Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

Following is a summary of the Company’s debt:

(in thousands)	Maturity Date	Interest Rate	Interest Paid	Public / Nonpublic	December 31, 2025		December 31, 2024
Senior bonds (the “2025 Senior Bonds”)(1)	11/25/2025	3.800%	Semi-annually	Public	$	—	$	350,000
Senior notes(2)	10/10/2026	3.930%	Quarterly	Nonpublic	100,000		100,000
Term loan facility (the “Three-Year Term Loan Facility”)(3)	12/8/2028	Variable	Monthly	Nonpublic	900,000		—
Senior bonds (the “2029 Senior Bonds”)(4)	6/1/2029	5.250%	Semi-annually	Public	700,000		700,000
Revolving credit facility(5)	6/10/2029	Variable	Varies	Nonpublic	—		—
Senior notes	3/21/2030	3.960%	Quarterly	Nonpublic	150,000		150,000
Term loan facility (the “Five-Year Term Loan Facility”)(3)	12/6/2030	Variable	Monthly	Nonpublic	450,000		—
Senior bonds (the “2034 Senior Bonds”)(6)	6/1/2034	5.450%	Semi-annually	Public	500,000		500,000
Unamortized discount on senior bonds(1)(4)(6)	Various				(1,201)		(1,482)
Debt issuance costs					(12,790)		(12,170)
Total debt					2,786,009		1,786,348
Less: Current portion of debt(1)(2)					100,000		349,699
Total long-term debt					$	2,686,009	$	1,436,649

(1)The 2025 Senior Bonds were issued at 99.975% of par. The 2025 Senior Bonds were fully repaid during the fourth quarter of 2025.

(2)As of December 31, 2025, the senior notes maturing in 2026 were classified as current portion of debt in the consolidated balance sheets.

(3)The Term Loan Facilities (as defined below) were issued in connection with the financing of the Repurchase, as further discussed in Note 2.

(4)The 2029 Senior Bonds were issued at 99.843% of par.

(5)The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million. The Company currently believes all banks participating in the revolving credit facility have the ability to and will meet any funding requests from the Company.

(6)The 2034 Senior Bonds were issued at 99.893% of par.

The principal maturities of debt outstanding on December 31, 2025 were as follows:

(in thousands)	Debt Maturities
2026	$	100,000
2027	—
2028	900,000
2029	700,000
2030	600,000
Thereafter	500,000
Total debt	$	2,800,000

The Company mitigates its financing risk by using multiple financial institutions and only entering into credit arrangements with institutions with investment grade credit ratings. The Company monitors counterparty credit ratings on an ongoing basis.

The Company entered into the Bridge Facility, dated as of November 7, 2025, providing for a 364-day senior unsecured bridge term loan facility in an aggregate principal amount of $1.20 billion to fund the Repurchase. Also on November 7, 2025, the Company borrowed $1.20 billion under the Bridge Facility, the full amount available under the Bridge Facility.

On December 8, 2025, the Company entered into a term loan agreement, providing for (i) the Three-Year Term Loan Facility, a senior unsecured term loan facility in the aggregate principal amount of up to $900 million, maturing on December 8, 2028 and (ii) the Five-Year Term Loan Facility, a senior unsecured term loan facility in the aggregate principal amount of up to $450 million, maturing on December 6, 2030 (collectively, the “Term Loan Facilities”). Also on December 8, 2025, the Company borrowed $1.35 billion under the Term Loan Facilities, the full amount available under the Term Loan Facilities. In conjunction with the borrowings under the Term

Loan Facilities, the Company modified and extinguished the Bridge Facility discussed above, fully repaying the $1.20 billion outstanding under the Bridge Facility through a net cash settlement with the lender.

Subsequent to the end of 2025, on February 9, 2026, the Company repaid $150 million of the $450 million aggregate principal balance outstanding under the Five-Year Term Loan Facility using cash on hand.

The indentures under which the 2025 Senior Bonds, the 2029 Senior Bonds and the 2034 Senior Bonds were issued do not include financial covenants, but do limit the incurrence of certain liens and encumbrances as well as indebtedness by the Company’s subsidiaries in excess of certain amounts. The agreements under which the Company’s nonpublic debt, including the Revolving Credit Facility and the Term Loan Facilities, was issued include two financial covenants: a consolidated cash flow/fixed charges ratio and a consolidated funded indebtedness/cash flow ratio, each as defined in the respective agreement. The Company was in compliance with these covenants as of December 31, 2025. These covenants have not restricted, and are not expected to restrict, the Company’s liquidity or capital resources.

All outstanding debt has been issued by the Company and none has been issued by any of its subsidiaries. There are no guarantees of the Company’s debt.