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Notes Payable (Tables) - Notes Payable
 6 Months Ended
Jun. 30, 2025
Debt  
Schedule of General
At June 30, 2025, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in thousands):
Maturity DatesPrincipal (Currency Denomination)Carrying Value (USD) as of
June 30, 2025December 31, 2024
3.875% Notes due 2025
April 15, 2025$500,000 $— $500,000 
4.625% Notes due 2025
November 1, 2025$549,997 549,997 549,997 
5.050% Notes due 2026
January 13, 2026$500,000 500,000 500,000 
0.750% Notes due 2026
March 15, 2026$325,000 325,000 325,000 
4.875% Notes due 2026
June 1, 2026$599,997 599,997 599,997 
4.450% Notes due 2026
September 15, 2026$299,968 299,968 299,968 
4.125% Notes due 2026
October 15, 2026$650,000 650,000 650,000 
1.875% Notes due 2027 (1)
January 14, 2027£250,000 342,853 312,975 
3.000% Notes due 2027
January 15, 2027$600,000 600,000 600,000 
3.200% Notes due 2027
January 15, 2027$299,984 299,984 299,984 
1.125% Notes due 2027 (1)
July 13, 2027£400,000 548,564 500,760 
3.950% Notes due 2027
August 15, 2027$599,873 599,873 599,873 
3.650% Notes due 2028
January 15, 2028$550,000 550,000 550,000 
3.400% Notes due 2028
January 15, 2028$599,816 599,816 599,816 
2.100% Notes due 2028
March 15, 2028$449,994 449,994 449,994 
2.200% Notes due 2028
June 15, 2028$499,959 499,959 499,959 
4.700% Notes due 2028
December 15, 2028$400,000 400,000 400,000 
4.750% Notes due 2029
February 15, 2029$450,000 450,000 450,000 
3.250% Notes due 2029
June 15, 2029$500,000 500,000 500,000 
4.000% Notes due 2029
July 15, 2029$399,999 399,999 399,999 
5.000% Notes due 2029 (1)
October 15, 2029£350,000 479,994 438,165 
3.100% Notes due 2029
December 15, 2029$599,291 599,291 599,291 
3.400% Notes due 2030
January 15, 2030$500,000 500,000 500,000 
4.850% Notes due 2030
March 15, 2030$600,000 600,000 600,000 
3.160% Notes due 2030
June 30, 2030£140,000 191,997 175,266 
4.875% Notes due 2030 (1)
July 6, 2030€550,000 645,860 569,415 
1.625% Notes due 2030 (1)
December 15, 2030£400,000 548,564 500,760 
3.250% Notes due 2031
January 15, 2031$950,000 950,000 950,000 
3.200% Notes due 2031
February 15, 2031$449,995 449,995 449,995 
3.375% Notes due 2031
June 20, 2031€650,000 763,287 — 
5.750% Notes due 2031 (1)
December 5, 2031£300,000 411,423 375,570 
2.700% Notes due 2032
February 15, 2032$350,000 350,000 350,000 
3.180% Notes due 2032
June 30, 2032£345,000 473,136 431,906 
5.625% Notes due 2032
October 13, 2032$750,000 750,000 750,000 
2.850% Notes due 2032
December 15, 2032$699,655 699,655 699,655 
1.800% Notes due 2033
March 15, 2033$400,000 400,000 400,000 
1.750% Notes due 2033 (1)
July 13, 2033£350,000 479,994 438,165 
4.900% Notes due 2033
July 15, 2033$600,000 600,000 600,000 
5.125% Notes due 2034
February 15, 2034$800,000 800,000 800,000 
2.730% Notes due 2034
May 20, 2034£315,000 431,994 394,348 
5.125% Notes due 2034 (1)
July 6, 2034€550,000 645,860 569,415 
5.875% Bonds due 2035
March 15, 2035$250,000 250,000 250,000 
Maturity DatesPrincipal (Currency Denomination)Carrying Value (USD) as of
June 30, 2025December 31, 2024
5.125% Notes due 2035
April 15, 2035$600,000 600,000 — 
3.875% Notes due 2035
June 20, 2035€650,000 763,287 — 
3.390% Notes due 2037
June 30, 2037£115,000 157,712 143,969 
6.000% Notes due 2039 (1)
December 5, 2039£450,000 617,135 563,355 
5.250% Notes due 2041 (1)
September 4, 2041£350,000 479,994 438,165 
2.500% Notes due 2042 (1)
January 14, 2042£250,000 342,853 312,975 
4.650% Notes due 2047
March 15, 2047$550,000 550,000 550,000 
5.375% Notes due 2054
September 1, 2054$500,000 500,000 500,000 
Total principal amount$25,198,035 $22,938,737 
Unamortized net discounts and deferred financing costs(312,163)(281,145)
 $24,885,872 $22,657,592 
(1) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually.
Schedule of Maturity of Debt, Net
The following table summarizes the maturity of our notes and bonds payable as of June 30, 2025, excluding unamortized net discounts, deferred financing costs (dollars in millions):
Year of MaturityPrincipal
2025$550.0 
20262,375.0
20272,391.3
20282,499.8
20292,429.3
Thereafter14,952.6
Total$25,198.0 
Schedule of Note Issuances
During the six months ended June 30, 2025, we issued the following notes and bonds (in millions):
2025 IssuancesDate of IssuanceMaturity DatePrincipal amountPrice of par valueEffective yield to maturity
5.125% Notes
April 2025April 2035$600.0 

98.37 %5.337 %
3.375% Notes
June 2025June 2031€650.0 99.57 %3.456 %
3.875% Notes
June 2025June 2035€650.0 99.55 %3.930 %