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Long-Term Debt

3 Months Ended

Mar. 31, 2025

9.LONG-TERM DEBT

The following table presents the Company’s long-term debt at March 31, 2025 and December 31, 2024:


	March 31,		December 31,
	2025		2024
Revolving Credit Agreement, bearing interest ranging from 4.02% to 7.50% ^(a)	$	2,479,726	$	2,164,325
4.25% Senior Notes due 2028		500,000		500,000
3.50% Senior Notes due 2029		500,000		500,000
4.50% Senior Notes due 2029		347,800		347,500
2.60% Senior Notes due 2030		600,000		600,000
2.20% Senior Notes due 2032		650,000		650,000
3.20% Senior Notes due 2032		500,000		500,000
4.20% Senior Notes due 2033		750,000		750,000
5.00% Senior Notes due 2034		750,000		750,000
3.05% Senior Notes due 2050		500,000		500,000
2.95% Senior Notes due 2052		850,000		850,000
Notes payable to sellers and other third parties, bearing interest ranging from 2.42% to 10.35%, principal and interest payments due periodically with due dates ranging from 2028 to 2044 ^(a)		29,316		30,641
Finance leases, bearing interest ranging from 1.89% to 5.07%, with lease expiration dates ranging from 2026 to 2029 ^(a)		8,344		9,247
		8,465,186		8,151,713
Less – current portion		(7,657)		(7,851)
Less – unamortized debt discount and issuance costs		(69,165)		(70,934)
Long-term portion of debt and notes payable	$	8,388,364	$	8,072,928

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(a)	Interest rates represent the interest rates at March 31, 2025.

Revolving Credit Agreement

The Company, as borrower, Bank of America, N.A., acting through its Canada Branch, as the global agent, the swing line lender and a letter of credit issuer, Bank of America, N.A., as the U.S. agent and a letter of credit issuer, and the other lenders and financial institutions from time to time party thereto (the “Lenders”) are party to that certain Revolving Credit Agreement, dated as of February 27, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the “Revolving Credit Agreement”), pursuant to which the Lenders provide loans and other credit extensions to the Company under a revolving credit facility. Details of the Revolving Credit Agreement at March 31, 2025 and December 31, 2024 are as follows:


	March 31,			December 31,
	2025			2024
Revolver
Available	$	464,124		$	778,374
Letters of credit outstanding	$	56,150		$	57,301
Total amount drawn, as follows:	$	2,479,726		$	2,164,325
Amount drawn – U.S. Term SOFR rate loan	$	1,225,000		$	800,000
Interest rate applicable – U.S. Term SOFR rate loan		5.42	%		5.65	%
Amount drawn – U.S. Term SOFR rate loan	$	320,000		$	500,000
Interest rate applicable – U.S. Term SOFR rate loan		5.43	%		5.69	%
Amount drawn – U.S. Term SOFR rate loan	$	160,000		$	50,000
Interest rate applicable – U.S. Term SOFR rate loan		5.42	%		5.46	%
Amount drawn – U.S. base rate loan	$	20,000		$	95,000
Interest rate applicable – U.S. base rate loan		7.50	%		7.50	%
Amount drawn – Canadian Term CORRA loan	$	678,210		$	590,750
Interest rate applicable - Canadian term CORRA loan		4.21	%		5.24	%
Amount drawn – Canadian Term CORRA loan	$	66,082		$	86,875
Interest rate applicable - Canadian term CORRA loan		4.02	%		4.59	%
Amount drawn – Canadian prime rate loan	$	10,434		$	41,700
Interest rate applicable - Canadian prime rate loan		4.95	%		5.45	%
Commitment – rate applicable		0.09	%		0.09	%

In addition to the $56,150 of letters of credit at March 31, 2025 issued and outstanding under the Revolving Credit Agreement, the Company has issued and outstanding letters of credit totaling $111,868 under facilities other than the Revolving Credit Agreement.