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FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Long-term Debt
The following table is a summary of the Company’s long-term debt (in thousands):
June 30, 2025December 31, 2024
Current Portion of Long-Term Debt:
Secured senior term loans$15,102 $15,102 
Long-Term Debt:
Secured senior term loans due October 8, 20281,442,245 1,449,796 
Unsecured senior notes, at 4.875%, due July 15, 2027 (“2027 Notes”)
545,000 545,000 
Unsecured senior notes, at 5.125%, due July 15, 2029 (“2029 Notes”)
300,000 300,000 
Unsecured senior notes, at 6.375%, due February 1, 2031 (“2031 Notes”)
500,000 500,000 
Long-term debt, at par$2,787,245 $2,794,796 
Unamortized debt issuance costs and discount, net(20,715)(23,679)
Long-term debt, at carrying value$2,766,530 $2,771,117 
Financing Activities
The Company’s significant financing arrangements are described in Note 12, “Financing Arrangements,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and there have been no material changes to the arrangements described therein. As of June 30, 2025 and December 31, 2024, the estimated fair value of the Company's outstanding long-term debt, including the current portion, was $2.8 billion. The Company's estimates of fair value of its long-term debt, including the current portion, are based on quoted market prices or other available market data which are considered Level 2 measures according to the fair value hierarchy. Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency for similar assets and liabilities.
The Company maintains a $600.0 million revolving credit facility under which the Company had no outstanding loan balance as of June 30, 2025 or December 31, 2024. As of June 30, 2025, the Company had $452.1 million available to borrow under the revolving credit facility and outstanding letters of credit were $147.9 million.
Cash Flow Hedges
The Company’s strategy to hedge against fluctuations in variable interest rates involves entering into interest rate derivative agreements.
Although the interest rate on the Company’s senior secured term loans is variable, the Company has effectively fixed the interest rate on $600.0 million aggregate principal amount of the term loans outstanding by entering into interest rate swap agreements in 2022 with a notional amount of $600.0 million (“2022 Swaps”). Under the terms of the 2022 Swaps, the Company receives interest based on the one-month SOFR index and pays interest at a weighted annual interest rate of 1.965%, resulting in an effective interest rate of 3.71% when considering the 1.75% interest rate margin of the term loans. For the six months ended June 30, 2025, including the 1.75% interest rate margin, the effective annual interest rate of this $600.0 million of principal debt was approximately 3.71%. The 2022 Swaps will expire on September 30, 2027.
The Company recognizes the derivative instruments as either assets or liabilities on the balance sheet at fair value. As of June 30, 2025 and December 31, 2024, the Company has recorded a derivative asset with a fair value of $19.2 million and $32.4 million, respectively, within Other long-term assets on the consolidated balance sheets in connection with the 2022 Swaps.
No ineffectiveness has been identified on the 2022 Swaps and, therefore, the change in fair value is recorded in stockholders’ equity as a component of accumulated other comprehensive loss. Amounts are reclassified from accumulated other comprehensive loss into interest expense on the unaudited consolidated statement of operations in the same period or periods during which the hedged transactions affect earnings.