Debt

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt

Debt with a contractual term less than 12 months is generally classified as short-term and consisted of the following (in thousands):

	June 30, 2025		December 31, 2024		June 30, 2024
Unsecured commercial paper	$	503,353	$	640,204	$	497,792

Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following (in thousands): 

	June 30, 2025		December 31, 2024		June 30, 2024
Secured debt:
Asset-backed Canadian commercial paper conduit facility	$	60,761	$	77,381	$	91,379
Asset-backed U.S. commercial paper conduit facility	461,477		431,846		435,930
Asset-backed securitization debt	1,872,229		1,956,383		1,928,141
Unamortized discounts and debt issuance costs	(6,015)		(6,245)		(6,733)
	2,388,452		2,459,365		2,448,717

			June 30, 2025		December 31, 2024		June 30, 2024
Unsecured notes (at par value):
Medium-term notes:
Due in 2024, issued November 2019(a)	3.14	%	—		—		642,786
Due in 2025, issued June 2020	3.35	%	—		700,000		700,000
Due in 2026, issued April 2023(b)	6.36	%	820,393		727,104		749,917
Due in 2027, issued February 2022	3.05	%	500,000		500,000		500,000
Due in 2028, issued March 2023	6.50	%	700,000		700,000		700,000
Due in 2029, issued June 2024	5.95	%	500,000		500,000		500,000
Due in 2030, issued March 2025(c)	5.61	%	714,914		—		—
Unamortized discounts and debt issuance costs			(19,542)		(13,091)		(16,643)
			3,215,765		3,114,013		3,776,060
Senior notes:
Due in 2025, issued July 2015	3.50	%	450,000		450,000		450,000
Due in 2045, issued July 2015	4.625	%	300,000		300,000		300,000
Unamortized discounts and debt issuance costs			(2,836)		(3,200)		(3,562)
			747,164		746,800		746,438
			3,962,929		3,860,813		4,522,498
Long-term debt			6,351,381		6,320,178		6,971,215
Current portion of long-term debt, net			(1,983,828)		(1,851,513)		(2,021,344)
Long-term debt, net			$	4,367,553	$	4,468,665	$	4,949,871

(a)€600.0 million par value remeasured to U.S. dollar at June 30, 2024

(b)€700.0 million par value remeasured to U.S. dollar at June 30, 2025, December 31, 2024, and June 30, 2024, respectively

(c)€610.0 million par value remeasured to U.S. dollar at June 30, 2025

Future principal payments of the Company's debt obligations as of June 30, 2025 were as follows (in thousands):

2025	$	1,296,133
2026	1,485,209
2027	1,098,767
2028	1,243,632
2029	714,210
Thereafter	1,045,176
Future principal payments	6,883,127
Unamortized discounts and debt issuance costs	(28,393)
	$	6,854,734