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Debt
 9 Months Ended
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, 2025December 31, 2024
Term Loan A note payable, net of discounts$2,959,860 $3,083,037 
Term Loan B note payable, net of discounts3,051,395 2,327,174 
Revolving line of credit facilities356,000 1,262,000 
Other obligations697 869 
Total notes payable, credit agreements and other obligations
6,367,952 6,673,080 
Securitization Facility1,755,000 1,323,000 
Total debt
$8,122,952 $7,996,080 
Current portion$2,301,280 $2,769,974 
Long-term portion5,821,672 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 
2026197,140 
20272,786,203 
20282,996,343 
Thereafter
— 
Total principal payments6,385,674 
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.