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LONG-TERM DEBT AND LINES OF CREDIT | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
LONG-TERM DEBT AND LINES OF CREDIT | LONG-TERM DEBT AND LINES OF CREDIT As of March 31, 2026 and December 31, 2025, long-term debt consisted of the following:
| March 31, 2026 |  | December 31, 2025
| (in thousands)
1.200% senior notes due March 1, 2026 | $ | — |  |  | $ | 1,099,681 |
4.800% senior notes due April 1, 2026 | 750,000 |  |  | 752,825 |
2.150% senior notes due January 15, 2027 | 749,062 |  |  | 748,697 |
4.950% senior notes due August 15, 2027 | 498,651 |  |  | 498,406 |
4.550% senior notes due March 15, 2028 | 497,275 |  |  | — |
4.450% senior notes due June 1, 2028 | 459,520 |  |  | 460,619 |
4.500% senior notes due November 15, 2028 | 1,739,882 |  |  | 1,738,918 |
3.200% senior notes due August 15, 2029 | 1,244,684 |  |  | 1,244,291 |
5.300% senior notes due August 15, 2029 | 497,637 |  |  | 497,462 |
2.900% senior notes due May 15, 2030 | 995,171 |  |  | 994,879 |
4.875% senior notes due November 15, 2030 | 1,686,103 |  |  | 1,685,351 |
2.900% senior notes due November 15, 2031 | 745,281 |  |  | 745,072 |
5.400% senior notes due August 15, 2032 | 744,758 |  |  | 744,552 |
5.200% senior notes due November 15, 2032 | 990,538 |  |  | 990,181 |
5.400% senior notes due March 15, 2033 | 495,223 |  |  | — |
5.550% senior notes due November 15, 2035 | 1,729,572 |  |  | 1,730,061 |
4.150% senior notes due August 15, 2049 | 741,661 |  |  | 741,572 |
5.950% senior notes due August 15, 2052 | 739,474 |  |  | 739,374 |
4.875% senior notes due March 17, 2031 | 917,694 |  |  | 932,686 |
1.000% convertible notes due August 15, 2029 | 1,472,096 |  |  | 1,470,029 |
1.500% convertible notes due March 1, 2031 | 1,976,615 |  |  | 1,975,407 |
Revolving credit facility | 1,598,000 |  |  | 1,515,000 |
Commercial paper notes | 1,077,513 |  |  | — |
Finance lease liabilities | 21,402 |  |  | 21,267 |
Other borrowings | 198,988 |  |  | 135,974 |
Total long-term debt | 22,566,800 |  |  | 21,462,304 |
Less current portion | 1,582,335 |  |  | 1,920,792 |
Long-term debt, excluding current portion | $ | 20,984,465 |  |  | $ | 19,541,512 |
The carrying amounts of our senior notes and convertible notes in the table above are presented net of unamortized discount and unamortized debt issuance costs, as applicable. At March 31, 2026, the unamortized discount on senior notes and convertible notes was $73.1 million, and unamortized debt issuance costs on senior notes and convertible notes were $89.8 million. At December 31, 2025, the unamortized discount on senior notes and convertible notes was $71.6 million, and unamortized debt issuance costs on senior notes and convertible notes were $91.5 million. The portion of unamortized debt issuance costs related to revolving credit facilities is included in other noncurrent assets in our consolidated balance sheets. At March 31, 2026 and December 31, 2025, unamortized debt issuance costs on the unsecured revolving credit facility were $19.5 million and $20.7 million, respectively. At March 31, 2026, future maturities of long-term debt (excluding finance lease liabilities) were as follows by year (in thousands):
Year Ending December 31, |
Remainder of 2026 | $ | 789,536 |
2027 | 1,381,111 |
2028 | 2,725,750 |
2029 | 3,250,130 |
2030 | 5,376,185 |
2031 | 3,674,248 |
2032 and thereafter | 5,500,000 |
Total | $ | 22,696,960 |
Senior Notes On March 5, 2026, we issued $1.0 billion aggregate principal amount of senior unsecured notes consisting of the following: (i) $500.0 million aggregate principal amount of 4.550% senior notes due March 2028 and (ii) $500.0 million aggregate principal amount of 5.400% senior notes due March 2033. We incurred debt issuance costs of $7.7 million, including underwriting fees, professional services fees and registration fees, which were capitalized and reflected as a reduction of the related carrying amount of the notes in our consolidated balance sheet. Interest on the senior unsecured notes is payable semi-annually on March 15 and September 15 of each year, commencing September 15, 2026. The notes are unsecured and unsubordinated indebtedness and rank equally in right of payment with all of our other outstanding unsecured and unsubordinated indebtedness. We used the net proceeds from this offering to repay outstanding indebtedness and for general corporate purposes. On November 14, 2025, we issued $6.2 billion aggregate principal amount of senior unsecured notes consisting of the following: (i) $1.75 billion aggregate principal amount of 4.500% senior notes due November 2028; (ii) $1.7 billion aggregate principal amount of 4.875% senior notes due November 2030; (iii) $1.0 billion aggregate principal amount of 5.200% senior notes due November 2032; and (iv) $1.75 billion aggregate principal amount of 5.550% senior notes due November 2035. Interest on the senior unsecured notes is payable semi-annually on May 15 and November 15 of each year, commencing May 15, 2026. The debt issuance was completed in connection with the acquisition of Worldpay. Convertible Notes 1.500% Convertible Notes due March 1, 2031 We have $2.0 billion in aggregate principal amount of 1.500% convertible unsecured senior notes due March 2031 that were issued in 2024 through a private placement. The net proceeds from this offering were approximately $1.97 billion reflecting debt issuance costs of $33.5 million, which were capitalized and reflected as a reduction of the related carrying amount of the convertible notes in our consolidated balance sheets. Interest on the convertible notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024, to the holders of record on the preceding February 15 and August 15, respectively. 1.000% Convertible Notes due August 15, 2029 We also have $1.5 billion in aggregate principal amount of 1.000% convertible unsecured senior notes due August 2029 that were issued in 2022 in a private placement pursuant to an investment agreement with Silver Lake Partners. Interest on the convertible notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2023, to the holders of record on the preceding February 1 and August 1, respectively. The convertible notes mature on August 15, 2029, subject to earlier conversion or repurchase. The notes, which are currently convertible, are presented within long-term debt in our consolidated balance sheets based on our intent and ability to refinance on a long-term basis should a conversion event occur. Revolving Credit Facility On May 15, 2025, we entered into a credit agreement with a syndicate of financial institutions as lenders and agents. The credit agreement provides for an unsubordinated unsecured $7.25 billion revolving credit facility (the "Revolving Credit Facility"), of which (a) $5.75 billion was made available on May 15, 2025 and (b) an additional $1.5 billion was made available upon the closing of the acquisition of Worldpay. Commitments under the Revolving Credit Facility may be increased to an aggregate amount not to exceed $7.5 billion. The Revolving Credit Facility matures in May 2030 and provides for up to two one-year maturity extensions. Borrowings under the Revolving Credit Facility may be repaid prior to maturity without premium or penalty, subject to payment of certain customary expenses of lenders and customary notice provisions. The Revolving Credit Facility replaced our previous unsubordinated unsecured $5.75 billion revolving credit facility (the "Prior Credit Facility"), dated as of August 19, 2022, as amended, which was scheduled to mature in August 2027. In May 2025, all borrowings outstanding under the Prior Credit Facility were either repaid or continued under the Revolving Credit Facility pursuant to the terms of the new credit agreement. The Prior Credit Facility was terminated in connection with the execution of the Revolving Credit Facility. As of March 31, 2026, there were borrowings of $1.6 billion outstanding under the revolving credit facility with an interest rate of 5.1%, and the total available commitments under the revolving credit facility were $4.6 billion. Committed Bridge Financing On April 17, 2025, in connection with our entry into the definitive agreement to acquire Worldpay, we obtained $7.7 billion in committed bridge financing, which was subsequently reduced to $6.2 billion on May 15, 2025 in connection with the entry into the Revolving Credit Facility. We terminated our bridge facility on November 14, 2025. Commercial Paper We have a $2.0 billion commercial paper program under which we may issue senior unsecured commercial paper notes with maturities of up to 397 days from the date of issue. Commercial paper notes are expected to be issued at a discount from par, or they may bear interest, each at commercial paper market rates dictated by market conditions at the time of their issuance. The proceeds from issuances of commercial paper notes will be used primarily for general corporate purposes but may also be used for acquisitions, to pay dividends, for debt refinancing or for other purposes. As of March 31, 2026, we had net borrowings under our commercial paper program of $1,077.5 million outstanding, presented within long-term debt in our consolidated balance sheet based on our intent and ability to continually refinance on a long-term basis, with a weighted average annual interest rate of 4.3%. The commercial paper program is backstopped by our credit agreement, in that the amount of commercial paper notes outstanding cannot exceed the undrawn portion of our revolving credit facility. As such, we could draw on the revolving credit facility to repay commercial paper notes that cannot be rolled over or refinanced with similar debt. Fair Value of Long-Term Debt As of March 31, 2026, our senior notes had a total carrying amount of $16.2 billion and an estimated fair value of $14.7 billion. As of March 31, 2026, our 1.500% convertible notes due March 1, 2031 had a total carrying amount of $2.0 billion and an estimated fair value of $1.8 billion. The estimated fair values of our senior notes and 1.500% convertible senior notes were based on quoted market prices in active markets and are considered to be Level 1 measurements of the fair value hierarchy. As of March 31, 2026, our 1.000% convertible notes due August 15, 2029 had a total carrying amount of $1.5 billion and an estimated fair value of $1.4 billion. The estimated fair value of our 1.000% convertible notes was based on a lattice pricing model and is considered to be a Level 3 measurement of the fair value hierarchy. The fair value of other long-term debt approximated its carrying amount at March 31, 2026. Compliance with Covenants The convertible notes include customary covenants and events of default for convertible notes of this type. The revolving credit facility agreement contains customary affirmative covenants and restrictive covenants, including, among others, financial covenants based on net leverage and interest coverage ratios, and customary events of default. As of March 31, 2026, the required leverage ratio was 4.50 to 1.00. We were in compliance with all applicable covenants as of March 31, 2026. Interest Expense Interest expense was $239.2 million and $144.8 million for the three months ended March 31, 2026 and 2025, respectively. Subsequent Event On April 21, 2026, we entered into a term loan agreement with a syndicate of financial institutions as lenders and agents. The term loan agreement provides for a senior unsecured $1.0 billion term loan facility due April 21, 2028 bearing interest at a one-month Secured Overnight Financing Rate ("SOFR") plus 1.05%. Borrowings under the term loan facility may be repaid prior to maturity without premium or penalty, subject to payment of certain customary expenses of lenders and customary notice provisions.

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