Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt consists of the following (in millions):


	Interest Rate (1)	Maturities Through	As of March 31, 2024		As of December 31, 2023
Fixed rate debt:
Unsecured senior notes	3.70% to 9.25%	2026 - 2032	$	7,898	$	7,899
Secured senior notes	8.25%	2029	1,000		1,000
Unsecured term loans	1.28% to 5.89%	2027 - 2035	6,420		6,569
Convertible notes	6.00%	2025	1,150		1,150
Total fixed rate debt			16,468		16,618
Variable rate debt:
Unsecured revolving credit facilities (2)	6.76% to 7.48%	2025 - 2028	304		899
USD unsecured term loan	6.05% to 9.95%	2024 - 2037	3,555		3,666
Euro unsecured term loan	5.00% to 6.14%	2024 - 2028	352		443
Total variable rate debt			4,211		5,008
Finance lease liabilities			363		369
Total debt (3)			21,042		21,995
Less: unamortized debt issuance costs			(523)		(543)
Total debt, net of unamortized debt issuance costs			20,519		21,452
Less—current portion			(1,643)		(1,720)
Long-term portion			$	18,876	$	19,732

(1) Interest rates based on outstanding loan balance as of March 31, 2024, and for variable rate debt include either EURIBOR or Term SOFR plus the applicable margin.

(2) Advances under our unsecured revolving credit facilities accrue interest at Term SOFR plus a 0.10% credit adjustment spread plus an interest rate margin primarily at 1.33%. Based on applicable Term SOFR rates, as of March 31, 2024, the maximum interest rate under the unsecured credit facilities was 6.76%. We also pay a facility fee primarily at 0.17% of the total commitments under such facility.

(3) At March 31, 2024 and December 31, 2023, the weighted average interest rate for total debt was 5.75% and 6.06%, respectively.

Schedule of Maturities of Long-term Debt

The following is a schedule of annual maturities on our total debt, including finance leases, as of March 31, 2024 for each of the next five years (in millions):


Year	As of March 31, 2024 (1)
Remainder of 2024	$	1,390
2025	2,628
2026	3,045
2027	2,509
2028	3,267
Thereafter	8,203
	$	21,042

(1) Debt denominated in other currencies is calculated based on the applicable exchange rate at March 31, 2024.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details