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FINANCING ARRANGEMENTS | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS Long-term Debt The following table is a summary of the Company’s long-term debt (in thousands):
| March 31, 2026 |  | December 31, 2025
Current Portion of Long-Term Debt: |  |  |
Secured senior term loans | $ | 12,600 |  |  | $ | 12,600 |
Long-Term Debt: |  |  |
Secured senior term loans due October 9, 2032 (“2032 Term Loans”) | $ | 1,244,250 |  |  | $ | 1,247,400 |
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 |  |  | 745,000 |
Long-term debt, at par | $ | 2,789,250 |  |  | $ | 2,792,400 |
Unamortized debt issuance costs and discount, net | (27,833) |  |  | (28,837) |
Long-term debt, at carrying value | $ | 2,761,417 |  |  | $ | 2,763,563 |
Financing Activities The Company’s significant financing arrangements are described in Note 11, “Financing Arrangements,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to the arrangements described therein as of March 31, 2026. As of March 31, 2026 and December 31, 2025, the estimated fair value of the Company's outstanding long-term debt, including the current portion, was $2.8 billion in both periods. The Company's estimates of fair value of its long-term debt, including the current portion, are based on quoted market prices or other available market data that are considered Level 2 measures according to the fair value hierarchy. Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency for similar assets and liabilities. The Company maintains a $600.0 million revolving credit facility under which the Company had no outstanding loan balance as of March 31, 2026 or December 31, 2025. As of March 31, 2026, the Company had $454.7 million available to borrow under the revolving credit facility, and outstanding letters of credit were $145.3 million. Cash Flow Hedges The Company’s strategy to hedge against fluctuations in variable interest rates involves entering into interest rate derivative agreements. In 2022, the Company entered into interest rate swap agreements with a notional amount of $600.0 million (the “2022 Swaps”) to effectively fix the interest rate on $600.0 million principal of variable debt (initially term loans due in 2028 and now the 2032 Term Loans, both of which had SOFR based variable interest payments). Under the terms of the 2022 Swaps, the Company receives interest based upon the variable rates and pays a fixed amount of interest. The 2022 Swaps expire on September 30, 2027. As of March 31, 2026 the effective annual interest rate of the fixed portion of the Term Loan Agreement as a result of the 2022 Swaps was 3.46%. The Company designated the 2022 Swaps as a cash flow hedge at the inception of the agreements. As of March 31, 2026 and December 31, 2025, the Company has recorded a derivative asset with a fair value of $14.8 million and $13.6 million, respectively. No ineffectiveness has been identified on the 2022 Swaps and, therefore, the change in fair value is recorded in stockholders’ equity as a component of accumulated other comprehensive loss. Amounts are reclassified from accumulated other comprehensive loss into interest expense on the unaudited consolidated statement of operations in the same period or periods during which the hedged transactions affect earnings.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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