Debt

3 Months Ended

Mar. 31, 2024

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):

	March 31, 2024		December 31, 2023		March 31, 2023
Unsecured commercial paper	$	938,719	$	878,935	$	501,243

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

			March 31, 2024		December 31, 2023		March 31, 2023
Secured debt:
Asset-backed Canadian commercial paper conduit facility			$	88,333	$	70,742	$	62,195
Asset-backed U.S. commercial paper conduit facility			502,521		233,258		372,816
Asset-backed securitization debt			1,650,452		1,884,629		2,267,516
Unamortized discounts and debt issuance costs			(5,826)		(7,261)		(9,717)
			2,235,480		2,181,368		2,692,810
Unsecured notes (at par value):
Medium-term notes:
Due in 2023, issued May 2020 (a)	4.94	%	—		—		706,972
Due in 2024, issued November 2019(b)	3.14	%	647,592		662,238		652,590
Due in 2025, issued June 2020	3.35	%	700,000		700,000		700,000
Due in 2026, issued April 2023(c)	6.36	%	755,524		772,610		—
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
Unamortized discounts and debt issuance costs			(14,123)		(15,710)		(13,971)
			3,288,993		3,319,138		3,245,591

			March 31, 2024		December 31, 2023		March 31, 2023
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			(3,742)		(3,921)		(4,455)
			746,258		746,079		745,545
			4,035,251		4,065,217		3,991,136
Long-term debt			6,270,731		6,246,585		6,683,946
Current portion of long-term debt, net			(1,281,840)		(1,255,999)		(1,408,777)
Long-term debt, net			$	4,988,891	$	4,990,586	$	5,275,169

(a)€650.0 million par value remeasured to U.S. dollar at March 31, 2023

(b)€600.0 million par value remeasured to U.S. dollar at March 31, 2024, December 31, 2023, and March 31, 2023, respectively

(c)€700.0 million par value remeasured to U.S. dollar at March 31, 2024 and December 31, 2023, respectively

Future principal payments of the Company's debt obligations as of March 31, 2024 were as follows (in thousands):

2024	$	2,117,857
2025	1,801,095
2026	1,416,977
2027	857,386
2028	739,826
Thereafter	300,000
Future principal payments	7,233,141
Unamortized discounts and debt issuance costs	(23,691)
	$	7,209,450