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Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | Debt
|  |  |  |  |  | March 31, 2026 |  | December 31, 2025
|  | Maturity Date |  | Interest Rate |  | Amount |  | Amount
Credit Facility |  |  |  |  |  |  |  |
Senior unsecured revolving loan facility |  | December 2030 |  | Variable |  | $ | — |  |  | $ | — |
Term Loan |  |  |  |  |  |  |  |
Senior unsecured term loan facility |  | December 2030 |  | Variable |  | 634.5 |  |  | 634.5 |
Unsecured Senior Notes |  |  |  |  |  |  |  |
Senior notes due 2026 |  | December 2026 |  | 2.670% |  | 1,000.0 |  |  | 1,000.0 |
Senior notes due 2028 |  | April 2028 |  | 4.250% |  | 600.0 |  |  | 600.0 |
Senior notes due 2028 |  | December 2028 |  | 3.276% |  | 500.0 |  |  | 500.0 |
Senior notes due 2029 |  | February 2029 |  | 3.250% |  | 700.0 |  |  | 700.0 |
Senior notes due 2030 |  | March 2030 |  | 5.100% |  | 600.0 |  |  | 600.0 |
Senior notes due 2031 |  | December 2031 |  | 3.569% |  | 1,000.0 |  |  | 1,000.0 |
Senior notes due 2034 |  | August 2034 |  | 5.550% |  | 600.0 |  |  | 600.0 |
Total unsecured senior notes |  |  |  |  |  | 5,000.0 |  |  | 5,000.0 |
Receivable financing liability |  |  |  |  |  | 25.9 |  |  | 15.3 |
Other long-term obligations |  |  |  |  |  | 4.3 |  |  | 5.5 |
Unamortized debt issuance costs and discount |  |  |  |  |  | (23.7) |  |  | (25.5) |
Current maturities of long-term debt |  |  |  |  |  | (1,005.9) |  |  | (1,007.5) |
Total long-term debt |  |  |  |  |  | $ | 4,635.1 |  |  | $ | 4,622.3 |
As of March 31, 2026, the Company is in compliance with the covenants under its credit agreements and indentures. Senior Credit Facility The Company has a credit agreement (the “Senior Credit Facility”) consisting of a five‑year senior unsecured revolving loan facility (the “Revolving Loan Facility”) and a five‑year senior unsecured term loan facility (the “Term Loan Facility”) with a variable interest rate. The interest rate for the Senior Credit Facility is based on Secured Overnight Financing Rate (“SOFR”) plus a margin based on the Company’s senior unsecured rating. The Company can draw tranches from the Revolving Loan Facility denominated in US dollars, British pounds, Canadian dollars, or Euros. The Revolving Loan Facility is used by the Company for borrowings, issuances of letters of credit, and floorplan financing. As of March 31, 2026, the Company could have borrowed up to an additional $1.9 billion under the Revolving Loan Facility. As of March 31, 2026, the Revolving Loan Facility had $363 million reserved for the floorplan sub-facility. No mandatory payments are required on the principal amount of the Term Loan Facility until its maturity date on December 17, 2030. Unsecured Senior Notes The unsecured senior notes have a fixed interest rate, which is paid semi-annually. Receivable Financing The receivable financing liability primarily relates to proceeds from third-party financial institutions on future accounts receivable from customer contracts. While the terms of such agreements may be on a non-recourse basis, the related revenue had not been recognized and no accounts receivable existed at the time the proceeds were received. Accordingly, the proceeds from these arrangements are recognized as a liability, which is subsequently settled through collections from the related customer contracts as revenue is recognized. During the three months ended March 31, 2026, the Company received $12 million of proceeds under these agreements. Fair Value The fair values of the unsecured senior notes were estimated using quoted market prices for identical liabilities that are traded in over-the-counter secondary markets. The fair value of the Term Loan Facility was estimated using dealer quotes and other market observable inputs for comparable liabilities. The unsecured senior notes and Term Loan Facility were classified as Level 2 within the fair value hierarchy. The carrying value of the Revolving Loan Facility approximates fair value. The approximate fair values and related carrying values of the Company’s long-term debt, including current maturities and excluding unamortized discount and unamortized debt issuance costs, were as follows:
|  | March 31, 2026 |  | December 31, 2025
Fair value |  | $ | 5,483.9 |  |  | $ | 5,552.5 |
Carrying value |  | $ | 5,664.7 |  |  | $ | 5,655.3 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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