v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
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):
March 31,
2026		December 31,
2025		March 31,
2025
Unsecured commercial paper$498,685 $497,776 $498,500 
Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following (in thousands): 
March 31,
2026		December 31,
2025		March 31,
2025
Secured debt:
Asset-backed Canadian commercial paper conduit facility$— $— $68,275 
Asset-backed U.S. commercial paper conduit facility— — 531,260 
Asset-backed securitization debt— — 1,663,711 
Unamortized discounts and debt issuance costs— — (4,966)
— — 2,258,280 
Unsecured notes (at par value):
Medium-term notes:
Due in 2025, issued June 20203.35 %— — 700,000 
Due in 2026, issued April 2023(a)
6.36 %— 821,814 758,051 
Due in 2027, issued February 20223.05 %500,000 500,000 500,000 
Due in 2028, issued March 20236.50 %— — 700,000 
Due in 2029, issued June 20245.95 %144,903 144,903 500,000 
Due in 2030, issued March 2025(b)
5.61 %700,487 716,152 660,587 
Unamortized discounts and debt issuance costs(9,588)(10,906)(21,538)
1,335,802 2,171,963 3,797,100 
Senior notes:
Due in 2025, issued July 20153.50 %— — 450,000 
Due in 2045, issued July 20154.625 %300,000 300,000 300,000 
Unamortized discounts and debt issuance costs(2,691)(2,722)(3,019)
297,309 297,278 746,981 
1,633,111 2,469,241 4,544,081 
Long-term debt1,633,111 2,469,241 6,802,361 
Current portion of long-term debt, net(498,246)(819,629)(1,839,100)
Long-term debt, net$1,134,865 $1,649,612 $4,963,261 

(a)€700.0 million par value remeasured to U.S. dollar at December 31, 2025 and March 31, 2025, respectively
(b)€610.0 million par value remeasured to U.S. dollar at March 31, 2026, December 31, 2025, and March 31, 2025, respectively
Future principal payments of the Company's debt obligations as of March 31, 2026 were as follows (in thousands):
2026$498,685 
2027500,000 
2028— 
2029144,903 
2030700,487 
Thereafter300,000 
Future principal payments2,144,075 
Unamortized discounts and debt issuance costs(12,279)
$2,131,796 

Unsecured Note Redemptions - During March 2026, the Company redeemed its €700.0 million 6.36% medium-term notes due 2026 prior to the notes' maturity resulting in a $0.3M loss on extinguishment, which included unamortized discounts and fees, within Financial services interest expense on the Consolidated statements of operations.