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Long-Term Debt | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt, net, consists of the following:
|  | As of December 31,
|  | 2025 |  | 2024
|  | (In thousands)
2029 Senior Notes |  |  |  |
Principal |  | $ | 500,000 |  |  | $ | 500,000 |
Unamortized discount |  | (2,733) |  |  | (3,518) |
Unamortized issuance costs |  | (615) |  |  | (792) |
Net carrying amount |  | 496,652 |  |  | 495,690 |
2031 Senior Notes |  |  |  |
Principal |  | 500,000 |  |  | 500,000 |
Unamortized discount |  | (3,563) |  |  | (4,166) |
Unamortized issuance costs |  | (802) |  |  | (937) |
Net carrying amount |  | 495,635 |  |  | 494,897 |
Total long-term debt, net |  | $ | 992,287 |  |  | $ | 990,587 |
2029 and 2031 Senior Notes In March 2021, the Company issued $1.0 billion aggregate principal amount of senior notes, consisting of $500.0 million principal amount of 3.625% notes due 2029 (the “2029 Notes”) and $500.0 million principal amount of 3.875% notes due 2031 (the “2031 Notes” and together with the 2029 Notes, the “Notes”). Initially, none of the Company’s subsidiaries guaranteed the Notes. However, under certain circumstances in the future the Notes can be guaranteed by each of the Company’s material domestic subsidiaries. The 2029 Notes and 2031 Notes will mature on March 15, 2029 and March 15, 2031, respectively. Interest payments are payable semi-annually in arrears on March 15 and September 15 of each year. The aggregate net proceeds from offering of the Notes were approximately $984.7 million after deducting underwriting discounts and issuance costs paid by the Company. As of December 31, 2025, the Company may voluntarily redeem the 2029 Notes, in whole or in part, under the following circumstances: (1)at any time on or after March 15, 2025 at a prepayment price equal to 100.906% of the principal amount; and (2)at any time on or after March 15, 2026 at a prepayment price equal to 100.000% of the principal amount; in each case, the redemption will include the accrued and unpaid interest, as applicable. As of December 31, 2025, the Company may voluntarily redeem the 2031 Notes, in whole or in part, under the following circumstances: (1)at any time prior to March 15, 2026 at 100% of the principal amount, plus a “make-whole” premium; (2)at any time on or after March 15, 2026 at a prepayment price equal to 101.938% of the principal amount; (3)at any time on or after March 15, 2027 at a prepayment price equal to 101.292% of the principal amount; (4)at any time on or after March 15, 2028 at a prepayment price equal to 100.646% of the principal amount; and (5)at any time on or after March 15, 2029 at a prepayment price equal to 100.000% of the principal amount; in each case, the redemption will include accrued and unpaid interest, as applicable. The Notes are general unsecured obligations and will rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes that the Company may incur in the future and equal in right of payment with the Company’s existing and future unsecured and unsubordinated liabilities. In certain circumstances involving a change of control event, the Company will be required to make an offer to repurchase the Notes of the applicable series at a repurchase price equal to 101% of the principal amount of the Notes of such series to be repurchased, plus accrued and unpaid interest, if any, to the applicable repurchase date. The indenture governing the Notes (the “Indenture”) contains restrictive covenants limiting the Company’s ability and the ability of its subsidiaries to: (i) create liens on certain assets to secure debt; (ii) grant a subsidiary guarantee of certain debt without also providing a guarantee of the Notes; and (iii) consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of its assets to another person. These covenants are subject to a number of limitations and exceptions. Certain of these covenants will not apply during any period in which the Notes are rated investment grade by either Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services. As of December 31, 2025, the Company was in compliance with all of its covenants under the Indenture.

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