Debt (Tables)

6 Months Ended

Jun. 30, 2025


(in millions)	June 30, 2025		December 31, 2024
Unsecured credit facilities	$	3,001	$	2,772
Senior unsecured notes	1,778		1,665
5.25% Notes	500		—
Secured debt	498		522
Unsecured term loans	15		17
Total debt	5,792		4,976
Less current portion long-term debt	(32)		(56)
Less deferred financing costs	(17)		(13)
Less discount on debt issued	(5)		—
Less below-market debt	(4)		(4)
Plus above-market debt	1		3
Total long-term debt, net	$	5,735	$	4,906

Schedule of Long-Term Debt Instruments

The following table provides the details of the Credit Agreement:


	June 30, 2025				December 31, 2024
(in millions)	Contractual Interest Rate (1)	Borrowing Currency Amount	Carrying Amount (USD)		Contractual Interest Rate (1)	Borrowing Currency Amount	Carrying Amount (USD)
Term Loan A
USD	SOFR+0.93%	1,000	$	1,000	SOFR+0.93%	1,000	$	1,000
Revolving Credit Facility
USD	SOFR+0.93%	1,665	1,665		SOFR+0.93%	1,535	1,535
EUR	EURIBOR+0.93%	86	101		EURIBOR+0.93%	55	57
AUD	BBSW+0.93%	126	82		BBSW+0.93%	126	78
NZD	BKBM+0.93%	124	75		BKBM+0.93%	106	60
DKK	CIBOR+0.93%	310	49		CIBOR+0.93%	250	35
NOK	NIBOR+0.93%	150	15		NIBOR+0.93%	—	—
CAD	CORRA+0.93%	20	14		CORRA+0.93%	10	7
Total Revolving Credit Facility			$	2,001			$	1,772

(1) SOFR = for purpose of the above instruments, the term “SOFR” refers to the Term Secured Overnight Financing Rate plus 0.1% (or “Adjusted Term SOFR”), CORRA = Canadian Overnight Repo Rate Average, BBSW = Bank Bill Swap Rate, EURIBOR = Euro Interbank Offered Rate, CIBOR = Copenhagen Interbank Offered Rate, BKBM = Bank Bill Reference Rate, NIBOR = Norwegian Interbank Offered Rate.

The table below summarizes the balances and terms of the Senior Unsecured Notes:


(in millions, except interest rates)	Borrowing Currency Amount	Interest rate	Maturity date	June 30, 2025		December 31, 2024
Series A Senior Notes	$300	2.22%	8/20/2026	$	300	$	300
Series B Senior Notes	$375	2.52%	8/20/2028	375		375
Series C Senior Notes	€128	0.89%	8/20/2026	150		133
Series D Senior Notes	€251	1.26%	8/20/2031	294		262
Series E Senior Notes	£145	1.98%	8/20/2026	199		182
Series F Senior Notes	£130	2.13%	8/20/2028	178		163
Series G Senior Notes	€80	3.33%	8/20/2027	94		83
Series H Senior Notes	€110	3.54%	8/20/2029	129		115
Series I Senior Notes	€50	3.74%	8/20/2032	59		52
Total Senior Unsecured Notes				$	1,778	$	1,665

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details