Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long Term Debt

Debt consists of the following (in millions):

			As of December 31,
	Interest Rate(1)	Maturities Through	2023		2022
Fixed rate debt:
Unsecured senior notes	3.70% - 11.63%	2026 - 2030	$	7,899	$	7,199
Secured senior notes	8.25%	2029	1,000		2,371
Unsecured term loans	1.28% - 5.89%	2027 - 2035	6,569		4,561
Convertible notes	6.00%	2025	1,150		1,725
Total fixed rate debt			16,618		15,856
Variable rate debt(2):
Unsecured revolving credit facilities(3)	7.25% -7.50%	2025 - 2028	899		2,744
USD unsecured term loans	5.99% - 9.98%	2024 - 2037	3,666		4,336
Euro unsecured term loans	5.26% -6.10%	2024 - 2026	443		535
Total variable rate debt			5,008		7,615
Finance lease liabilities			369		351
Total debt (4)			21,995		23,822
Less: unamortized debt issuance costs			(543)		(431)
Total debt, net of unamortized debt issuance costs			21,452		23,391
Less—current portion			(1,720)		(2,088)
Long-term portion			$	19,732	$	21,303

(1)Interest rates based on outstanding loan balance as of December 31, 2023, and for variable rate debt, includes either EURIBOR or Term SOFR plus the applicable margin.

(2)During the year ended December 31, 2023, we completed our transition from LIBOR to Term SOFR rates for all of our variable rate facilities, with such transition having taken effect at the interest reset date for each such facility.

(3)Advances under our unsecured revolving credit facilities accrue interest at Term SOFR plus a 0.10% credit adjustment spread plus an interest rate margin primarily at 1.80%. Based on applicable Term SOFR rates, as of December 31, 2023, the maximum interest rate under the unsecured credit facilities was 7.50%. We also pay a facility fee primarily at 0.20% of the total commitments under such facility.

(4)At December 31, 2023 and 2022, the weighted average interest rate for total debt was 6.06% and 6.23%, respectively.

Schedule of Convertible Debt

The net carrying value of the 6.00% convertible notes was as follows:

(in millions)	As of December 31, 2023		As of December 31, 2022
Principal	$	1,150	$	1,725
Less: Unamortized debt issuance costs	13		24
	$	1,137	$	1,701

The interest expense recognized related to the 6.00% convertible notes was as follows:

(in millions)	As of December 31, 2023		As of December 31, 2022
Contractual interest expense	$	69	$	76
Amortization of debt issuance costs	8		16
	$	77	$	92

Schedule of Annual Maturities on Long-Term Debt Including Capital Leases

Following is a schedule of annual maturities on our total debt including finance leases, as of December 31, 2023 for each of the next five years (in millions):

Year	As of December 31, 2023 (1)
2024	$	1,722
2025	2,650
2026	3,406
2027	3,763
2028	3,489
Thereafter	6,965
	$	21,995

(1)    Debt denominated in other currencies is calculated based on the applicable exchange rate at December 31, 2023.