v3.25.4
Debt Facilities
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Facilities Debt Facilities
Mortgage and Loans Payable
As of December 31, 2025 and 2024, our mortgage and loans payable balance consisted of the following (in millions):
20252024
Term loans$673 $628 
Mortgage payable and other loans payable30 21 
703 649 
Less current portion(17)(5)
$686 $644 
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, we had 37 irrevocable letters of credit totaling $31 million issued and outstanding under the 2022 Revolving Facility, with approximately $4.0 billion remaining available to borrow under the 2022 Revolving Facility. As of December 31, 2025 and December 31, 2024, unamortized debt issuance costs for the 2022 Revolving Facility of $2 million and $3 million, respectively, were presented in other assets in the consolidated balance sheets.
As of December 31, 2025 and 2024, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $673 million and $625 million, respectively.
Senior Notes
Our senior notes balance consisted of the following as of December 31 (in millions):
20252024
Senior NotesIssuance DateMaturity DateAmountEffective RateAmountEffective Rate
1.250% Senior Notes due 2025
June 2020July 2025$— — %$500 1.46 %
1.000% Senior Notes due 2025
October 2020September 2025— — %700 1.18 %
1.450% Senior Notes due 2026
May 2021May 2026700 1.64 %700 1.64 %
2.900% Senior Notes due 2026
November 2019November 2026600 3.04 %600 3.04 %
0.250% Euro Senior Notes due 2027
March 2021March 2027587 0.45 %518 0.45 %
1.800% Senior Notes due 2027
June 2020July 2027500 1.96 %500 1.96 %
1.550% Senior Notes due 2028
October 2020March 2028650 1.67 %650 1.67 %
2.000% Senior Notes due 2028
May 2021May 2028400 2.21 %400 2.21 %
2.875% Swiss Franc Senior Notes due 2028
September 2023September 2028378 3.05 %331 3.05 %
3.250% Euro Senior Notes due 2029
May 2025May 2029881 3.45 %— — %
1.558% Swiss Franc Senior Notes due 2029
September 2024September 2029126 1.79 %110 1.79 %
3.200% Senior Notes due 2029
November 2019November 20291,200 3.30 %1,200 3.30 %
3.500% Singapore Dollar Senior Notes due 2030
March 2025March 2030389 3.67 %— — %
2.150% Senior Notes due 2030
June 2020July 20301,100 2.27 %1,100 2.27 %
4.600% Senior Notes due 2030
November 2025November 20301,250 4.81 %— — %
3.250% Euro Senior Notes due 2031
November 2024March 2031763 3.46 %673 3.46 %
2.500% Senior Notes due 2031
May 2021May 20311,000 2.65 %1,000 2.65 %
3.900% Senior Notes due 2032
April 2022April 20321,200 4.07 %1,200 4.07 %
2.900% Singapore Dollar Senior Notes due 2032
August 2025September 2032505 3.01 %— — %
4.000% Canadian Dollar Senior Notes due 2032
November 2025November 2032510 4.29 %— — %
1.000% Euro Senior Notes due 2033
March 2021March 2033705 1.18 %622 1.18 %
3.650% Euro Senior Notes due 2033
September 2024September 2033705 3.78 %622 3.78 %
4.000% Euro Senior Notes due 2034
May 2025May 2034881 4.17 %— — %
5.500% Senior Notes due 2034
May 2024June 2034750 5.74 %750 5.74 %
3.625% Euro Senior Notes due 2034
November 2024November 2034587 3.75 %518 3.75 %
2.000% Japanese Yen Series A Notes due 2035
March 2023March 2035240 2.07 %239 2.07 %
2.130% Japanese Yen Series C Notes due 2035
March 2023March 203594 2.20 %94 2.20 %
2.370% Japanese Yen Series B Notes due 2043
March 2023March 204365 2.42 %65 2.42 %
2.570% Japanese Yen Series D Notes due 2043
March 2023March 204329 2.62 %29 2.62 %
2.570% Japanese Yen Series E Notes due 2043
February 2023March 204364 2.62 %64 2.62 %
3.000% Senior Notes due 2050
June 2020July 2050500 3.09 %500 3.09 %
2.950% Senior Notes due 2051
October 2020September 2051500 3.00 %500 3.00 %
3.400% Senior Notes due 2052
May 2021February 2052500 3.50 %500 3.50 %
18,359 14,685 
Less amount representing unamortized debt discounts and debt issuance costs(150)(123)
18,209 14,562 
Less current portion(1,299)(1,199)
$16,910 $13,363 
3.500% Singapore Dollar Senior Notes due 2030
On March 13, 2025, we issued SGD500 million, or approximately $370 million at the exchange rate in effect on that date, aggregate principal amount of 3.500% senior notes due March 15, 2030 (the "2030 SGD Notes"). Interest on the notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. Total debt issuance costs related to the 2030 SGD Notes were $3 million.
3.250% Euro Senior Notes due 2029 and 4.000% Euro Senior Notes due 2034
On May 19, 2025, we issued €750 million, or approximately $851 million at the exchange rate in effect on that date, aggregate principal amount of 3.250% senior notes due May 19, 2029 (the "2029 Euro Notes") and €750 million, or approximately $851 million at the exchange rate in effect on that date, aggregate principal amount
of 4.000% senior notes due May 19, 2034 (the "2034 Euro Notes"). Interest on the 2029 Euro Notes and the 2034 Euro Notes is payable annually in arrears on May 19 of each year, commencing on May 19, 2026. Total debt discounts and debt issuance costs related to the 2029 and 2034 Euro Notes were $6 million and $11 million, respectively.
2.900% Singapore Dollar Senior Notes due 2032
On August 21, 2025, we issued SGD650 million, or approximately $500 million at the exchange rate in effect on that date, aggregate principal amount of 2.900% senior notes due September 15, 2032 (the "2032 SGD Notes"). Interest on the notes is payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2026. Total debt discounts and debt issuance costs related to the 2032 SGD Notes were $3 million.
4.600% Senior Notes due 2030
On November 13, 2025, we issued $1.3 billion aggregate principal amount of 4.600% senior notes due November 15, 2030 (the "2030 Notes"). Interest on the notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2026. Total debt discount and debt issuance costs related to the 2030 Notes were $11 million.
4.000% Canadian Dollar Senior Notes due 2032
On November 24, 2025, we issued CAD700 million, or approximately $499 million at the exchange rate in effect on that date, aggregate principal amount of 4.000% senior notes due November 15, 2032 (the "2032 CAD Notes"). Interest on the notes is payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2026. Total debt discount and debt issuance costs related to the 2032 CAD Notes were $9 million.
All of our senior notes are unsecured and rank equal in right of payment to our existing or future senior indebtedness and senior in right of payment to our existing and future subordinated indebtedness. Interest on the senior notes is paid semi-annually in arrears, with the exception of our Euro senior notes and Swiss Franc notes which are paid annually in arrears. The senior notes are effectively subordinated to all of the existing and future secured debt, including debt outstanding under any bank facility or secured by any mortgage, to the extent of the assets securing such debt. They are also structurally subordinated to any existing and future indebtedness and other liabilities (including trade payables) of any of our subsidiaries.
Each series of senior notes is governed by an indenture and a supplemental indenture, or a purchase agreement between us and a trustee or a note registrar. These supplemental indentures contain covenants that limit our ability and the ability of our subsidiaries to, among other things:
•incur liens;
•enter into sale-leaseback transactions; and
•merge or consolidate with any other person.
As of December 31, 2025, we are in compliance with all covenants. Subject to compliance with the limitations described above, we may issue an unlimited principal amount of additional notes at later dates under the same indenture as the senior notes.
We are not required to make any mandatory redemption with respect to the senior notes; except upon the event of a change in control, when we may be required to offer to purchase the senior notes.
Optional Redemption
With respect to the notes listed below, we may redeem at our election, at any time or from time to time, some or all of the notes of any series before they mature. The redemption price will equal the sum of (1) an amount equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest up to, but not including, the redemption date and (2) a make-whole premium. If the notes are redeemed on or after the date listed in the table below (the "First Par Call Date"), the redemption price will not include a make-whole premium for the applicable notes.
Senior Notes DescriptionFirst Par Call Date
1.450% Senior Notes due 2026
April 15, 2026
2.900% Senior Notes due 2026
September 18, 2026
0.250% Euro Senior Notes due 2027
January 15, 2027
1.800% Senior Notes due 2027
May 15, 2027
1.550% Senior Notes due 2028
January 15, 2028
2.000% Senior Notes due 2028
March 15, 2028
2.875% Swiss Franc Senior Notes due 2028
June 12, 2028
3.250% Euro Senior Notes due 2029
April 19, 2029
1.558% Swiss Franc Senior Notes due 2029
June 4, 2029
3.200% Senior Notes due 2029
August 18, 2029
3.500% Singapore Dollar Senior Notes due 2030
February 15, 2030
2.150% Senior Notes due 2030
April 15, 2030
4.600% Senior Notes due 2030
October 15, 2030
3.250% Euro Senior Notes due 2031
January 15, 2031
2.500% Senior Notes due 2031
February 15, 2031
3.900% Senior Notes due 2032
January 15, 2032
2.900% Singapore Dollar Senior Notes due 2032
July 15, 2032
4.000% Canadian Dollar Senior Notes due 2032
September 15, 2032
1.000% Euro Senior Notes due 2033
December 15, 2032
3.650% Euro Senior Notes due 2033
June 3, 2033
4.000% Euro Senior Notes due 2034
February 19, 2034
5.500% Senior Notes due 2034
March 15, 2034
3.625% Euro Senior Notes due 2034
August 22, 2034
2.000% Japanese Yen Series A Notes due 2035
March 8, 2035
2.130% Japanese Yen Series C Notes due 2035
March 8, 2035
2.370% Japanese Yen Series B Notes due 2043
March 8, 2043
2.570% Japanese Yen Series D Notes due 2043
March 8, 2043
2.570% Japanese Yen Series E Notes due 2043
March 8, 2043
3.000% Senior Notes due 2050
January 15, 2050
2.950% Senior Notes due 2051
March 15, 2051
3.400% Senior Notes due 2052
August 15, 2051
Maturities of Debt Instruments
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 December 31, 2025 (in millions):
Years ending:
20261,317 
20271,764 
20281,433 
20292,211 
20302,739 
Thereafter9,598 
$19,062 
Interest Charges
The following table sets forth total interest costs incurred, and total interest costs capitalized for the years ended December 31 (in millions):
202520242023
Interest expense$527 $457 $402 
Interest capitalized79 36 26 
Interest charges incurred$606 $493 $428