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v3.25.3

Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Debt with a contractual term less than 12 months is generally classified as short-term and consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2024
Unsecured commercial paper | $ | 684,741 |  |  | $ | 640,204 |  |  | $ | 497,373 |
Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following (in thousands):
|  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2024 |
Secured debt: |  |  |  |  |  |  |
Asset-backed Canadian commercial paper conduit facility |  | $ | 49,642 |  |  | $ | 77,381 |  |  | $ | 94,142 |  |
Asset-backed U.S. commercial paper conduit facility |  | 399,502 |  |  | 431,846 |  |  | 378,968 |  |
Asset-backed securitization debt |  | 63,107 |  |  | 1,956,383 |  |  | 2,252,468 |  |
Unamortized discounts and debt issuance costs |  | (472) |  |  | (6,245) |  |  | (7,726) |  |
|  | 511,779 |  |  | 2,459,365 |  |  | 2,717,852 |  |
|  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2024 |
Unsecured notes (at par value): |  |  |  |  |  |  |
Medium-term notes: |  |  |  |  |  |  |
Due in 2024, issued November 2019(a) | 3.14 | % | — |  |  | — |  |  | 669,864 |  |
Due in 2025, issued June 2020 | 3.35 | % | — |  |  | 700,000 |  |  | 700,000 |  |
Due in 2026, issued April 2023(b) | 6.36 | % | 821,583 |  |  | 727,104 |  |  | 781,508 |  |
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 | % | 715,951 |  |  | — |  |  | — |  |
Unamortized discounts and debt issuance costs |  | (17,741) |  |  | (13,091) |  |  | (14,800) |  |
|  | 3,219,793 |  |  | 3,114,013 |  |  | 3,836,572 |  |
Term loan: |  |  |  |  |  |  |
Due in 2027, issued July 2025 |  | 450,000 |  |  | — |  |  | — |  |
Unamortized debt issuance costs |  | (1,739) |  |  | — |  |  | — |  |
|  | 448,261 |  |  | — |  |  | — |  |
Senior notes: |  |  |  |  |  |  |
Due in 2025, issued July 2015 | 3.50 | % | — |  |  | 450,000 |  |  | 450,000 |  |
Due in 2045, issued July 2015 | 4.625 | % | 300,000 |  |  | 300,000 |  |  | 300,000 |  |
Unamortized discounts and debt issuance costs |  | (2,753) |  |  | (3,200) |  |  | (3,382) |  |
|  | 297,247 |  |  | 746,800 |  |  | 746,618 |  |
|  | 3,965,301 |  |  | 3,860,813 |  |  | 4,583,190 |  |
Long-term debt |  | 4,477,080 |  |  | 6,320,178 |  |  | 7,301,042 |  |
Current portion of long-term debt, net |  | (1,329,244) |  |  | (1,851,513) |  |  | (2,561,535) |  |
Long-term debt, net |  | $ | 3,147,836 |  |  | $ | 4,468,665 |  |  | $ | 4,739,507 |  |
(a)€600.0 million par value remeasured to U.S. dollar at September 30, 2024 (b)€700.0 million par value remeasured to U.S. dollar at September 30, 2025, December 31, 2024, and September 30, 2024, respectively (c)€610.0 million par value remeasured to U.S. dollar at September 30, 2025 Future principal payments of the Company's debt obligations as of September 30, 2025 were as follows (in thousands):
2025 | $ | 1,196,993 |
2026 | 821,583 |
2027 | 950,000 |
2028 | 700,000 |
2029 | 500,000 |
Thereafter | 1,015,950 |
Future principal payments | 5,184,526 |
Unamortized discounts and debt issuance costs | (22,705) |
| $ | 5,161,821 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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