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v3.25.2

Notes Payable (Tables) - Notes Payable | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt |
Schedule of General | At June 30, 2025, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in thousands):
|  | Maturity Dates |  | Principal (Currency Denomination) |  | Carrying Value (USD) as of
|  |  | June 30, 2025 |  | December 31, 2024
3.875% Notes due 2025 |  | April 15, 2025 |  | $ | 500,000 |  |  | $ | — |  |  | $ | 500,000 |
4.625% Notes due 2025 |  | November 1, 2025 |  | $ | 549,997 |  |  | 549,997 |  |  | 549,997 |
5.050% Notes due 2026 |  | January 13, 2026 |  | $ | 500,000 |  |  | 500,000 |  |  | 500,000 |
0.750% Notes due 2026 |  | March 15, 2026 |  | $ | 325,000 |  |  | 325,000 |  |  | 325,000 |
4.875% Notes due 2026 |  | June 1, 2026 |  | $ | 599,997 |  |  | 599,997 |  |  | 599,997 |
4.450% Notes due 2026 |  | September 15, 2026 |  | $ | 299,968 |  |  | 299,968 |  |  | 299,968 |
4.125% Notes due 2026 |  | October 15, 2026 |  | $ | 650,000 |  |  | 650,000 |  |  | 650,000 |
1.875% Notes due 2027 (1) |  | January 14, 2027 |  | £ | 250,000 |  |  | 342,853 |  |  | 312,975 |
3.000% Notes due 2027 |  | January 15, 2027 |  | $ | 600,000 |  |  | 600,000 |  |  | 600,000 |
3.200% Notes due 2027 |  | January 15, 2027 |  | $ | 299,984 |  |  | 299,984 |  |  | 299,984 |
1.125% Notes due 2027 (1) |  | July 13, 2027 |  | £ | 400,000 |  |  | 548,564 |  |  | 500,760 |
3.950% Notes due 2027 |  | August 15, 2027 |  | $ | 599,873 |  |  | 599,873 |  |  | 599,873 |
3.650% Notes due 2028 |  | January 15, 2028 |  | $ | 550,000 |  |  | 550,000 |  |  | 550,000 |
3.400% Notes due 2028 |  | January 15, 2028 |  | $ | 599,816 |  |  | 599,816 |  |  | 599,816 |
2.100% Notes due 2028 |  | March 15, 2028 |  | $ | 449,994 |  |  | 449,994 |  |  | 449,994 |
2.200% Notes due 2028 |  | June 15, 2028 |  | $ | 499,959 |  |  | 499,959 |  |  | 499,959 |
4.700% Notes due 2028 |  | December 15, 2028 |  | $ | 400,000 |  |  | 400,000 |  |  | 400,000 |
4.750% Notes due 2029 |  | February 15, 2029 |  | $ | 450,000 |  |  | 450,000 |  |  | 450,000 |
3.250% Notes due 2029 |  | June 15, 2029 |  | $ | 500,000 |  |  | 500,000 |  |  | 500,000 |
4.000% Notes due 2029 |  | July 15, 2029 |  | $ | 399,999 |  |  | 399,999 |  |  | 399,999 |
5.000% Notes due 2029 (1) |  | October 15, 2029 |  | £ | 350,000 |  |  | 479,994 |  |  | 438,165 |
3.100% Notes due 2029 |  | December 15, 2029 |  | $ | 599,291 |  |  | 599,291 |  |  | 599,291 |
3.400% Notes due 2030 |  | January 15, 2030 |  | $ | 500,000 |  |  | 500,000 |  |  | 500,000 |
4.850% Notes due 2030 |  | March 15, 2030 |  | $ | 600,000 |  |  | 600,000 |  |  | 600,000 |
3.160% Notes due 2030 |  | June 30, 2030 |  | £ | 140,000 |  |  | 191,997 |  |  | 175,266 |
4.875% Notes due 2030 (1) |  | July 6, 2030 |  | € | 550,000 |  |  | 645,860 |  |  | 569,415 |
1.625% Notes due 2030 (1) |  | December 15, 2030 |  | £ | 400,000 |  |  | 548,564 |  |  | 500,760 |
3.250% Notes due 2031 |  | January 15, 2031 |  | $ | 950,000 |  |  | 950,000 |  |  | 950,000 |
3.200% Notes due 2031 |  | February 15, 2031 |  | $ | 449,995 |  |  | 449,995 |  |  | 449,995 |
3.375% Notes due 2031 |  | June 20, 2031 |  | € | 650,000 |  |  | 763,287 |  |  | — |
5.750% Notes due 2031 (1) |  | December 5, 2031 |  | £ | 300,000 |  |  | 411,423 |  |  | 375,570 |
2.700% Notes due 2032 |  | February 15, 2032 |  | $ | 350,000 |  |  | 350,000 |  |  | 350,000 |
3.180% Notes due 2032 |  | June 30, 2032 |  | £ | 345,000 |  |  | 473,136 |  |  | 431,906 |
5.625% Notes due 2032 |  | October 13, 2032 |  | $ | 750,000 |  |  | 750,000 |  |  | 750,000 |
2.850% Notes due 2032 |  | December 15, 2032 |  | $ | 699,655 |  |  | 699,655 |  |  | 699,655 |
1.800% Notes due 2033 |  | March 15, 2033 |  | $ | 400,000 |  |  | 400,000 |  |  | 400,000 |
1.750% Notes due 2033 (1) |  | July 13, 2033 |  | £ | 350,000 |  |  | 479,994 |  |  | 438,165 |
4.900% Notes due 2033 |  | July 15, 2033 |  | $ | 600,000 |  |  | 600,000 |  |  | 600,000 |
5.125% Notes due 2034 |  | February 15, 2034 |  | $ | 800,000 |  |  | 800,000 |  |  | 800,000 |
2.730% Notes due 2034 |  | May 20, 2034 |  | £ | 315,000 |  |  | 431,994 |  |  | 394,348 |
5.125% Notes due 2034 (1) |  | July 6, 2034 |  | € | 550,000 |  |  | 645,860 |  |  | 569,415 |
5.875% Bonds due 2035 |  | March 15, 2035 |  | $ | 250,000 |  |  | 250,000 |  |  | 250,000 |
|  | Maturity Dates |  | Principal (Currency Denomination) |  | Carrying Value (USD) as of
|  |  | June 30, 2025 |  | December 31, 2024
5.125% Notes due 2035 |  | April 15, 2035 |  | $ | 600,000 |  |  | 600,000 |  |  | — |
3.875% Notes due 2035 |  | June 20, 2035 |  | € | 650,000 |  |  | 763,287 |  |  | — |
3.390% Notes due 2037 |  | June 30, 2037 |  | £ | 115,000 |  |  | 157,712 |  |  | 143,969 |
6.000% Notes due 2039 (1) |  | December 5, 2039 |  | £ | 450,000 |  |  | 617,135 |  |  | 563,355 |
5.250% Notes due 2041 (1) |  | September 4, 2041 |  | £ | 350,000 |  |  | 479,994 |  |  | 438,165 |
2.500% Notes due 2042 (1) |  | January 14, 2042 |  | £ | 250,000 |  |  | 342,853 |  |  | 312,975 |
4.650% Notes due 2047 |  | March 15, 2047 |  | $ | 550,000 |  |  | 550,000 |  |  | 550,000 |
5.375% Notes due 2054 |  | September 1, 2054 |  | $ | 500,000 |  |  | 500,000 |  |  | 500,000 |
Total principal amount |  | $ | 25,198,035 |  |  | $ | 22,938,737 |
Unamortized net discounts and deferred financing costs |  | (312,163) |  |  | (281,145) |
|  |  |  |  |  | $ | 24,885,872 |  |  | $ | 22,657,592 |
(1) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually.
Schedule of Maturity of Debt, Net | The following table summarizes the maturity of our notes and bonds payable as of June 30, 2025, excluding unamortized net discounts, deferred financing costs (dollars in millions):
Year of Maturity |  | Principal
2025 |  | $ | 550.0 |
2026 |  | 2,375.0
2027 |  | 2,391.3
2028 |  | 2,499.8
2029 |  | 2,429.3
Thereafter |  | 14,952.6
Total |  | $ | 25,198.0 |
Schedule of Note Issuances | During the six months ended June 30, 2025, we issued the following notes and bonds (in millions):
2025 Issuances |  | Date of Issuance |  | Maturity Date |  | Principal amount |  | Price of par value |  | Effective yield to maturity
5.125% Notes |  | April 2025 |  | April 2035 |  | $ | 600.0 |  |  | 98.37 | % |  | 5.337 | %
3.375% Notes |  | June 2025 |  | June 2031 |  | € | 650.0 |  |  | 99.57 | % |  | 3.456 | %
3.875% Notes |  | June 2025 |  | June 2035 |  | € | 650.0 |  |  | 99.55 | % |  | 3.930 | %

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