v3.25.2
Interest expense (Tables)
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Summary of interest expense
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Interest expense (1)
$64 $142 $121 $280 
(Gain) loss on hedge instruments(19)(25)(38)(50)
Finance lease liabilities interest22 23 46 46 
Amortization of deferred financing costs and discount on debt3 6 6 11 
Capitalized interest(4)(2)(7)(4)
Interest income(2)(1)(4)(2)
Other financing fees3 5 3 6 
Interest expense, net$67 $148 $127 $287 
(1) During the three and six months ended June 30, 2025, the Company recognized $4 million and $7 million, respectively, of expense related to the Kloosterboer Preference Shares liability (see Note 2, Capital structure and noncontrolling interests).