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v3.25.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | Debt with a contractual term less than 12 months is generally classified as short-term and consisted of the following (in thousands):
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Unsecured commercial paper | $ | 498,500 |  |  | $ | 640,204 |  |  | $ | 938,719 |
Schedule of Long-term Debt Instruments | Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following (in thousands):
|  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024 |
Secured debt: |  |  |  |  |  |  |
Asset-backed Canadian commercial paper conduit facility |  | $ | 68,275 |  |  | $ | 77,381 |  |  | $ | 88,333 |  |
Asset-backed U.S. commercial paper conduit facility |  | 531,260 |  |  | 431,846 |  |  | 502,521 |  |
Asset-backed securitization debt |  | 1,663,711 |  |  | 1,956,383 |  |  | 1,650,452 |  |
Unamortized discounts and debt issuance costs |  | (4,966) |  |  | (6,245) |  |  | (5,826) |  |
|  | 2,258,280 |  |  | 2,459,365 |  |  | 2,235,480 |  |
Unsecured notes (at par value): |  |  |  |  |  |  |
Medium-term notes: |  |  |  |  |  |  |
Due in 2024, issued November 2019(a) | 3.14 | % | — |  |  | — |  |  | 647,592 |  |
Due in 2025, issued June 2020 | 3.35 | % | 700,000 |  |  | 700,000 |  |  | 700,000 |  |
Due in 2026, issued April 2023(b) | 6.36 | % | 758,051 |  |  | 727,104 |  |  | 755,524 |  |
Due in 2027, issued February 2022 | 3.05 | % | 500,000 |  |  | 500,000 |  |  | 500,000 |  |
Due in 2028, issued March 2023 | 6.50 | % | 700,000 |  |  | 700,000 |  |  | 700,000 |  |
Due in 2029, issued June 2024 | 5.95 | % | 500,000 |  |  | 500,000 |  |  | — |  |
Due in 2030, issued March 2025(c) | 5.61 | % | 660,587 |  |  | — |  |  | — |  |
Unamortized discounts and debt issuance costs |  | (21,538) |  |  | (13,091) |  |  | (14,123) |  |
|  | 3,797,100 |  |  | 3,114,013 |  |  | 3,288,993 |  |
Senior notes: |  |  |  |  |  |  |
Due in 2025, issued July 2015 | 3.50 | % | 450,000 |  |  | 450,000 |  |  | 450,000 |  |
Due in 2045, issued July 2015 | 4.625 | % | 300,000 |  |  | 300,000 |  |  | 300,000 |  |
Unamortized discounts and debt issuance costs |  | (3,019) |  |  | (3,200) |  |  | (3,742) |  |
|  | 746,981 |  |  | 746,800 |  |  | 746,258 |  |
|  | 4,544,081 |  |  | 3,860,813 |  |  | 4,035,251 |  |
Long-term debt |  | 6,802,361 |  |  | 6,320,178 |  |  | 6,270,731 |  |
Current portion of long-term debt, net |  | (1,839,100) |  |  | (1,851,513) |  |  | (1,281,840) |  |
Long-term debt, net |  | $ | 4,963,261 |  |  | $ | 4,468,665 |  |  | $ | 4,988,891 |  |
(a)€600.0 million par value remeasured to U.S. dollar at March 31, 2024 (b)€700.0 million par value remeasured to U.S. dollar at March 31, 2025, December 31, 2024, and March 31, 2024, respectively (c)€610.0 million par value remeasured to U.S. dollar at March 31, 2025
Schedule of Maturities of Long-term Debt | Future principal payments of the Company's debt obligations as of March 31, 2025 were as follows (in thousands):
2025 | $ | 2,148,647 |
2026 | 1,412,325 |
2027 | 1,045,874 |
2028 | 1,163,047 |
2029 | 599,904 |
Thereafter | 960,587 |
Future principal payments | 7,330,384 |
Unamortized discounts and debt issuance costs | (29,523) |
| $ | 7,300,861 |

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