v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
(in millions)March 31, 2026December 31, 2025
Unsecured credit facilities$2,919 $2,565 
Senior unsecured notes 1,750 1,774 
New senior unsecured notes1,304 1,323 
Secured debt 315 476 
Unsecured term loans 1 2 
Total debt6,289 6,140 
Less: Current portion long-term debt(2)(2)
Less: Deferred financing costs(20)(21)
Less: Discount on debt issued(9)(10)
Total long-term debt, net$6,258 $6,107 
The table below presents the Company’s net deferred financing costs and debt discount balances as well as their classification in the condensed consolidated balance sheets:
(in millions)Balance SheetMarch 31, 2026December 31, 2025
Deferred financing costs, net of amortizationOther assets$20 $21 
Deferred financing costs, net of amortizationLong-term debt, net$20 $21 
Debt discount, net of amortizationLong-term debt, net$9 $10 
Schedule of Long-Term Debt Instruments
The following table provides the details of the Credit Agreement:
March 31, 2026December 31, 2025
(in millions)
Contractual Interest Rate (1)
Borrowing Currency AmountCarrying Amount (USD)
Contractual Interest Rate (1)
Borrowing Currency AmountCarrying 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+0.78%
1,656 1,656 
SOFR+0.78%
1,325 1,325 
NZD
BKBM+0.78%
132 76 
BKBM+0.78%
131 76 
AUD
BBSW+0.78%
110 75 
BBSW+0.78%
122 82 
CAD
CORRA+0.78%
103 74 
CORRA+0.78%
68 50 
DKK
CIBOR+0.78%
250 38 
CIBOR+0.78%
— — 
NOK
NIBOR+0.78%
— — 
NIBOR+0.78%
260 25 
EUR
EURIBOR+0.78%
— — 
EURIBOR+0.78%
6 7 
Total Revolving Credit Facility$1,919 $1,565 
(1) SOFR = Secured Overnight Financing Rate, BKBM = Bank Bill Reference Rate, BBSW = Bank Bill Swap Rate, CORRA = Canadian Overnight Repo Rate Average, CIBOR = Copenhagen Interbank Offered Rate, NIBOR = Norwegian Interbank Offered Rate, EURIBOR = Euro 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
March 31, 2026December 31, 2025
Series A Senior  Notes        $3002.22%8/20/2026$300 $300 
Series B Senior  Notes    $3752.52%8/20/2028375 375
Series C Senior Notes    €1280.89%8/20/2026147 151
Series D Senior Notes    €2511.26%8/20/2031288 295
Series E Senior Notes    £1451.98%8/20/2026192 196
Series F Senior Notes    £1302.13%8/20/2028172 175
Series G Senior Notes    €803.33%8/20/202792 94
Series H Senior Notes    €1103.54%8/20/2029126 129
Series I Senior Notes    €503.74%8/20/203258 59
Total Senior Unsecured Notes$1,750 $1,774 
A summary of the notes issued and outstanding is as follows:
(monetary amounts in millions)Borrowing Currency Amount
Interest Rate
Issuance DateInterest Payable Date
Maturity Date
March 31, 2026December 31, 2025
5.25% Notes
$5005.25%6/17/2025January and July7/15/2030$500 $500 
4.125% Notes
€7004.13%11/26/2025November11/26/2031804 823 
Total New Senior Unsecured Notes$1,304 $1,323