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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Borrowings Outstanding | Debt for the Company consists of the following:
(in millions) | December 31, 2024 |  | December 31, 2023 |  |
Debt: | Amount |  | Rate |  | Amount |  | Rate |  | Maturity Date
2023 Credit Agreement: |  |  |  |  |  |  |  |  |
Term A Facility | $ | 475.0 |  |  | (1) |  | $ | 500.0 |  |  | (2) |  | October 10, 2028
Term B Facility | 1,600.0 |  |  | (3) |  | — |  |  |  |  | October 24, 2031
Revolver | — |  |  |  |  | 183.0 |  |  | (2) |  | October 10, 2028
2031 Senior Notes | 800.0 |  |  | 3.875% |  | 800.0 |  |  | 3.875% |  | October 15, 2031
2029 Senior Notes | 800.0 |  |  | 4.000% |  | 800.0 |  |  | 4.000% |  | April 15, 2029
Securitized debt | — |  |  |  |  | 157.6 |  |  | (4) |  | October 8, 2026
Finance lease obligations (5) | 88.7 |  |  |  |  | 92.1 |  |  |  |  | Various
Other | 80.8 |  |  |  |  | 60.9 |  |  |  |  | Various
Total debt | 3,844.5 |  |  |  |  | 2,593.6 |  |  |  |  |
Less: Deferred financing costs and discounts | 34.6 |  |  |  |  | 21.7 |  |  |  |  |
Total debt, net | 3,809.9 |  |  |  |  | 2,571.9 |  |  |  |  |
Less: Current portion | 69.5 |  |  |  |  | 44.9 |  |  |  |  |
Total long-term debt, net | $ | 3,740.4 |  |  |  |  | $ | 2,527.0 |  |  |  |  |
(1) | Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.250% as of December 31, 2024.
(2) | Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.625% as of December 31, 2023.
(3) | Interest at SOFR index plus applicable margin of 2.500% as of December 31, 2024.
(4) | Interest at one month SOFR index plus 10 basis points of credit spread adjustment, plus 85 basis points.
(5) | Finance lease obligations are a non-cash financing activity. Refer to Note 7, "Leases."
Schedule of Maturities of Long-term Debt | As of December 31, 2024, the scheduled maturities of long-term debt outstanding, excluding finance lease obligations, for each of the next five years and thereafter are as follows:
(in millions) |  |
2025 |  | $ | 52.5 |
2026 |  | 49.7 |
2027 |  | 49.7 |
2028 |  | 424.7 |
2029 |  | 24.7 |
Thereafter |  | 3,154.4 |
Total(1) |  | $ | 3,755.7 |
(1) Total future obligations excludes $28.5 million of outstanding letters of credit issued by various financial institutions, including $0.8 million associated with the 2023 Credit Facility. |  |

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