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Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Borrowings Outstanding

Debt for the Company consists of the following:

			September 30, 2025												December 31, 2024
(in millions, except percentages)			Amount						Rate						Amount						Rate						Maturity Date
2023 Credit Agreement:
Term A Facility			$	1,057.8					(1)						$	475.0					(2)						October 10, 2028
Term B Facility			1,388.5						(3)						1,600.0						(4)						October 24, 2031
Revolver			303.5						(1)						—												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			113.7						(5)						—												October 8, 2026
Finance lease obligations (6)			100.4												88.7												Various
Other			94.5												80.8												Various
Total debt			4,658.4												3,844.5
Less: Deferred financing costs			33.2												34.6
Total debt, net			4,625.2												3,809.9
Less: Current portion			113.7												69.5
Total long-term debt, net			$	4,511.5											$	3,740.4

(1)			Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.625% as of September 30, 2025.
(2)			Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.250% as of December 31, 2024.
(3)			Term B Interest at SOFR index plus applicable margin of 2.250% as of September 30, 2025.
(4)			Term B Interest at SOFR index plus applicable margin of 2.500% as of December 31, 2024.
(5)			Interest at one month SOFR index plus 10 basis points of credit spread adjustment, plus 85 basis points.
(6)			New finance lease obligations are a non-cash financing activity.

Schedule of Maturities of Long-Term Debt

As of September 30, 2025, 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)
Remainder of 2025			$	36.9
2026			195.1
2027			81.4
2028			1,259.7
2029			825.1
Thereafter			2,159.8
Total (1)			$	4,558.0
(1) Total future obligations excludes $34.7 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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- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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