Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt outstanding was comprised of the following:


(in millions)	March 31, 2026		December 31, 2025
Senior unsecured notes	$	475.0	$	475.0
Senior secured notes	450.0		450.0
Senior secured term loan facility	432.0		441.4
Securitization obligations	42.0		65.0
Amounts drawn on senior secured revolving credit facility	12.0		13.0
Total principal amount	1,411.0		1,444.4
Less: unamortized discount and debt issuance costs	(13.9)		(15.0)
Total debt, net of discount and debt issuance costs	1,397.1		1,429.4
Less: current portion of long-term debt, net of debt issuance costs	(16.3)		(16.3)
Long-term debt	$	1,380.8	$	1,413.1

Maturities of long-term debt

Maturities of long-term debt were as follows as of March 31, 2026:


(in millions)	Debt obligations
Remainder of 2026	$	7.0
2027	37.5
2028	92.0
2029	1,274.5
Total principal amount	$	1,411.0

Leverage ratio requirements

These ratios may not equal or exceed the following amounts during the periods indicated:

Fiscal Quarter Ending

Consolidated total leverage ratio

Consolidated secured leverage ratio

March 31, 2026

4.25 to 1.00

3.50 to 1.00

June 30, 2026 and each fiscal quarter thereafter

4.00 to 1.00

3.25 to 1.00

Revolving credit facility

As of March 31, 2026, amounts were available for borrowing under our revolving credit facility as follows:


(in millions)	Total available
Revolving credit facility commitment	$	400.0
Amount drawn on revolving credit facility	(12.0)
Outstanding letters of credit(1)	(7.1)
Net available for borrowing as of March 31, 2026	$	380.9

(1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.