Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Summary of Debt

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

	As of September 30, 2025			As of December 31, 2024
Secured revolving credit facility(A)	$	567,631		$	361,726
Secured term loan		200,000			200,000
British pound sterling term loan due 2025(B)		—			617,039
British pound sterling secured term loan due 2034(B)		848,953			790,234
3.325% Senior Unsecured Notes due 2025(B)		—			517,700
0.993% Senior Unsecured Notes due 2026(B)		586,700			517,700
2.500% Senior Unsecured Notes due 2026(B)		—			625,800
5.250% Senior Unsecured Notes due 2026		—			500,000
5.000% Senior Unsecured Notes due 2027		1,400,000			1,400,000
3.692% Senior Unsecured Notes due 2028(B)		806,760			750,960
4.625% Senior Unsecured Notes due 2029		900,000			900,000
3.375% Senior Unsecured Notes due 2030(B)		470,610			438,060
3.500% Senior Unsecured Notes due 2031		1,300,000			1,300,000
7.000% Senior Secured Notes due 2032(B)		1,173,400			—
8.500% Senior Secured Notes due 2032		1,500,000			—
	$	9,754,054		$	8,919,219
Debt issue costs and discount, net		(137,878	)		(71,107	)
	$	9,616,176		$	8,848,112

(A)Includes €100 million and €303 million of Euro-denominated borrowings and CHF 52 million and CHF - million of Swiss franc-denominated borrowings that reflect the applicable exchange rates at September 30, 2025 and December 31, 2024, respectively.

(B)Non-U.S. dollar denominated debt reflects the exchange rates at September 30, 2025 and December 31, 2024.

Principal Payments Due on Debt

As of September 30, 2025, 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):

2025	$	—
2026		1,154,331	(1)
2027		1,600,000
2028		806,760
2029		900,000
Thereafter		5,292,963
Total	$	9,754,054

(1)$568 million (of which approximately $200 million was repaid in October 2025) represents the outstanding balance of our revolving credit facility for which we have provided notice of our intent to extend to 2027 - see "Credit Facility" subheading for further details.