Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of 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.

Schedule of Principal Maturities of Debt Outstanding

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