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v3.25.2

Debt (Tables) | 6 Months Ended
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Jun. 30, 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):
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2024
Unsecured commercial paper | $ | 503,353 |  |  | $ | 640,204 |  |  | $ | 497,792 |
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):
|  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2024 |
Secured debt: |  |  |  |  |  |  |
Asset-backed Canadian commercial paper conduit facility |  | $ | 60,761 |  |  | $ | 77,381 |  |  | $ | 91,379 |  |
Asset-backed U.S. commercial paper conduit facility |  | 461,477 |  |  | 431,846 |  |  | 435,930 |  |
Asset-backed securitization debt |  | 1,872,229 |  |  | 1,956,383 |  |  | 1,928,141 |  |
Unamortized discounts and debt issuance costs |  | (6,015) |  |  | (6,245) |  |  | (6,733) |  |
|  | 2,388,452 |  |  | 2,459,365 |  |  | 2,448,717 |  |
|  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2024 |
Unsecured notes (at par value): |  |  |  |  |  |  |
Medium-term notes: |  |  |  |  |  |  |
Due in 2024, issued November 2019(a) | 3.14 | % | — |  |  | — |  |  | 642,786 |  |
Due in 2025, issued June 2020 | 3.35 | % | — |  |  | 700,000 |  |  | 700,000 |  |
Due in 2026, issued April 2023(b) | 6.36 | % | 820,393 |  |  | 727,104 |  |  | 749,917 |  |
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 |  |  | 500,000 |  |
Due in 2030, issued March 2025(c) | 5.61 | % | 714,914 |  |  | — |  |  | — |  |
Unamortized discounts and debt issuance costs |  | (19,542) |  |  | (13,091) |  |  | (16,643) |  |
|  | 3,215,765 |  |  | 3,114,013 |  |  | 3,776,060 |  |
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 |  | (2,836) |  |  | (3,200) |  |  | (3,562) |  |
|  | 747,164 |  |  | 746,800 |  |  | 746,438 |  |
|  | 3,962,929 |  |  | 3,860,813 |  |  | 4,522,498 |  |
Long-term debt |  | 6,351,381 |  |  | 6,320,178 |  |  | 6,971,215 |  |
Current portion of long-term debt, net |  | (1,983,828) |  |  | (1,851,513) |  |  | (2,021,344) |  |
Long-term debt, net |  | $ | 4,367,553 |  |  | $ | 4,468,665 |  |  | $ | 4,949,871 |  |
(a)€600.0 million par value remeasured to U.S. dollar at June 30, 2024 (b)€700.0 million par value remeasured to U.S. dollar at June 30, 2025, December 31, 2024, and June 30, 2024, respectively (c)€610.0 million par value remeasured to U.S. dollar at June 30, 2025
Schedule of Maturities of Long-term Debt | Future principal payments of the Company's debt obligations as of June 30, 2025 were as follows (in thousands):
2025 | $ | 1,296,133 |
2026 | 1,485,209 |
2027 | 1,098,767 |
2028 | 1,243,632 |
2029 | 714,210 |
Thereafter | 1,045,176 |
Future principal payments | 6,883,127 |
Unamortized discounts and debt issuance costs | (28,393) |
| $ | 6,854,734 |

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