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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Component of Debt | At September 30, 2024 and December 31, 2023, debt consisted of the following (in millions):
|  | September 30, |  |  | December 31, |  |
|  | 2024 |  |  | 2023 |  |
Senior secured credit facilities, weighted-average interest rate of 6.76% and 7.35%, respectively |  | $ | 4,490.0 |  |  | $ | 4,755.1 |  |
5.5% senior notes due 2027 |  |  | 2,000.0 |  |  |  | 2,000.0 |  |
6.5% senior notes due 2032 |  |  | 750.0 |  |  |  | — |  |
Unamortized original issue discount and debt issuance costs |  |  | (37.3 | ) |  |  | (35.1 | ) |
|  |  | 7,202.7 |  |  |  | 6,720.0 |  |
Less: current portion of long-term debt |  |  | 47.1 |  |  |  | 51.5 |  |
Long-term debt |  | $ | 7,155.6 |  |  | $ | 6,668.5 |  |
Schedule of the key terms of our Senior Secured Credit Facilities and Senior Notes | The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes:
|  | Amount Outstanding at September 30, 2024 |  |  | Maturity |  | Scheduled Quarterly
|  | (in millions) |  |  | Date |  | Payments Required
Senior Secured Credit Facilities |  |  |  |  |  |  |
Term B-8 Loans |  | $ | 3,690.0 |  |  | May 9, 2031 |  | 0.25%
Term A-9 Loans |  |  | 800.0 |  |  | September 27, 2029 (1) |  | 0.625% (2)
Revolving Credit Facility |  |  | — |  |  | December 28, 2027 |  | None
5.5% Senior Notes |  |  | 2,000.0 |  |  | September 30, 2027 |  | None
6.5% Senior Notes |  |  | 750.0 |  |  | June 1, 2032 |  | None
(1) The Term A-9 Loans will mature on the earlier to occur of (1) September 27, 2029 or (2) 91 days prior to the maturity of (x) the 5.5% Senior Notes if more than $150.0 million aggregate principal amount remains outstanding on the 91 st day prior to such maturity or (y) the Revolving Credit Facility if more than $150.0 million aggregate principal amount of commitments remain outstanding on the 91 st day prior to such maturity, whichever of (x) or (y) comes first. (2) Scheduled quarterly payment required for the first eight fiscal quarters commencing with the fiscal quarter ending December 31, 2024. The scheduled quarterly payment will increase to 1.250% for each quarter thereafter until the maturity date of the Term A-9 Loans.
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments are as follows (in millions):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Carrying |  |  | Fair |  |  | Carrying |  |  | Fair |
|  | Amount |  |  | Value |  |  | Amount |  |  | Value |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Senior secured credit facilities |  | $ | 4,462.0 |  |  | $ | 4,498.8 |  |  | $ | 4,722.7 |  |  | $ | 4,774.4 |
5.5% senior notes due 2027 |  |  | 1,997.9 |  |  |  | 2,002.2 |  |  |  | 1,997.3 |  |  |  | 1,974.0 |
6.5% senior notes due 2032 |  |  | 742.8 |  |  |  | 776.6 |  |  |  | — |  |  |  | — |

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