v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Borrowings
Our borrowings consisted of the following (in thousands):

Type of BorrowingDate of IssuanceMaturityAs of December 31, 2025As of December 31, 2024
Senior Unsecured Notes:
$1,000,000, 1.20% (issued at 98.875% of par)
9/20209/2025$— $1,000,000 
$1,000,000, 1.75% (issued at 98.284% of par)
9/20209/20271,000,000 1,000,000 
$500,000, 5.15% (issued at 98.758% of par)
6/20249/2029500,000 500,000 
$1,000,000, 2.20% (issued at 97.760% of par)
9/20209/20301,000,000 1,000,000 
$600,000, 4.45% (issued at 98.909% of par)
9/20253/2031600,000 — 
$600,000, 2.15% (issued at 98.263% of par)
7/20219/2031600,000 600,000 
$500,000, 5.40% (issued at 97.872% of par)
6/20249/2034500,000 500,000 
$900,000, 5.20% (issued at 97.989% of par)
9/20259/2035900,000 — 
$1,000,000, 3.30% (issued at 95.556% of par)
9/20209/20401,000,000 1,000,000 
$1,000,000, 3.55% (issued at 95.306% of par)
9/20209/20501,000,000 1,000,000 
$700,000, 3.35% (issued at 97.565% of par)
7/20219/2051700,000 700,000 
$500,000, 5.90% (issued at 97.617% of par)
6/20249/2054500,000 500,000
$500,000, 5.95% (issued at 95.824% of par)
9/20259/2055500,000 —
Term LoanSee below7/2026380,000 —
Unamortized debt discount and issuance costs(229,083)(187,574)
Total debt carrying value8,950,917 7,612,426
Less: Current portion of long-term debt(380,000)(997,773)
Total long-term debt$8,570,917 $6,614,653 
Summary of Repayments of Debt by Year
The future principal payments for our borrowings as of December 31, 2025 are as follows (in thousands):

YearPrincipal Payments
2026$380,000 
20271,000,000 
2028—
2029500,000
20301,000,000
Thereafter6,300,000
Total(1)
$9,180,000 
(1)Excludes unamortized debt discount and issuance costs of $229.1 million as of December 31, 2025, which are amortized through interest expense over the remaining life of the underlying debt obligations.