v3.26.3
Debt Facilities
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Facilities Debt Facilities
Mortgage and Loans Payable
Our mortgage and loans payable balance consisted of the following (in millions):
September 30,
2026		December 31, 2025
Term loans$5 $673 
Mortgage payable and other loans payable14 30 
19 703 
Less current portion(6)(17)
$13 $686 
Senior Credit Facility and Refinancing
In 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multi-currency 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, the total amount outstanding under the 2022 Term Loan Facility, net of debt issuance costs, was $673 million. We repaid the total amount outstanding under the 2022 Term Loan Facility on March 31, 2026.
On July 27, 2026, we entered into a $5.5 billion senior unsecured multi-currency revolving credit facility (the "2026 Revolving Facility"), which replaces our existing 2022 Revolving Facility.
The 2026 Revolving Facility has a maturity date of July 25, 2031. We may borrow, repay and reborrow amounts under the 2026 Revolving Facility until the maturity date, at which time all amounts outstanding under the 2026 Revolving Facility must be repaid in full. The 2026 Revolving Facility provides for extensions of credit in U.S. Dollars as well as certain other foreign currencies. Borrowings under the 2026 Revolving Facility bear interest at a rate based on the daily Secured Overnight Financing Rate ("SOFR"), term SOFR, an alternative currency daily rate, or an alternative currency term rate, plus a margin that can vary from 0.555% to 1.175%. Borrowings denominated in an alternative currency will bear a spread adjustment where applicable. We are also required to pay a quarterly letter of credit fee and facility fee, both of which are based on the same margin that is dependent on either our consolidated net leverage ratio or our credit ratings. The 2026 Revolving Facility contains customary covenants, including financial ratio covenants that are required to be maintained as of each quarter end.
As of September 30, 2026, we had 14 irrevocable letters of credit totaling $6 million issued and outstanding, with approximately $5.5 billion remaining available to borrow, under the 2026 Revolving Facility. As of September 30, 2026, unamortized debt issuance costs for the 2026 Revolving Facility were $7 million. As of December 31, 2025, unamortized debt issuance costs for the 2022 Revolving Facility were $2 million. Both were presented in other assets in our condensed consolidated balance sheets.
Senior Notes
Our senior notes balance consisted of the following (in millions):
September 30, 2026December 31, 2025
AmountEffective RateAmountEffective Rate
1.450% Senior Notes due 2026
— 1.64 %700 1.64 %
2.900% Senior Notes due 2026
600 3.04 %600 3.04 %
0.250% Euro Senior Notes due 2027
566 0.45 %587 0.45 %
1.800% Senior Notes due 2027
500 1.96 %500 1.96 %
1.550% Senior Notes due 2028
650 1.67 %650 1.67 %
2.000% Senior Notes due 2028
400 2.21 %400 2.21 %
2.875% Swiss Franc Senior Notes due 2028
359 3.05 %378 3.05 %
3.250% Euro Senior Notes due 2029
850 3.45 %881 3.45 %
5.000% Senior Notes due 2029
850 5.30 %— — %
1.558% Swiss Franc Senior Notes due 2029
120 1.79 %126 1.79 %
3.200% Senior Notes due 2029
1,200 3.30 %1,200 3.30 %
3.500% Singapore Dollar Senior Notes due 2030
391 3.67 %389 3.67 %
3.950% Canadian Dollar Senior Notes due 2030
457 4.17 %— — %
2.150% Senior Notes due 2030
1,100 2.27 %1,100 2.27 %
4.600% Senior Notes due 2030
1,250 4.81 %1,250 4.81 %
3.250% Euro Senior Notes due 2031
737 3.46 %763 3.46 %
4.400% Senior Notes due 2031
700 4.71 %— — %
2.500% Senior Notes due 2031
1,000 2.65 %1,000 2.65 %
5.250% Senior Notes due 2031
850 5.53 %— — %
3.900% Senior Notes due 2032
1,200 4.07 %1,200 4.07 %
2.900% Singapore Dollar Senior Notes due 2032
509 3.01 %505 3.01 %
4.000% Canadian Dollar Senior Notes due 2032
492 4.29 %510 4.29 %
1.000% Euro Senior Notes due 2033
680 1.18 %705 1.18 %
4.700% Senior Notes due 2033
800 4.95 %— — %
5.500% Senior Notes due 2033
650 5.77 %— — %
3.650% Euro Senior Notes due 2033
680 3.78 %705 3.78 %
4.000% Euro Senior Notes due 2034
850 4.17 %881 4.17 %
5.500% Senior Notes due 2034
750 5.74 %750 5.74 %
3.625% Euro Senior Notes due 2034
567 3.75 %587 3.75 %
2.000% Japanese Yen Senior Notes Series A due 2035
239 2.07 %240 2.07 %
2.130% Japanese Yen Senior Notes Series C due 2035
94 2.20 %94 2.20 %
4.750% Canadian Dollar Senior Notes due 2035
422 4.86 %— — %
5.800% Senior Notes due 2036
650 5.98 %— — %
2.370% Japanese Yen Senior Notes Series B due 2043
65 2.42 %65 2.42 %
2.570% Japanese Yen Senior Notes Series D due 2043
29 2.62 %29 2.62 %
2.570% Japanese Yen Senior Notes Series E due 2043
63 2.62 %64 2.62 %
3.000% Senior Notes due 2050
500 3.09 %500 3.09 %
2.950% Senior Notes due 2051
500 3.00 %500 3.00 %
3.400% Senior Notes due 2052
500 3.50 %500 3.50 %
22,820 18,359 
Less amount representing unamortized debt issuance costs and debt discounts(192)(150)
22,628 18,209 
Less current portion(1,665)(1,299)
Total$20,963 $16,910 
4.400% Senior Notes due 2031 and 4.700% Senior Notes due 2033
On March 5, 2026, we issued $700 million aggregate principal amount of 4.400% senior notes due March 15, 2031 (the "2031 Notes") and $800 million aggregate principal amount of 4.700% senior notes due March 15, 2033 (the "2033 Notes"). Interest on both series of notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2026. Total debt discounts and debt issuance costs related to the 2031 Notes and the 2033 Notes were $10 million and $12 million, respectively.
3.950% Canadian Dollar Senior Notes due 2030 and 4.750% Canadian Dollar Senior Notes due 2035
On May 7, 2026, we issued C$650 million, or approximately $478 million, at the exchange rate in effect on that date, aggregate principal amount of 3.950% senior notes due May 15, 2030 (the "2030 CAD Notes") and C$600 million, or approximately $441 million, at the exchange rate in effect on that date, aggregate principal amount of 4.750% senior notes due May 15, 2035 (the "2035 CAD Notes"). Interest on the 2030 CAD Notes and the 2035 CAD Notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2026. Total debt discounts and debt issuance costs were $4 million for each of the 2030 and 2035 CAD Notes.
5.000% Senior Notes due 2029, 5.250% Senior Notes due 2031, 5.500% Senior Notes due 2033 and 5.800% Senior Notes due 2036
On August 6, 2026, we issued $850 million aggregate principal amount of 5.000% senior notes due August 15, 2029, $850 million aggregate principal amount of 5.250% senior notes due August 15, 2031, $650 million aggregate principal amount of 5.500% senior notes due August 15, 2033 and $650 million aggregate principal amount of 5.800% senior notes due August 15, 2036. Interest on all series of notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2027. Total debt discounts and debt issuance costs related to the aforementioned series of notes were $7 million, $10 million, $10 million and $9 million, respectively.
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 September 30, 2026 (in millions):
Years ending:
2026 (3 months remaining)$601 
20271,072 
20281,414 
20293,025 
20303,199 
Thereafter13,528 
Total$22,839 
Interest Charges
Other information related to interest is presented in the following tables (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Interest expense$163 $128 $462 $385 
Interest capitalized50 26 120 51 
Interest charges incurred$213 $154 $582 $436 
Nine Months Ended
September 30,
20262025
Interest paid in cash, net of capitalized interest$409 $324