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v3.25.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Note 7—Debt At March 31, 2025 and December 31, 2024, debt consisted of the following (in millions):
|  | March 31, |  |  | December 31, |  |
|  | 2025 |  |  | 2024 |  |
Senior secured credit facilities, weighted-average interest rate of 6.23% and 6.26%, respectively |  | $ | 4,140.0 |  |  | $ | 4,295.0 |  |
5.5% senior notes due 2027 |  |  | 2,000.0 |  |  |  | 2,000.0 |  |
6.5% senior notes due 2032 |  |  | 750.0 |  |  |  | 750.0 |  |
Unamortized original issue discount and debt issuance costs |  |  | (33.0 | ) |  |  | (35.4 | ) |
|  |  | 6,857.0 |  |  |  | 7,009.6 |  |
Less: current portion of long-term debt |  |  | 20.0 |  |  |  | 20.0 |  |
Long-term debt |  | $ | 6,837.0 |  |  | $ | 6,989.6 |  |
The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes:
|  | Amount Outstanding at March 31, 2025 |  |  | Maturity |  | Scheduled Quarterly
|  | (in millions) |  |  | Date |  | Payments Required
Senior Secured Credit Facilities |  |  |  |  |  |  |
Term B-8 Loans |  | $ | 3,350.0 |  |  | May 9, 2031 |  | (1)
Term A-9 Loans |  |  | 790.0 |  |  | September 27, 2029 (2) |  | 0.625% (3)
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) Per the September 2024 Incremental Joinder, scheduled quarterly payments of 0.25% are required. We have made prepayments on our Term B-8 Loans and do not have any principal quarterly payments due until March 2030. (2) 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. (3) 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. As of March 31, 2025, we were in compliance with all financial and non-financial covenants. Fair Value of Debt The carrying amounts and fair values of financial instruments are as follows (in millions):
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Carrying |  |  | Fair |  |  | Carrying |  |  | Fair |
|  | Amount |  |  | Value |  |  | Amount |  |  | Value |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Senior secured credit facilities |  | $ | 4,115.5 |  |  | $ | 4,145.0 |  |  | $ | 4,268.6 |  |  | $ | 4,315.6 |
5.5% senior notes due 2027 |  |  | 1,998.3 |  |  |  | 1,988.0 |  |  |  | 1,998.1 |  |  |  | 1,984.2 |
6.5% senior notes due 2032 |  |  | 743.2 |  |  |  | 759.7 |  |  |  | 742.9 |  |  |  | 758.0 |
The above fair values, which are Level 2 liabilities, were computed based on comparable quoted market prices.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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