Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Debt

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

	As of December 31, 2025			As of December 31, 2024
Secured revolving credit facility(A)	$	638,063		$	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)		850,784			790,234
3.325% Senior Unsecured Notes due 2025(B)		—			517,700
0.993% Senior Unsecured Notes due 2026(B)		587,300			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)		808,500			750,960
4.625% Senior Unsecured Notes due 2029		900,000			900,000
3.375% Senior Unsecured Notes due 2030(B)		471,625			438,060
3.500% Senior Unsecured Notes due 2031		1,300,000			1,300,000
7.000% Senior Secured Notes due 2032(B)		1,174,600			—
8.500% Senior Secured Notes due 2032		1,500,000			—
	$	9,830,872		$	8,919,219
Debt issue costs and discount, net		(133,037	)		(71,107	)
	$	9,697,835		$	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 December 31, 2025 and December 31, 2024, respectively.

(B)Non-U.S. dollar denominated debt that reflects the exchange rates at period-end.

Principal Payments Due on Debt

As of December 31, 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):

2026	$	1,225,363	(1)
2027		1,600,000
2028		808,500
2029		900,000
2030		471,625
Thereafter		4,825,384
Total	$	9,830,872

(1)$638 million (of which approximately $200 million was repaid in January 2026) represents the outstanding balance of the revolving portion of our credit facility for which we have provided notice of our intent to extend to 2027 - see "Credit Facility" subheading for further details.

Basic Terms of Senior Notes

The following are the basic terms of our senior notes at December 31, 2025 (par value amounts in thousands):

	Offering Completion Date	Maturity Date	Par Value		% of Par Value			Interest Payment Frequency
0.993% Senior Unsecured Notes due 2026	October 6, 2021	October 15, 2026	€	500,000		100.000	%	Annually
5.000% Senior Unsecured Notes due 2027	September 21, 2017	October 15, 2027	$	1,400,000		100.000	%	Semi-annually
3.692% Senior Unsecured Notes due 2028	December 5, 2019	June 5, 2028	£	600,000		99.998	%	Annually
4.625% Senior Unsecured Notes due 2029	July 26, 2019	August 1, 2029	$	900,000		99.500	%	Semi-annually
3.375% Senior Unsecured Notes due 2030	March 24, 2021	April 24, 2030	£	350,000		99.448	%	Annually
3.500% Senior Unsecured Notes due 2031	December 4, 2020	March 15, 2031	$	1,300,000		100.000	%	Semi-annually
7.000% Senior Secured Notes due 2032	February 13, 2025	February 15, 2032	€	1,000,000		98.645	%	Semi-annually
8.500% Senior Secured Notes due 2032	February 13, 2025	February 15, 2032	$	1,500,000		98.710	%	Semi-annually