principal amount of 3.250% senior notes due May 19, 2029 (the "2029 Euro Notes") and €750 million, or approximately $851 million, at the exchange rate in effect on that date, aggregate principal amount of 4.000% senior notes due May 19, 2034 (the "2034 Euro Notes"). Interest on the 2029 Euro Notes and the 2034 Euro Notes is payable annually in arrears on May 19 of each year, commencing on May 19, 2026. Total debt discounts and debt issuance costs related to the 2029 and 2034 Euro Notes were $6 million and $11 million, respectively.
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 June 30, 2025 (in millions):
Years ending:
2025 (6 months remaining)$1,211 
20261,305 
20271,780 
20281,433 
20292,214 
Thereafter10,130 
Total$18,073 
Interest Charges
Other information related to interest is presented in the following tables (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Interest expense$135 $110 $257 $214 
Interest capitalized14 9 25 18 
Interest charges incurred$149 $119 $282 $232 
Six Months Ended
June 30,
20252024
Interest paid in cash, net of capitalized interest$212 $209