v3.26.1
Long-term Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
Our long-term debt outstanding consists of the following (in millions):
June 30, 2026December 31, 2025
Credit Agreement—
Advances under revolving credit facility$200.0 $130.0 
Bonds payable—
4.50% Senior Notes due 2028
396.9 792.0 
4.75% Senior Notes due 2030
788.4 787.0 
4.625% Senior Notes due 2031
394.1 393.6 
5.875% Senior Notes due 2034
491.0 — 
Other notes payable81.9 93.6 
Finance lease obligations281.7 294.6 
2,634.0 2,490.8 
Less: Current portion(35.9)(43.6)
Long-term debt, net of current portion$2,598.1 $2,447.2 
The following chart shows scheduled principal payments due on long-term debt for the next five years and thereafter (in millions):
Face AmountNet Amount
July 1 through December 31, 2026$18.4 $18.4 
202746.9 46.9 
2028435.8 432.7 
202944.9 44.9 
2030850.8 839.2 
2031640.1 634.1 
Thereafter626.8 617.8 
Total$2,663.7 $2,634.0 
On March 9, 2026 (the “Closing Date”), we entered into a credit agreement (the “2026 Credit Agreement”), by and among us, certain of our subsidiaries, as guarantors, Truist Bank, as administrative agent and collateral agent, and various other lenders. In connection with the execution of the 2026 Credit Agreement, we paid off all outstanding amounts, and terminated the commitments, as of the Closing Date, under the Sixth Amended and Restated Credit Agreement, dated October 7, 2022 (the “2022 Credit Agreement”), by and among us, certain of our subsidiaries, as guarantors, Barclays Bank PLC, as administrative agent and collateral agent (“Barclays”), and various other lenders. The terms of the 2026 Credit Agreement are substantially the same as the terms of the 2022 Credit Agreement, except that (i) the maturity date has been changed to March 9, 2031, (ii) the fee for the undrawn portion of the revolving loan commitment has been lowered by five basis points, (iii) certain limitations on the ability of us and our subsidiaries to make investments, incur debt or liens, or make restricted payments have been relaxed, (iv) the 0.10% adjustment to interest payable on Term SOFR Borrowings has been eliminated, and (v) the swingline loan sublimit has been increased from $25 million to $40 million.
Our obligations under the 2026 Credit Agreement are secured by the current and future personal property of the Company and its subsidiary guarantors. Additionally, we terminated our existing collateral and guarantee agreement with Barclays and entered into the Collateral and Guarantee Agreement, by and among the Company, certain of its subsidiaries, and Truist Bank, as collateral agent, which provides for similar terms in all material respects.
During March 2026, we drew $250.0 million on the revolving credit facility under the 2026 Credit Agreement to repay in full and retire the remaining amounts outstanding under the 2022 Credit Agreement. As of June 30, 2026, $200.0 million was drawn under the revolving credit facility with an interest rate of 4.9%. As of December 31, 2025, $130.0 million was drawn under the revolving credit facility with an interest rate of 5.9%.
In May 2026, we issued $500 million of 5.875% Senior Notes due 2034 (the “2034 Notes”) at par, which resulted in approximately $491 million in net proceeds from the private offering. The 2034 Notes mature on June 1, 2034 and interest is payable semiannually in arrears on June 1 and December 1 of each year. We used the net proceeds from this offering, together with cash on hand, to (i) redeem at par $400 million in aggregate principal amount of the $800 million in outstanding principal amount of our 4.50% Senior Notes due 2028 (the “2028 Notes”), (ii) repay $100 million of outstanding amounts under our revolving credit facility, and (iii) pay certain related fees and expenses. As a result of the redemption of the 2028 Notes, we recorded a $3.2 million Loss on early extinguishment of debt in the second quarter of 2026.