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Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Credit Agreement and Securitization Facility The Company is party to a $8.25 billion Credit Agreement (the "Credit Agreement"), with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer and a syndicate of financial institutions (the "Lenders"), which has been amended multiple times. The Credit Agreement includes a Term Loan A, a Term Loan B and a revolving credit facility. As noted in Note 2, the Company is also party to the Securitization Facility. The balances of the Company’s debt instruments under the Credit Agreement and the Securitization Facility are as follows (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Term Loan A note payable, net of discounts |  | $ | 2,959,860 |  |  | $ | 3,083,037 |
Term Loan B note payable, net of discounts |  | 3,051,395 |  |  | 2,327,174 |
Revolving line of credit facilities |  | 356,000 |  |  | 1,262,000 |
Other obligations |  | 697 |  |  | 869 |
Total notes payable, credit agreements and other obligations |  | 6,367,952 |  |  | 6,673,080 |
Securitization Facility |  | 1,755,000 |  |  | 1,323,000 |
Total debt |  | $ | 8,122,952 |  |  | $ | 7,996,080 |
Current portion |  | $ | 2,301,280 |  |  | $ | 2,769,974 |
Long-term portion |  | 5,821,672 |  |  | 5,226,106 |
Total debt |  | $ | 8,122,952 |  |  | $ | 7,996,080 |
On February 20, 2025, the Company entered into the sixteenth amendment to the Credit Agreement. The amendment increased the Term Loan B commitments by $750 million. The Company primarily used the Term Loan B proceeds to pay down existing borrowings under the revolving credit facility. The maturity dates and the interest rates for the revolving credit facility, Term Loan A commitments and Term Loan B commitments were unchanged by this amendment. The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at September 30, 2025. The contractual maturities of the Company’s total notes payable, credit agreements and other obligations at September 30, 2025 were as follows (in thousands):
Remaining 2025 |  | $ | 405,988 |
2026 |  | 197,140 |
2027 |  | 2,786,203 |
2028 |  | 2,996,343 |
Thereafter |  | — |
Total principal payments |  | 6,385,674 |
Less: debt discounts and issuance costs included in debt |  | (17,722) |
Total notes payable, credit agreements and other obligations |  | $ | 6,367,952 |
Bridge Term Loan Credit Agreement On July 23, 2025, in connection with the announced acquisition of Alpha, the Company entered into a bridge term loan credit agreement with BOFA Securities, Inc., Barclays Bank PLC and JPMorgan Chase Bank, N.A., along with other syndicates, pursuant to which, among other things, those lenders committed to provide debt financing, consisting of a £1.875 billion bridge facility (the “Bridge Facility”), to fund the cash consideration payable pursuant to the acquisition and to fund costs and expenses in connection with the acquisition should the Company decide to utilize the bridge term loan for such purposes. The Company did not utilize the bridge term loan for the financing of the acquisition. The Company incurred approximately $10 million in commitment and arrangement fees related to the bridge term loan during the three months ended September 30, 2025, which were classified within interest expense, net. The bridge term loan facility expired on November 7, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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