v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt With Contractual Term Less Than One Year
Debt with a contractual term less than 12 months is generally classified as short-term and consisted of the following at December 31 (in thousands):
20252024
Unsecured commercial paper$497,776 $640,204 
Schedule of Debt With a Contractual Term Greater Than One Year
Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following at December 31 (in thousands):
20252024
Secured debt:
Asset-backed Canadian commercial paper conduit facility$— $77,381 
Asset-backed U.S. commercial paper conduit facility— 431,846 
Asset-backed securitization debt— 1,956,383 
Unamortized discounts and debt issuance costs— (6,245)
— 2,459,365 
20252024
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 %821,814 727,104 
Due in 2027, issued February 20223.05 %500,000 500,000 
Due in 2028, issued March 20236.50 %— 700,000 
Due in 2029, issued June 20245.95 %144,903 500,000 
Due in 2030, issued March 2025(b)
5.61 %716,152 — 
Unamortized discounts and debt issuance costs(10,906)(13,091)
2,171,963 3,114,013 
Senior notes:
Due in 2025, issued July 2015
3.50%
— 450,000 
Due in 2045, issued July 2015
4.625%
300,000 300,000 
Unamortized discounts and debt issuance costs(2,722)(3,200)
297,278 746,800 
2,469,241 3,860,813 
Long-term debt2,469,241 6,320,178 
Current portion of long-term debt, net(819,629)(1,851,513)
Long-term debt, net$1,649,612 $4,468,665 
(a)€700.0 million par value remeasured to U.S. dollar at December 31, 2025 and 2024, respectively.
(b)€610.0 million par value remeasured to U.S. dollar at December 31, 2025.
Schedule of Maturities of Long-term Debt
Future principal payments of the Company's debt obligations as of December 31, 2025 were as follows (in thousands): 
2026$1,319,590 
2027500,000 
2028— 
2029144,903 
2030716,152 
Thereafter300,000 
Future principal payments$2,980,645 
Unamortized discounts and debt issuances costs(13,628)
$2,967,017