Debt (Tables)

6 Months Ended

Jun. 30, 2026

The following is a summary of debt (dollar amounts in thousands):


	As of June 30, 2026			As of December 31, 2025
Secured revolving credit facility(A)	$	718,544		$	638,063
Secured term loan		200,000			200,000
British pound sterling secured term loan due 2034(B)		837,335			850,784
0.993% Senior Unsecured Notes due 2026(B)		571,100			587,300
5.000% Senior Unsecured Notes due 2027		1,400,000			1,400,000
3.692% Senior Unsecured Notes due 2028(B)		795,720			808,500
4.625% Senior Unsecured Notes due 2029		900,000			900,000
3.375% Senior Unsecured Notes due 2030(B)		464,170			471,625
3.500% Senior Unsecured Notes due 2031		1,300,000			1,300,000
7.000% Senior Secured Notes due 2032(B)		1,142,200			1,174,600
8.500% Senior Secured Notes due 2032		1,500,000			1,500,000
	$	9,829,069		$	9,830,872
Debt issue costs and discount, net		(124,073	)		(133,037	)
	$	9,704,996		$	9,697,835

(A)

Includes €100 million and €100 million of Euro-denominated borrowings and CHF 52 million and CHF 52 million of Swiss franc-denominated borrowings that reflect the applicable exchange rates at June 30, 2026 and December 31, 2025, respectively.

(B)

Non-U.S. dollar denominated debt reflects the exchange rates at June 30, 2026 and December 31, 2025.

Principal Payments Due on Debt

As of June 30, 2026, principal payments due on our debt (which exclude the effects of any discounts, premiums, or debt issue costs recorded) are as follows (amounts in thousands):


2026	$	1,289,644	(1)
2027		1,600,000	(1)
2028		795,720
2029		900,000
2030		464,170
Thereafter		4,779,535
Total	$	9,829,069

(1)

Over the next 12 months, approximately $1.5 billion of debt is scheduled to mature. This includes the balance of the revolving portion of our Credit Facility of approximately $719 million (of which we have reduced by approximately $245 million through August 10, 2026), the term loan portion of our Credit Facility, and our 0.993% Senior Unsecured Notes due 2026. See "Credit Facility" subheading below and Note 12 “Subsequent Events” for updates on these maturities.