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Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our debt outstanding as of December 31, 2025 and December 31, 2024:
(in thousands)December 31, 2025December 31, 2024
Unsecured revolving line of credit, $2,000,000,000, SOFR plus 1.25% variable,weighted average rate 5.01% as of December 31, 2025
$600,000 $— 
Commercial paper, net of discounts, weighted average rate of 4.39% at December 31, 2025
342,791 — 
Unsecured term notes:
January 6, 2022, Senior Unsecured Notes, $500,000, 1.75% fixed, due February 1, 2025
— 500,000 
June 30, 2019, Series B Senior Unsecured Notes, A$155,000, 3.43% fixed, due June 30, 2026
103,788 96,426 
November 30, 2016, Series H Senior Unsecured Notes, $250,000, 3.24% fixed, due November 30, 2026
250,000 250,000 
October 30, 2017, Series K Senior Unsecured Notes, €250,000, 1.81% fixed, due October 30, 2027
293,700 260,150 
October 30, 2017, Series I Senior Unsecured Notes, $120,000, 3.70% fixed, due October 30, 2027
120,000 120,000 
November 1, 2023 Senior Unsecured Notes, $425,000, 6.50% fixed, due November 1, 2028
425,000 425,000 
May 31, 2019, Series A Senior Unsecured Notes, €50,000, 1.55% fixed, due May 31, 2029
58,740 52,030 
August 7, 2024, Senior Unsecured Notes, $750,000, 4.95% fixed, due August 15, 2029
750,000 750,000 
October 30, 2017, Series L Senior Unsecured Notes, €125,000, 2.02% fixed, due October 30, 2029
146,850 130,075 
October 27, 2020, Senior Unsecured Notes, $500,000, 1.88% fixed, due November 1, 2030
500,000 500,000 
May 31, 2019, Series B Senior Unsecured Notes, €100,000, 1.74% fixed, due May 31, 2031
117,480 104,060 
January 6, 2022, Senior Unsecured Notes, $500,000, 2.75% fixed, due February 1, 2032
500,000 500,000 
October 30, 2017, Series M Senior Unsecured Notes, €100,000, 2.32% fixed, due October 30, 2032
117,480 104,060 
November 1, 2023 Senior Unsecured Notes, $375,000, 6.88% fixed, due November 1, 2033
375,000 375,000 
May 31, 2019, Series C Senior Unsecured Notes, €100,000, 1.95% fixed, due May 31, 2034
117,480 104,060 
Other unsecured debt2,035 43,619 
Total unsecured debt4,820,344 4,314,480 
Unamortized discount and debt issuance cost(24,593)(30,135)
Total debt4,795,751 4,284,345 
Less debt due within one year1,297,328 541,705 
Long-term debt, excluding current portion$3,498,423 $3,742,640 
The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2025 (in thousands):
2026$1,297,328 
2027414,986 
2028425,000 
2029955,590 
2030500,000 
Thereafter1,227,440 
$4,820,344 
Unsecured Revolving Credit Facility
On October 30, 2020, we entered into a $1.5 billion Syndicated Facility Agreement (as amended, the "Unsecured Revolving Credit Facility"). On March 20, 2025, we amended the Unsecured Revolving Credit Facility to expand the borrowing capacity from $1.5 billion to $2.0 billion and extend the maturity date to March 20, 2030. We had $600 million of outstanding borrowings under the Unsecured Revolving Credit Facility as of December 31, 2025 and no outstanding borrowings as December 31, 2024.
Commercial Paper Program
On November 29, 2023, we established a commercial paper program that allows us to issue unsecured commercial paper notes up to $1.5 billion outstanding. We amended our commercial paper program on March 27, 2025 to expand the maximum borrowing capacity from $1.5 billion to $2.0 billion. The maturities of the commercial paper notes vary but may not exceed 364 days from the date of issuance. The commercial paper notes are sold under customary terms in the commercial paper market and rank pari passu with unsecured and unsubordinated indebtedness. The notes are issued at par less a discount representing an interest factor or, if interest bearing, at par. The net proceeds of issuances of the commercial paper notes have been used to repay certain of our unsecured senior notes (as described below) and have been and are expected to continue to be used for general corporate purposes. We had $343 million outstanding under our commercial paper program as of December 31, 2025, presented in Short-term borrowings on the consolidated balance sheet, and no outstanding borrowings as of December 31, 2024. The weighted average interest rate of our commercial paper outstanding as of December 31, 2025 was 4.39%.
In the consolidated statement of cash flows, we present commercial paper activity with original maturities of three months or less on a net basis given their short-term nature.
Notes and Other Borrowings
In addition to funding other working capital requirements, we used commercial paper borrowings to repay the $500 million principal amount of our 1.75% Unsecured Senior Notes due February 1, 2025.
Covenants
Certain borrowings require us to comply with a financial covenant with respect to a maximum debt to EBITDA ratio. At December 31, 2025, we were in compliance with all such covenants.