
						As of March 31, 2026
	March 31, 2026		December 31, 2025		Maturity date	Interest rate		Estimated fair value(1)
Senior Secured Credit Facilities:
Term Loan A-2(2)	$	1,987,500	$	2,000,000	11/24/2030	SOFR + 1.50%		$	1,982,531
Term Loan B-2	1,863,864		1,868,559		5/9/2031	SOFR + 1.75%		$	1,866,194
Revolving line of credit(2)	375,000		—		11/24/2030	SOFR + 1.50%		$	375,000
Senior Notes:
4.625% Senior Notes	2,750,000		2,750,000		6/1/2030	4.625	%	$	2,640,000
3.75% Senior Notes	1,500,000		1,500,000		2/15/2031	3.75	%	$	1,372,500
6.875% Senior Notes	1,000,000		1,000,000		9/1/2032	6.875	%	$	1,020,000
6.75% Senior Notes	1,000,000		1,000,000		7/15/2033	6.75	%	$	1,015,000
Acquisition obligations and other notes payable(3)	41,181		40,904		2026-2038	4.73	%	$	41,181
Financing lease obligations(4)	176,784		185,120		2027-2039	4.37	%
Total debt principal outstanding	10,694,329		10,344,583
Discount, premium and deferred financing costs	(68,079)		(71,394)
	10,626,250		10,273,189
Less current portion	(112,653)		(109,201)
	$	10,513,597	$	10,163,988

(2)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).

(3)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 March 31, 2026.

As of March 31, 2026, the effective portion of the Company's interest rate cap agreements, as detailed in the table below, have the economic effect of capping the Company's maximum exposure to SOFR variable interest rate changes on equivalent amounts of the Company's floating rate debt, including all of Term Loan B-2 and a portion of Term Loan A-2. The remaining $351,364 outstanding principal balance of Term Loan A-2 and $375,000 balance outstanding on the revolving line of credit are subject to SOFR-based interest rate volatility. These cap agreements are designated as cash flow hedges and, as a result, changes in their fair values are reported in other comprehensive income. The original premiums paid for the caps are amortized to debt expense on a straight-line basis over the term of each cap agreement starting from its effective date. These cap agreements do not contain credit risk-contingent features.

During the first quarter of 2026, the Company entered into several forward interest rate cap agreements, detailed in the table below, that have the economic effect of capping the Company's exposure to SOFR variable interest rate changes on specific portions of the Company's floating rate debt (2026 cap agreements). These 2026 cap agreements are designated as cash flow hedges and, as a result, changes in their fair values will be reported in other comprehensive income. These 2026 cap agreements do not contain credit-risk contingent features and become effective and expire as described in the table below.


Year cap agreements executed	Initial notional amount		SOFR maximum rate	Approximate effective date	Maturity date	Notional amount effective through December 31
						2026		2027		2028		2029
2023	$	500,000	4.50%	6/30/2024	12/31/2026	$	500,000
2023	$	750,000	4.00%	12/31/2024	12/31/2026	$	500,000
2024	$	1,750,000	4.50%(1)	12/31/2025	12/31/2027	$	1,750,000	$	1,000,000
2024	$	750,000	4.00%(2)	12/31/2025	12/31/2027	$	750,000	$	500,000
2025	$	1,000,000	4.50%(3)	12/31/2026	12/31/2028			$	1,000,000	$	750,000
2025	$	1,000,000	4.25%(4)	12/31/2026	12/31/2028			$	1,000,000	$	1,000,000
2025	$	1,750,000	4.25%	12/31/2027	12/31/2028					$	1,750,000
2025	$	1,000,000	4.50%	12/31/2028	12/31/2029							$	1,000,000
2026	$	750,000	4.75%	12/31/2028	12/31/2029							$	750,000
Total notional coverage						$	3,500,000	$	3,500,000	$	3,500,000	$	1,750,000
Weighted average strike rate						4.32%		4.46%		4.43%		4.61%

See Note 9 for further details on amounts reclassified from accumulated other comprehensive loss and recorded as debt expense (offset) related to the Company’s interest rate cap agreements for the three months ended March 31, 2026 and 2025. See Note 11 for discussion of the Company's fair value estimates.

As a result of the variable rate cap from the Company's 2023 interest rate cap agreements, the Company’s weighted average effective interest rate on its senior secured credit facilities at the end of the first quarter of 2026 was 5.79%, based on the current margins in effect for its senior secured credit facilities as of March 31, 2026, as detailed in the table above.

The Company’s weighted average effective interest rate on all debt, including the effect of interest rate caps and amortization of debt discount, premium and deferred financing costs was 5.44% and 5.65% as of March 31, 2026 and March 31, 2025, respectively.

As of March 31, 2026, the Company had $1,125,000 available and $375,000 drawn on its $1,500,000 revolving line of credit under its senior secured credit facilities. Credit available under this revolving line of credit is reduced by the amount of any letters of credit outstanding under the facility, of which there were none as of March 31, 2026. The Company also had letters of credit of approximately $206,716 outstanding under a separate bilateral secured letter of credit facility as of March 31, 2026.