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Long-term Debt | 3 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt Long-term debt consisted of the following at the periods presented below (dollars in thousands):
|  | As of September 30, 2025 |  | June 30, 2025
|  | Maturity Date |  | Stated Interest Rate |  | Effective Interest Rate |  | Outstanding Balance |  | Outstanding Balance
Revolving Facility |  | December 2026 |  |  |  |  |  | — |  |  | 124,500 |
Term Loan |  | December 2026 |  | 5.37% |  | 5.46% |  | $ | 1,056,563 |  |  | $ | 1,071,875 |
Term Loan B Facility |  | October 2031 |  | 5.91% |  | 6.15% |  | 744,375 |  |  | 746,250 |
2033 Notes |  | June 2033 |  | 6.38% |  | 6.58% |  | 1,000,000 |  |  | 1,000,000 |
Principal amount of long-term debt |  |  |  |  |  |  |  | 2,800,938 |  |  | 2,942,625 |
Less unamortized debt issuance costs |  |  |  |  |  |  |  | (23,487) |  |  | (24,685) |
Total long-term debt |  |  |  |  |  |  |  | 2,777,451 |  |  | 2,917,940 |
Less current portion |  |  |  |  |  |  |  | (68,750) |  |  | (68,750) |
Long-term debt, net of current portion |  |  |  |  |  |  |  | $ | 2,708,701 |  |  | $ | 2,849,190 |
The Company has a $3,200.0 million senior secured credit facility (the Credit Facility), which consists of a $1,975.0 million revolving credit facility (the Revolving Facility) and a $1,225.0 million term loan facility (the Term Loan). The Revolving Facility permits renewable borrowings of up to $1,975.0 million and has sub-facilities of $100.0 million for same-day swing line loan borrowings and $25.0 million for stand-by letters of credit. The interest rates applicable to loans under the Credit Facility are floating interest rates that, at the Company’s option, equal a base rate or a Secured Overnight Financing Rate (SOFR) rate plus, in each case, an applicable margin based upon the Company’s consolidated total net leverage ratio. The secured term loan (the Term Loan B Facility) was issued with an aggregate principal amount of $750.0 million, under which principal payments are due in quarterly installments of $1.9 million until the balance is due in full at maturity. The interest rates applicable to the Term Loan B Facility are floating interest rates that, at the Company’s option, equal a base rate or a term SOFR rate plus an applicable margin. The senior unsecured notes (the 2033 Notes) are 6.375% fixed-rate senior unsecured notes with an aggregate principal amount of $1,000.0 million. Interest is payable semi-annually, and principal is due in full at maturity. As of September 30, 2025, the Company was in compliance with all of its financial covenants. Cash Flow Hedges The Company periodically uses derivative financial instruments as part of a strategy to manage exposure to market risks associated with interest rate fluctuations. The Company has entered into several floating-to-fixed interest rate swap agreements for a total notional amount of $900.0 million, which hedge a portion of the Company’s floating rate indebtedness. Under these agreements, the Company pays a fixed rate and receives SOFR. The counterparties to all swap agreements are financial institutions. The Company has designated the swaps as cash flow hedges, which are recorded on the consolidated balance sheets at fair value. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income (loss) and reclassified to earnings to interest expense in a manner that matches the timing of the earnings impact of the hedged transactions. The effect of cash flow hedges on the condensed consolidated statements of operations and comprehensive income for the three months ended September 30, 2025 and 2024 is as follows (in thousands):
|  | Three Months Ended September 30, |  |
|  | 2025 |  | 2024 |  |  |  |
Gain (loss) recognized in other comprehensive income before reclassifications |  | $ | 1,333 |  |  | $ | (11,621) |  |  |  |  |
Amounts reclassified to earnings from accumulated other comprehensive loss |  | (3,021) |  |  | (6,055) |  |  |  |  |
Other comprehensive loss, net of tax |  | $ | (1,688) |  |  | $ | (17,676) |  |  |  |  |

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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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