XML 64 R43.htm IDEA: XBRL DOCUMENT v3.25.4
FINANCING ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The following table is a summary of the Company's long-term debt (in thousands):
December 31, 2025December 31, 2024
Current Portion of Long-Term Debt:
Secured senior term loans$12,600 $15,102 
Long-Term Debt:
Secured senior term loans due October 9, 2032 (“2032 Term Loans”)
$1,247,400 $— 
Secured senior term loans due October 8, 2028 (“2028 Term Loans”)
— 1,449,796 
Unsecured senior notes, at 4.875%, due July 15, 2027 (“2027 Notes”)
— 545,000 
Unsecured senior notes, at 5.125%, due July 15, 2029 (“2029 Notes”)
300,000 300,000 
Unsecured senior notes, at 6.375%, due February 1, 2031 (“2031 Notes”)
500,000 500,000 
Unsecured senior notes, at 5.750%, due October 15, 2033 (“2033 Notes”)
745,000 — 
Long-term debt, at par2,792,400 2,794,796 
Unamortized debt issuance costs(28,837)(23,679)
Long-term debt, at carrying value$2,763,563 $2,771,117 
The table below describes the key terms of the Company’s Secured Senior Term Loan amendments, including any historical changes occurring during the periods presented in these financial statements:
Effective DateMaturity Date
SOFR Margin(1)
US Base Rate Margin (1)
Credit Spread AdjustmentAggregate Principal Amount (in 000s)
Seventh Amendment (2)
10/9/202510/9/20321.50 %0.50 %— %$1,260,000 
Sixth Amendment10/8/202410/8/20281.75 %0.75 %— %1,480,000 
Fifth Amendment (3)
3/22/202410/8/20281.75 %0.75 %0.11448 %1,480,000 
Fourth Amendment12/27/202310/8/20281.75 %0.75 %0.11448 %980,000 
Third Amendment1/24/202310/8/20282.00 %1.00 %0.11448 %980,000 
___________________________________
(1)The Term Loan Agreement provides for Term SOFR adjustments for other interest periods and a US Base Rate Margin; however, the Company elects one-month Term SOFR for interest payments. Interest is paid monthly.
(2)Proceeds from the Seventh Amendment to the Term Loan Agreement along with certain proceeds of the 2033 Notes and cash on hand were used to refinance in full all existing term loans outstanding under the Sixth Amendment.
(3)The Fifth Amendment to the Term Loan Agreement provided for the issuance of additional term loans with an aggregate principal amount of $500.0 million which were used to fund the acquisitions completed during 2024, with the excess increasing the Company’s cash balances.
The table below describes the key terms of the Company’s Unsecured Senior Notes:
Effective DateMaturity DateInterest RateInterest Payment DatesInterest Commencement DateAggregate Principal Amount
(in thousands)
2033 Notes10/9/202510/15/20335.750 %April 15, October 154/15/2026$745,000 
2031 Notes1/24/20232/1/20316.375 %February 1, August 18/1/2023500,000 
2029 Notes7/2/20197/15/20295.125 %January 15, July 151/15/2020300,000 
2027 Notes7/2/20197/15/20274.875 %January 15, July 151/15/2020545,000 
Schedule of Redemption Prices
The tables below depict the redemption prices of the outstanding unsecured senior notes as of December 31, 2025 (collectively, the “Notes”) if redeemed during the twelve-month period commencing on the dates below, plus accrued and unpaid interest, if any, to but not including the redemption date.
2029 NotesPercentage
July 15, 2026 and thereafter100.000 %
2031 NotesPercentage
February 1, 2026103.188 %
February 1, 2027101.594 %
February 1, 2028 and thereafter100.000 %
2033 NotesPercentage
October 15, 2028102.875 %
October 15, 2029101.438 %
October 15, 2030 and thereafter100.000 %