v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Changes in the Company’s long-term debt since December 31, 2025 are disclosed below. Refer to Note 14. Debt in the Company’s 2025 Annual Report on Form 10-K for additional information and definitions of certain terms used in this note.
The following is a summary of the Company’s long-term debt, including the current portion (in thousands):
September 30, 2026December 31, 2025
Term Loan Due 2032$2,434,263 $2,094,750 
Senior Notes Due 2032600,000 600,000 
Kashiv Rupee Term Loan Facility16,484 — 
Total debt3,050,747 2,694,750 
Less: debt issuance costs(111,313)(122,874)
Total debt, net of debt issuance costs2,939,434 2,571,876 
Less: current portion of long-term debt(23,933)(6,761)
Total long-term debt, net$2,915,501 $2,565,115 
Term Loans and Senior Notes
Repricing Amendments to Term Loan Credit Agreement
On February 2, 2026, the Company entered into a repricing amendment for the Term Loan Due 2032 (the “February 2026 Repricing Amendment”), which reduced the applicable interest rate margins on the Term Loan Due 2032 by 50 basis points to 3.00% per annum for term SOFR benchmark rate loans and 2.00% per annum for base rate loans. The stated maturity date of August 1, 2032 and aggregate principal did not change as a result of the amendment.
In connection with the February 2026 Repricing Amendment, the Company recognized a loss of $3.5 million for the nine months ended September 30, 2026, related to costs incurred as part of this transaction and the write‑off of unamortized debt issuance costs associated with the modified portion of the Term Loan Due 2032.
On August 3, 2026, the Company entered into another repricing amendment for the Term Loan Due 2032 (the “August 2026 Repricing Amendment”), which reduced the applicable interest rate margins on the Term Loan Due 2032 by 50 basis points to 2.50% per annum for term SOFR benchmark rate loans and 1.50% per annum for base rate loans. The stated maturity date of August 1, 2032 and aggregate principal did not change as a result of the amendment.
In connection with the August 2026 Repricing Amendment, the Company recognized a loss of $2.4 million for each of the three and nine months ended September 30, 2026, related to costs incurred as part of this transaction and the write‑off of unamortized debt issuance costs associated with the modified portion of the Term Loan Due 2032.
Acquisition Financing - Incremental Borrowing under Term Loan due 2032
On August 10, 2026, the Company entered into Amendment No. 4 to its Term Loan Credit Agreement. Pursuant to the amendment, the Company borrowed an additional $350.0 million under the Term Loan Due 2032 (the “Incremental Term Loans”) with substantially the same terms. The proceeds of the Incremental Term Loans were used to finance a portion of the cash consideration paid in connection with the Kashiv Acquisition. Beginning December 31, 2026, the Company will make quarterly principal payments of 0.25% of the aggregate outstanding balance of the Incremental Term Loans.
In connection with the incremental borrowings, the Company recognized a loss of $3.4 million for each of the three and nine months ended September 30, 2026, related to costs incurred as part of this transaction and the write‑off of unamortized debt issuance costs associated with the modified portion of the Term Loan Due 2032.
Kashiv Rupee Term Loan Facility
In connection with the Kashiv Acquisition, the Company assumed a rupee-denominated term loan facility (the “Kashiv Rupee Term Loan Facility”) with an outstanding principal balance of $16.6 million as of the acquisition date. The facility provided aggregate commitments of approximately $72.0 million, bore interest at a variable rate based on the benchmark rate plus an
applicable margin. The outstanding principal balance was $16.5 million as of September 30, 2026, which the Company repaid in full on October 1, 2026. The Kashiv Rupee Term Loan Facility was subsequently terminated.
2025 Revolving Credit Facility
During April and May 2026, the Company borrowed $100.0 million under the 2025 Revolving Credit Facility. On July 31, 2026, the Company borrowed an additional $30.0 million under the 2025 Revolving Credit Facility for working capital needs and other general corporate purposes. On August 5, 2026, the Company borrowed an additional $150.0 million under the 2025 Revolving Credit Facility in anticipation of funding a portion of the cash consideration payable in connection with the Kashiv Acquisition on August 10, 2026. Refer to Note 2. Acquisition for additional information about the Kashiv Acquisition. During August and September 2026, the Company repaid $100.0 million under the 2025 Revolving Credit Facility. As of September 30, 2026, the Company had $180.0 million outstanding on the 2025 Revolving Credit Facility. Subsequent to September 30, 2026, the Company repaid $50.0 million under the 2025 Revolving Credit Facility. Refer to Note 24. Subsequent Events for additional information.
The 2025 Revolving Credit Facility bears an interest rate equal to the alternate base rate (“ABR”) or SOFR, plus an applicable margin, in each case, subject to an ABR floor of 1.00% or a SOFR floor of 0.00%, as applicable. The applicable margin on borrowings under the 2025 Revolving Credit Facility ranges from 0.25% to 0.50% per annum for ABR loans and from 1.25% to 1.50% per annum for SOFR loans determined by the average historical excess availability.