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v3.25.3

Debt Facilities | 9 Months Ended
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Sep. 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):
| September 30, 2025 |  | December 31, 2024
Term loans | $ | 674 |  |  | $ | 628 |
Mortgage payable and other loans payable | 30 |  |  | 21 |
| 704 |  |  | 649 |
Less current portion | (17) |  |  | (5) |
Total | $ | 687 |  |  | $ | 644 |
Senior Credit Facility In 2022, we entered into a 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"). As of September 30, 2025, we had 42 irrevocable letters of credit totaling $45 million issued and outstanding under the 2022 Revolving Facility, with approximately $4.0 billion remaining available to borrow under the 2022 Revolving Facility. As of September 30, 2025 and December 31, 2024, unamortized debt issuance costs for the 2022 Revolving Facility of $2 million and $3 million, respectively, were presented in other assets in our condensed consolidated balance sheets. As of September 30, 2025 and December 31, 2024, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $672 million and $625 million, respectively. Senior Notes Our senior notes balance consisted of the following (in millions):
| September 30, 2025 |  | December 31, 2024
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
1.250% Senior Notes due 2025 | $ | — |  |  | — | % |  | $ | 500 |  |  | 1.46 | %
1.000% Senior Notes due 2025 | — |  |  | — | % |  | 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 | 587 |  |  | 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 | 377 |  |  | 3.05 | % |  | 331 |  |  | 3.05 | %
3.250% Euro Senior Notes due 2029 | 881 |  |  | 3.45 | % |  | — |  |  | — | %
1.558% Swiss Franc Senior Notes due 2029 | 125 |  |  | 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 | 388 |  |  | 3.67 | % |  | — |  |  | — | %
2.150% Senior Notes due 2030 | 1,100 |  |  | 2.27 | % |  | 1,100 |  |  | 2.27 | %
3.250% Euro Senior Notes due 2031 | 763 |  |  | 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 | %
2.900% Singapore Dollar Senior Notes due 2032 | 504 |  |  | 3.01 | % |  | — |  |  | — | %
1.000% Euro Senior Notes due 2033 | 704 |  |  | 1.18 | % |  | 622 |  |  | 1.18 | %
3.650% Euro Senior Notes due 2033 | 704 |  |  | 3.78 | % |  | 622 |  |  | 3.78 | %
4.000% Euro Senior Notes due 2034 | 881 |  |  | 4.17 | % |  | — |  |  | — | %
5.500% Senior Notes due 2034 | 750 |  |  | 5.74 | % |  | 750 |  |  | 5.74 | %
3.625% Euro Senior Notes due 2034 | 587 |  |  | 3.75 | % |  | 518 |  |  | 3.75 | %
2.000% Japanese Yen Senior Notes Series A due 2035 | 255 |  |  | 2.07 | % |  | 239 |  |  | 2.07 | %
2.130% Japanese Yen Senior Notes Series C due 2035 | 100 |  |  | 2.20 | % |  | 94 |  |  | 2.20 | %
2.370% Japanese Yen Senior Notes Series B due 2043 | 69 |  |  | 2.42 | % |  | 65 |  |  | 2.42 | %
2.570% Japanese Yen Senior Notes Series D due 2043 | 31 |  |  | 2.62 | % |  | 29 |  |  | 2.62 | %
2.570% Japanese Yen Senior Notes Series E due 2043 | 68 |  |  | 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 | %
| 16,624 |  |  |  |  | 14,685 |  |  |
Less amount representing unamortized debt issuance costs and debt discounts | (136) |  |  |  |  | (123) |  |  |
| 16,488 |  |  |  |  | 14,562 |  |  |
Less current portion | (699) |  |  |  |  | (1,199) |  |  |
Total | $ | 15,789 |  |  |  |  | $ | 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. 2.900% Singapore Dollar Senior Notes due 2032 On August 21, 2025, we issued SGD650 million, or approximately $500 million, at the exchange rate in effect on that date, aggregate principal amount of 2.900% senior notes due September 15, 2032 (the "2032 SGD Notes"). Interest on the notes is payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2026. Total debt discounts and debt issuance costs related to the 2032 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 September 30, 2025 (in millions):
Years ending: |
2025 (3 months remaining) | $ | 13 |
2026 | 1,305 |
2027 | 1,764 |
2028 | 1,432 |
2029 | 2,210 |
Thereafter | 10,604 |
Total | $ | 17,328 |
Interest Charges Other information related to interest is presented in the following tables (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense | $ | 128 |  |  | $ | 117 |  |  | $ | 385 |  |  | $ | 331 |
Interest capitalized | 26 |  |  | 9 |  |  | 51 |  |  | 27 |
Interest charges incurred | $ | 154 |  |  | $ | 126 |  |  | $ | 436 |  |  | $ | 358 |
|  |  | Nine Months Ended September 30,
|  |  |  |  | 2025 |  | 2024
Interest paid in cash, net of capitalized interest |  |  |  |  | $ | 324 |  |  | $ | 313 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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