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v3.25.3

Debt (Tables) | 9 Months Ended
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Sep. 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):
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2024
Unsecured commercial paper | $ | 684,741 |  |  | $ | 640,204 |  |  | $ | 497,373 |
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):
|  | 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
Schedule of Maturities of Long-term Debt | 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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