v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-term Debt
Long-term debt comprised the following: 
December 31,As of December 31, 2025
20252024Maturity dateInterest rate
Estimated fair value(1)
Senior Secured Credit Facilities:
Term Loan A-1(2)
$— $2,259,295 4/28/2028$— 
Term Loan A-2(3)
2,000,000 — 11/24/2030SOFR + 1.50%$1,995,000 
Term Loan B-1(4)
— 1,636,150 5/9/2031$— 
Term Loan B-21,868,559 — 5/9/2031SOFR + 1.75%$1,877,902 
Revolving line of credit(2,3)
— — 11/24/2030SOFR + 1.50%$— 
Senior Notes:
4.625% Senior Notes2,750,000 2,750,000 6/1/20304.625 %$2,667,500 
3.75% Senior Notes1,500,000 1,500,000 2/15/20313.75 %$1,383,750 
6.875% Senior Notes1,000,000 1,000,000 9/1/20326.875 %$1,036,250 
6.75% Senior Notes1,000,000 — 7/15/20336.75 %$1,035,000 
Acquisition obligations and other notes payable(5)
40,904 56,483 2026-20384.89 %$40,904 
Financing lease obligations(6)
185,120 216,401 2026-20394.44 %
CHC temporary funding assistance— 92,777 — %$— 
Total debt principal outstanding10,344,583 9,511,106 
Discount, premium and deferred financing costs(7)
(71,394)(64,336)
10,273,189 9,446,770 
Less current portion(109,201)(270,867)
$10,163,988 $9,175,903 
(1)For the Company's senior secured credit facilities, fair value estimates are based on bid and ask quotes, a level 2 input. For the Company's senior notes, fair value estimates are based on market level 1 inputs. For acquisition obligations and other notes payable, the carrying values presented here approximate their estimated fair values, based on estimates of their present values typically using level 2 interest rate inputs.
(2)At September 30, 2025, the Company's then-existing Term Loan A-1 and revolving line of credit bore interest at the secured overnight financing rate that is published by CME Group Benchmark Administration Limited (Term SOFR) plus an interest rate margin of 1.75% and a credit spread adjustment of 0.10%. On November 24, 2025, the Company repaid all amounts outstanding under its then-existing Term Loan A-1.
(3)Outstanding Term Loan A-2 and revolving line of credit balances are due on November 24, 2030, unless any of the 4.625% senior notes due 2030 (the 4.625% Senior Notes) remain outstanding 91 days prior to the 4.625% Senior Notes maturity date, in which case the outstanding Term Loan A-2 and revolving line of credit balances become due at that 91 day date (March 2, 2030).
(4)At June 30, 2025, the interest rate on the Company's then-existing Term Loan B-1 was Term SOFR plus an interest rate margin of 2.00%. On July 17, 2025, the Company repaid all amounts outstanding under its then-existing Term Loan B-1.
(5)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and variable interest rate components in effect as of December 31, 2025.
(6)Finance lease obligations are measured at their approximate present values at inception. The interest rate presented is the weighted average discount rate embedded in finance leases outstanding.
(7)As of December 31, 2025, the carrying amount of the Company's senior secured credit facilities has been reduced by a discount of $5,242 and deferred financing costs of $31,848, and the carrying amount of the Company's senior notes has been reduced by deferred financing costs of $42,653 and increased by a debt premium of $8,349. As of December 31, 2024, the carrying amount of the Company's senior secured credit facilities was reduced by a discount of $8,084 and deferred financing costs of $28,879, and the
carrying amounts of the Company's senior notes was reduced by deferred financing costs of $37,612 and increased by a debt premium of $10,239.
Scheduled Maturities of Long-term Debt
Scheduled maturities of long-term debt at December 31, 2025 were as follows: 
2026$109,201 
2027$109,594 
2028$150,370 
2029$141,646 
2030$4,486,247 
Thereafter$5,347,525 
Derivative Instruments
The following table summarizes the Company’s interest rate cap agreements outstanding as of December 31, 2025:
Year cap agreements executedInitial notional amountSOFR maximum rateApproximate effective dateMaturity dateNotional amount effective
through December 31
20252026202720282029
2023$2,000,000 3.75%6/30/202412/31/2025$1,250,000 
2023$1,000,000 4.00%6/30/202412/31/2025$750,000 
2023$500,000 4.50%6/30/202412/31/2026$500,000 $500,000 
2023$250,000 4.50%12/31/202412/31/2025$250,000 
2023$750,000 4.00%12/31/202412/31/2026$750,000 $500,000 
2024$1,750,000 
4.50%(1)
12/31/202512/31/2027$1,750,000 $1,000,000 
2024$750,000 
4.00%(2)
12/31/202512/31/2027$750,000 $500,000 
2025$1,000,000 
4.50%(3)
12/31/202612/31/2028$1,000,000 $750,000 
2025$1,000,000 
4.25%(4)
12/31/202612/31/2028$1,000,000 $1,000,000 
2025$1,750,000 4.25%12/31/202712/31/2028$1,750,000 
2025$1,000,000 4.50%12/31/202812/31/2029$1,000,000 
Total notional coverage$3,500,000$3,500,000$3,500,000$3,500,000$1,000,000
Weighted average strike rate4.02%4.32%4.46%4.43%4.50%
(1)Effective December 31, 2026, the maximum rate of 4.50% increases to 4.75% for these interest rate caps.
(2)Effective December 31, 2026, the maximum rate of 4.00% increases to 4.25% for these interest rate caps.
(3)Effective December 31, 2027, the maximum rate of 4.50% increases to 4.75% for these interest rate caps.
(4)Effective December 31, 2027, the maximum rate of 4.25% increases to 4.50% for these interest rate caps.
Effects of Interest Rate Swap and Cap Agreements
The following table summarizes the effects of the Company’s interest rate cap agreements for the years ended December 31, 2025, 2024 and 2023: 
 Amount of unrealized (losses) gains in OCI on interest rate cap agreementsLocation in Consolidated Statements of IncomeReclassification from accumulated other comprehensive income into net income
 Year ended December 31,Year ended December 31,
Derivatives designated as cash flow hedges202520242023202520242023
Interest rate cap agreements$(28,407)$9,662 $9,186 Debt expense$9,966 $(58,175)$(103,567)
Related income tax7,086 (2,412)(2,291)Related income tax(2,486)14,515 25,840 
Total$(21,321)$7,250 $6,895 $7,480 $(43,660)$(77,727)