Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt with a contractual term less than 12 months is generally classified as short-term and consisted of the following (in thousands):


	June 30, 2026		December 31, 2025		June 30, 2025
Unsecured commercial paper	$	613,141	$	497,776	$	503,353

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, 2026		December 31, 2025		June 30, 2025
Secured debt:
Asset-backed Canadian commercial paper conduit facility	$	—	$	—	$	60,761
Asset-backed U.S. commercial paper conduit facility	—		—		461,477
Asset-backed securitization debt	—		—		1,872,229
Unamortized discounts and debt issuance costs	—		—		(6,015)
	—		—		2,388,452


			June 30, 2026		December 31, 2025		June 30, 2025
Unsecured notes (at par value):
Medium-term notes:



Due in 2026, issued April 2023(a)	6.36	%	—		821,814		820,393
Due in 2027, issued February 2022	3.05	%	500,000		500,000		500,000
Due in 2028, issued March 2023	6.50	%	—		—		700,000
Due in 2029, issued June 2024	5.95	%	144,903		144,903		500,000
Due in 2030, issued March 2025(b)	5.61	%	695,870		716,152		714,914
Unamortized discounts and debt issuance costs			(8,802)		(10,906)		(19,542)
			1,331,971		2,171,963		3,215,765
Senior notes:
Due in 2025, issued July 2015	3.50	%	—		—		450,000
Due in 2045, issued July 2015	4.625	%	300,000		300,000		300,000
Unamortized discounts and debt issuance costs			(2,658)		(2,722)		(2,836)
			297,342		297,278		747,164
			1,629,313		2,469,241		3,962,929
Long-term debt			1,629,313		2,469,241		6,351,381
Current portion of long-term debt, net			(498,466)		(819,629)		(1,983,828)
Long-term debt, net			$	1,130,847	$	1,649,612	$	4,367,553

(a)€700.0 million par value remeasured to U.S. dollar at December 31, 2025 and June 30, 2025, respectively

(b)€610.0 million par value remeasured to U.S. dollar at June 30, 2026, December 31, 2025, and June 30, 2025, respectively

Schedule of Maturities of Long-term Debt

Future principal payments of the Company's debt obligations as of June 30, 2026 were as follows (in thousands):


2026	$	613,141
2027	500,000
2028	—
2029	144,903
2030	695,870
Thereafter	300,000
Future principal payments	2,253,914
Unamortized discounts and debt issuance costs	(11,460)
	$	2,242,454

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details