v3.26.1
LONG-TERM DEBT, NET (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Long-term debt consists of:
March 31, 2026
December 31, 2025
(In thousands)
Credit Facility due March 20, 2029(a)
$—
$—
5.00% Senior Notes due December 15, 2027 (the “5.00% Senior
Notes”); interest payable each June 15 and December 15
450,000
450,000
4.625% Senior Notes due June 1, 2028 (the “4.625% Senior
Notes”); interest payable each June 1 and December 1
500,000
500,000
5.625% Senior Notes due February 15, 2029 (the “5.625% Senior
Notes”); interest payable each February 15 and August 15
350,000
350,000
4.125% Senior Notes due August 1, 2030 (the “4.125% Senior
Notes”); interest payable each February 1 and August 1
500,000
500,000
3.625% Senior Notes due October 1, 2031 (the “3.625% Senior
Notes”); interest payable each April 1 and October 1
500,000
500,000
6.125% Senior Notes due September 15, 2033 (the “6.125%
Senior Notes”); interest payable each March 15 and September
15
700,000
700,000
0.875% Exchangeable Senior Notes due June 15, 2026 (the
“2026 Exchangeable Notes”); interest payable each June 15
and December 15
423,854
423,854
2.00% Exchangeable Senior Notes due January 15, 2030 (the
“2030 Exchangeable Notes”); interest payable each January 15
and July 15
575,000
575,000
Total debt
3,998,854
3,998,854
Less: Current maturities of long-term debt
423,854
423,854
Less: Unamortized original issue discount
916
1,043
Less: Unamortized debt issuance costs
23,611
24,858
Total long-term debt, net
$3,550,473
$3,549,099
______________________
(a)Subject to springing maturity, described below.
The following table presents details of the exchangeable features:
Number of shares
of the Company’s
Common Stock
into which each
$1,000 of Principal
of the
Exchangeable
Notes is
Exchangeable(a)
Approximate
Equivalent
Exchange Price per
Share(a)
Exchangeable Date
2026 Exchangeable Notes
11.7634
$85.01
March 15, 2026
2030 Exchangeable Notes
12.2246
$81.80
October 15, 2029
______________________
(a)Subject to adjustment upon the occurrence of specified events.
Schedule of Exchangeable Notes Hedges and Warrants The following table sets forth the components of the outstanding Exchangeable Notes as of
March 31, 2026 and December 31, 2025:
March 31, 2026
December 31, 2025
2026
Exchangeable
Notes
2030
Exchangeable
Notes
2026
Exchangeable
Notes
2030
Exchangeable
Notes
(In thousands)
Principal
$423,854
$575,000
$423,854
$575,000
Less: Unamortized debt issuance costs
125
4,264
274
4,531
Net carrying value included in current
maturities of long-term debt, net
$423,729
$—
$423,580
$—
Net carrying value included in long-term debt,
net
$—
$570,736
$—
$570,469
The following tables present details of the Exchangeable Notes Hedges and Warrants outstanding
at March 31, 2026:
Number of
Shares(a)
Approximate
Equivalent
Exchange Price per
Share(a)
(Shares in millions)
2026 Exchangeable Notes Hedge
5.0
$85.01
2030 Exchangeable Notes Hedge
7.0
$81.80
Number of
Shares(a)
Weighted Average
Strike Price per
Share(a)
(Shares in millions)
2026 Exchangeable Notes Warrants
5.0
$130.90
2030 Exchangeable Notes Warrants
7.0
$130.95
______________________
(a)Subject to adjustment upon the occurrence of specified events.
Schedule of Interest Expense, Exchangeable Notes The following table sets forth interest expense recognized related to the Exchangeable Notes:
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
2026
Exchangeable
Notes
2030
Exchangeable
Notes
2026
Exchangeable
Notes
2030
Exchangeable
Notes
(In thousands)
Contractual interest expense
$927
$2,875
$1,258
$2,875
Amortization of debt issuance costs
149
267
395
261
Total interest expense recognized
$1,076
$3,142
$1,653
$3,136