v3.26.1
Debt and Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Total Outstanding Debt

The table below summarizes the total outstanding debt of the Company (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Rate

 

 

Amount

 

 

Rate

 

 

Amount

 

First Lien Incremental Term Loan Tranche B-5 - payable to lenders at SOFR
     plus applicable margin

 

 

6.17

%

 

$

2,514,872

 

 

 

6.22

%

 

$

2,521,255

 

Revolving Credit Loans - payable to lenders at SOFR plus applicable margin

 

 

6.42

%

 

 

—

 

 

 

6.47

%

 

 

—

 

Swingline/Base Rate - payable to lenders at ABR plus applicable margin

 

 

8.50

%

 

 

—

 

 

 

8.50

%

 

 

—

 

Amortizing Notes (1)

 

 

 

 

 

25,394

 

 

 

 

 

 

31,360

 

Notes payable and other

 

 

 

 

 

17,125

 

 

 

 

 

 

17,129

 

Total debt

 

 

 

 

 

2,557,391

 

 

 

 

 

 

2,569,744

 

Less: debt issuance costs, net

 

 

 

 

 

59,560

 

 

 

 

 

 

62,200

 

Total debt, net of debt issuance costs

 

 

 

 

 

2,497,831

 

 

 

 

 

 

2,507,544

 

Less: current portion of long-term debt

 

 

 

 

 

52,960

 

 

 

 

 

 

52,340

 

Total long-term debt, net of current portion

 

 

 

 

$

2,444,871

 

 

 

 

 

$

2,455,204

 

 

(1)
See Note 7 for discussion of Amortizing Notes.
Schedule of Interest Rate Swap with Notional Value The following table summarizes our interest rate swaps designated as cash flow hedges (in millions):

 

 

Notional Amount as of

 

 

 

 

 

 

Financial Institution

 

March 31, 2026

 

 

December 31, 2025

 

 

Effective Dates

 

Fixed Rates

 

Credit Agricole Corporate and Investment Bank

 

$

500

 

 

$

500

 

 

1-year period ending September 30, 2026

 

 

3.72500

%

Mizuho Capital Markets

 

 

500

 

 

 

500

 

 

1-year period ending September 30, 2026

 

 

3.61121

%

Credit Agricole Corporate and Investment Bank

 

 

250

 

 

 

250

 

 

3-year period ending September 30, 2028

 

 

3.33150

%

Morgan Stanley

 

 

250

 

 

 

250

 

 

3-year period ending September 30, 2028

 

 

3.17700

%

Existing contracts

 

$

1,500

 

 

$

1,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets

 

$

500

 

 

$

500

 

 

2-year period ending September 30, 2028

 

 

3.20220

%

Forward starting contracts (1)

 

$

500

 

 

$

500

 

 

 

 

 

 
(1)
During the fourth fiscal quarter of 2025, we entered into a forward starting interest rate swap agreement, with a $500 million notional amount, to hedge the cash flow risk of variability in interest payment on our variable rate borrowings. The effective date of the forward starting interest rate swap agreement is September 30, 2026. As of March 31, 2026, this contract meets the criteria of a cash flow hedge.