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Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
June 30, 2026December 31, 2025
Maturity DateInterest RateAmountAmount
Credit Facility
Senior unsecured revolving loan facilityDecember 2030Variable$175.0 $— 
Term Loan
Senior unsecured term loan facilityDecember 2030Variable634.5 634.5 
Unsecured Senior Notes
Senior notes due 2026December 20262.670%1,000.0 1,000.0 
Senior notes due 2028April 20284.250%600.0 600.0 
Senior notes due 2028December 20283.276%500.0 500.0 
Senior notes due 2029February 20293.250%700.0 700.0 
Senior notes due 2030March 20305.100%600.0 600.0 
Senior notes due 2031December 20313.569%1,000.0 1,000.0 
Senior notes due 2034August 20345.550%600.0 600.0 
Total unsecured senior notes5,000.0 5,000.0 
Receivable financing liability25.9 15.3 
Other long-term obligations3.5 5.5 
Unamortized debt issuance costs and discount(21.9)(25.5)
Current maturities of long-term debt(1,008.9)(1,007.5)
Total long-term debt$4,808.1 $4,622.3 
As of June 30, 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 the 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 June 30, 2026, the Company could have borrowed up to an additional $1.7 billion under the Revolving Loan Facility. As of June 30, 2026, the Revolving Loan Facility had $393 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 six months ended June 30, 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:
June 30, 2026December 31, 2025
Fair value$5,681.8 $5,552.5 
Carrying value$5,838.9 $5,655.3