Long-Term Debt (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Long-Term Debt. |
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| Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands: | | | | | | | | | As of | | | March 31, 2026 | | December 31, 2025 | 3.625% Senior Notes due 2029 | | $ | 400,000 | | $ | 400,000 | 4.125% Senior Notes due 2032 | | | 500,000 | | | 500,000 | 5.625% Senior Notes due 2034 | | | 750,000 | | | 750,000 | Term loan due 2030 | | | 1,206,250 | | | 1,221,875 | Unamortized debt issuance costs | | | (23,862) | | | (25,178) | Total debt, net of unamortized debt issuance costs | | | 2,832,388 | | | 2,846,697 | Less: current portion of long-term debt | | | 62,500 | | | 62,500 | Total long-term debt | | $ | 2,769,888 | | $ | 2,784,197 |
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| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding debt balances as of March 31, 2026, in thousands: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Total | 3.625% Senior Notes | | $ | - | | $ | - | | $ | - | | $ | 400,000 | | $ | - | | $ | - | | $ | 400,000 | 4.125% Senior Notes | | | - | | | - | | | - | | | - | | | - | | | 500,000 | | | 500,000 | 5.625% Senior Notes | | | - | | | - | | | - | | | - | | | - | | | 750,000 | | | 750,000 | Term loan | | | 46,875 | | | 62,500 | | | 62,500 | | | 62,500 | | | 971,875 | | | - | | | 1,206,250 | Total | | $ | 46,875 | | $ | 62,500 | | $ | 62,500 | | $ | 462,500 | | $ | 971,875 | | $ | 1,250,000 | | $ | 2,856,250 |
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| Summary of key terms of Amendment No. 5 to the Credit Agreement |
The following table outlines the key terms of Amendment No. 5 to the Credit Agreement (dollars in thousands): | | | | Senior secured term loan facility | $ | 1,000,000 | | Delayed draw term loan | $ | 250,000 | | | | | | Revolving facility (a) | $ | 1,000,000 | | Sublimit for issuance of letters of credit under revolving facility | $ | 150,000 | | Sublimit for swingline loans under revolving facility | $ | 50,000 | | | | | | Interest rate as of March 31, 2026 | | 4.92 | % | Scheduled maturity date | | May 16, 2030 | |
| (a) | Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the revolving facility. |
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| Schedule of availability under the revolving facility |
The following table summarizes our availability under the revolving facility, in thousands: | | | | | | | | | As of | | | March 31, 2026 | | December 31, 2025 | Revolving facility | | $ | 1,000,000 | | $ | 1,000,000 | Less: standby letters of credit | | | (65,897) | | | (66,103) | Availability under revolving facility | | $ | 934,103 | | $ | 933,897 |
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| Schedule of the key financial covenants |
| | | | | As of March 31, 2026 | Maximum Net Leverage Ratio | | 3.75:1.00 | Minimum Interest Coverage Ratio | | 3.00:1.00 | Compliance as of period end | | In Compliance |
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