v3.26.1
Debt Facilities
 6 Months Ended
Jun. 30, 2026
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,
2026		December 31, 2025
Term loans$1 $673 
Mortgage payable and other loans payable19 30 
20 703 
Less current portion(9)(17)
$11 $686 
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 December 31, 2025, the total amount outstanding under the 2022 Term Loan Facility, net of debt issuance costs, was $673 million. We repaid the total amount outstanding under the 2022 Term Loan Facility on March 31, 2026.
As of June 30, 2026, we had 22 irrevocable letters of credit totaling $18 million issued and outstanding, with approximately $4.0 billion remaining available to borrow, under the 2022 Revolving Facility. As of June 30, 2026 and December 31, 2025, unamortized debt issuance costs for the 2022 Revolving Facility of $1 million and $2 million, respectively, 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, 2026December 31, 2025
AmountEffective RateAmountEffective Rate
1.450% Senior Notes due 2026
— 1.64 %700 1.64 %
2.900% Senior Notes due 2026
600 3.04 %600 3.04 %
0.250% Euro Senior Notes due 2027
571 0.45 %587 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
371 3.05 %378 3.05 %
3.250% Euro Senior Notes due 2029
857 3.45 %881 3.45 %
1.558% Swiss Franc Senior Notes due 2029
124 1.79 %126 1.79 %
3.200% Senior Notes due 2029
1,200 3.30 %1,200 3.30 %
3.500% Singapore Dollar Senior Notes due 2030
386 3.67 %389 3.67 %
3.950% Canadian Dollar Senior Notes due 2030
458 4.17 %— — %
2.150% Senior Notes due 2030
1,100 2.27 %1,100 2.27 %
4.600% Senior Notes due 2030
1,250 4.81 %1,250 4.81 %
3.250% Euro Senior Notes due 2031
743 3.46 %763 3.46 %
4.400% Senior Notes due 2031
700 4.71 %— — %
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
502 3.01 %505 3.01 %
4.000% Canadian Dollar Senior Notes due 2032
493 4.29 %510 4.29 %
1.000% Euro Senior Notes due 2033
686 1.18 %705 1.18 %
4.700% Senior Notes due 2033
800 4.95 %— — %
3.650% Euro Senior Notes due 2033
686 3.78 %705 3.78 %
4.000% Euro Senior Notes due 2034
857 4.17 %881 4.17 %
5.500% Senior Notes due 2034
750 5.74 %750 5.74 %
3.625% Euro Senior Notes due 2034
571 3.75 %587 3.75 %
2.000% Japanese Yen Senior Notes Series A due 2035
232 2.07 %240 2.07 %
2.130% Japanese Yen Senior Notes Series C due 2035
91 2.20 %94 2.20 %
4.750% Canadian Dollar Senior Notes due 2035
423 4.86 %— — %
2.370% Japanese Yen Senior Notes Series B due 2043
63 2.42 %65 2.42 %
2.570% Japanese Yen Senior Notes Series D due 2043
28 2.62 %29 2.62 %
2.570% Japanese Yen Senior Notes Series E due 2043
61 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 %
19,853 18,359 
Less amount representing unamortized debt issuance costs and debt discounts(164)(150)
19,689 18,209 
Less current portion(1,170)(1,299)
Total
$18,519 $16,910 
4.400% Senior Notes due 2031 and 4.700% Senior Notes due 2033
On March 5, 2026, we issued $700 million aggregate principal amount of 4.400% senior notes due March 15, 2031 (the "2031 Notes") and $800 million aggregate principal amount of 4.700% senior notes due March 15, 2033 (the "2033 Notes"). Interest on both series of notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2026. Total debt discounts and debt issuance costs related to the 2031 Notes and the 2033 Notes were $10 million and $12 million, respectively.
3.950% Canadian Dollar Senior Notes due 2030 and 4.750% Canadian Dollar Senior Notes due 2035
On May 7, 2026, we issued C$650 million, or approximately $478 million, at the exchange rate in effect on that date, aggregate principal amount of 3.950% senior notes due May 15, 2030 (the "2030 CAD Notes") and C$600 million, or approximately $441 million, at the exchange rate in effect on that date, aggregate principal amount of 4.750% senior notes due May 15, 2035 (the "2035 CAD Notes"). Interest on the 2030 CAD Notes and the 2035 CAD Notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2026. Total debt discounts and debt issuance costs were $4 million for each of the 2030 and 2035 CAD Notes.
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, 2026 (in millions):
Years ending:
2026 (6 months remaining)$607 
20271,076 
20281,426 
20292,185 
20303,194 
Thereafter11,385 
Total$19,873 
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,
 2026202520262025
Interest expense$151 $135 $299 $257 
Interest capitalized38 14 70 25 
Interest charges incurred$189 $149 $369 $282 
Six Months Ended
June 30,
20262025
Interest paid in cash, net of capitalized interest$296 $212