v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total indebtedness:
March 31, 2026
December 31, 2025
Type
Maturity
Effective
Interest
Rate
Carrying
Value
Effective
Interest
Rate
Carrying
Value
Senior Secured Notes
2026
4.500 %
$–
4.500 %
$100.0
Senior Secured Notes
2028
3.875 %
900.0
3.875 %
921.2
Senior Notes
2029
4.875 %
900.0
4.875 %
921.4
Revolving Credit Facility
2029
6.418 %
–
6.466 %
–
Term Loan Facility (Tranche 1)
2031
6.418 %
1,999.2
6.466 %
1,999.2
Term Loan Facility (Tranche 2)
2031
6.918 %
500.0
6.966 %
500.0
Finance lease
2036
6.936 %
27.6
6.936 %
28.1
Total debt outstanding
4,326.8
4,469.9
Debt discounts and issuance costs
(43.7)
(46.9)
Current portion of long-term debt(1)
(1.5)
(101.5)
Long-term debt
$4,281.6
$4,321.5
(1)As of December 31, 2025, $100.0 of the Senior Secured Notes due 2026 were outstanding, which we fully redeemed in January 2026.
Senior Secured Notes (2026)
Interest on the Senior Secured Notes due 2026 was payable semi-annually to holders of record on May 1 and November 1 of
each year. In January 2026, we redeemed the remaining $100.0 aggregate principal amount of the outstanding Senior Secured
Notes due 2026, plus accrued and unpaid interest through the January 30, 2026 redemption date.
Senior Secured Notes (2028) and Senior Notes (2029)
Interest on the Senior Secured Notes due 2028 and the Senior Notes due 2029 is payable semi-annually to holders of record
on June 30 and December 30 of each year. The Senior Secured Notes due 2028 are secured on a first-lien pari passu basis
with borrowings under our credit facilities. Both series of Notes are guaranteed on a joint and several basis by each of our
indirect subsidiaries that is an obligor or guarantor under our credit facilities.
During March 2026, we repurchased a portion of the Senior Secured Notes due 2028 and the Senior Notes due 2029 for $38.5
in cash and retired the associated debt with an aggregate carrying value of $42.6. These transactions were accounted for as
debt extinguishments, resulting in a net gain of $3.8 recorded within Interest expense, net for the three months ended March
31, 2026.
The Credit Facilities
Revolving Credit Facility (2029)
Our $775.0 revolving credit facility provides for revolving loans, same-day borrowings, and letters of credit (with a sublimit
of $77.0). Proceeds of loans made under the revolving credit facility may be borrowed, repaid, and reborrowed prior to its
maturity in January 2029 (subject to a “springing” maturity date that is 91 days prior to the maturity date of the Senior
Secured Notes due 2028, but only to the extent that those notes have not been refinanced or extended prior to their original
maturity date). As of March 31, 2026, letters of credit totaling $6.3 were collateralized by the revolving credit facility.
Term Loan Facility (2031)
Our term loan facility matures in January 2031 and consists of two tranches of term loans. Our Tranche 1 term loans carry a
base interest rate at Term SOFR, plus 2.75% per annum. Our Tranche 2 term loans carry a base interest rate at Term SOFR,
plus 3.25% per annum.
The carrying value of our variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value due
to the short-term nature of the interest rate benchmark rates. The fair value of the fixed rate debt is estimated based on market
observable data for debt with similar prepayment features. The fair value of our debt was $3,816.9 and $4,369.9 at March 31,
2026 and December 31, 2025, respectively, and is considered Level 2 under the fair value hierarchy