XML 45 R30.htm IDEA: XBRL DOCUMENT
v3.25.1

Long-term debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt comprised the following:
|  |  |  |  |  |  | As of March 31, 2025
| March 31, 2025 |  | December 31, 2024 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A-1(2) | $ | 2,229,567 |  |  | $ | 2,259,295 |  |  | 4/28/2028 |  | Base +1.75% |  | $ | 2,226,780 |
Term Loan B-1 | 1,632,050 |  |  | 1,636,150 |  |  | 5/9/2031 |  | SOFR + 2.00% |  | $ | 1,630,010 |
Revolving line of credit(2) | 425,000 |  |  | — |  |  | 4/28/2028 |  | Base +1.75% |  | $ | 425,000 |
Senior Notes: |  |  |  |  |  |  |  |  |
4.625% Senior Notes | 2,750,000 |  |  | 2,750,000 |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 2,536,875 |
3.75% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 2/15/2031 |  | 3.75 | % |  | $ | 1,304,535 |
6.875% Senior Notes | 1,000,000 |  |  | 1,000,000 |  |  | 9/1/2032 |  | 6.875 | % |  | $ | 1,005,000 |
Acquisition obligations and other notes payable(3) | 53,990 |  |  | 56,483 |  |  | 2025-2038 |  | 5.55 | % |  | $ | 53,990 |
Financing lease obligations(4) | 208,825 |  |  | 216,401 |  |  | 2026-2039 |  | 4.56 | % |  |
CHC temporary funding assistance | — |  |  | 92,777 |  |  |  |  |  |  | $ | — |
Total debt principal outstanding | 9,799,432 |  |  | 9,511,106 |  |  |  |  |  |  |
Discount, premium and deferred financing costs(5) | (61,039) |  |  | (64,336) |  |  |  |  |  |  |
| 9,738,393 |  |  | 9,446,770 |  |  |  |  |  |  |
Less current portion | (178,648) |  |  | (270,867) |  |  |  |  |  |  |
| $ | 9,559,745 |  |  | $ | 9,175,903 |  |  |  |  |  |  |
(1)For the Company's senior secured credit facilities, fair value estimates are based on bid and ask quotes, a level 2 input. For the Company's senior notes, fair value estimates are based on market level 1 inputs. For acquisition obligations and other notes payable, the carrying values presented here approximate their estimated fair values, based on estimates of their present values typically using level 2 interest rate inputs. (2)The Company's senior secured credit facilities bear interest at Term SOFR, plus an interest rate margin, with certain portions also subject to a credit spread adjustment (CSA). Term SOFR plus CSA is referred to as "Base" in the table above. The Term Loan A-1 and revolving line of credit bear a CSA of 0.10%. (3)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and variable interest rate components in effect as of March 31, 2025. (4)Financing lease obligations are measured at their approximate present values at inception. The interest rate presented is the weighted average discount rate embedded in financing leases outstanding. (5)As of March 31, 2025, the carrying amount of the Company's senior secured credit facilities has been reduced by a discount of $7,759 and deferred financing costs of $26,965, and the carrying amount of the Company's senior notes has been reduced by deferred financing costs of $36,081 and increased by a debt premium of $9,766. As of December 31, 2024, the carrying amount of the Company's senior secured credit facilities was reduced by a discount of $8,084 and deferred financing costs of $28,879, and the carrying amount of the Company's senior notes was reduced by deferred financing costs of $37,612 and increased by a debt premium of $10,239.
Schedule of Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of March 31, 2025:
Year cap agreements executed | Initial notional amount |  | SOFR maximum rate |  | Approximate effective date |  | Maturity date |  | Notional amount effective through December 31
|  |  |  | 2025 |  | 2026 |  | 2027 |  | 2028
2023 | $ | 2,000,000 |  |  | 3.75% |  | 6/30/2024 |  | 12/31/2025 |  | $ | 1,250,000 |  |  |  |  |  |  |
2023 | $ | 1,000,000 |  |  | 4.00% |  | 6/30/2024 |  | 12/31/2025 |  | $ | 750,000 |  |  |  |  |  |  |
2023 | $ | 500,000 |  |  | 4.50% |  | 6/30/2024 |  | 12/31/2026 |  | $ | 500,000 |  |  | $ | 500,000 |  |  |  |  |
2023 | $ | 250,000 |  |  | 4.50% |  | 12/31/2024 |  | 12/31/2025 |  | $ | 250,000 |  |  |  |  |  |  |
2023 | $ | 750,000 |  |  | 4.00% |  | 12/31/2024 |  | 12/31/2026 |  | $ | 750,000 |  |  | $ | 500,000 |  |  |  |  |
2024 | $ | 1,750,000 |  |  | 4.50%(1) |  | 12/31/2025 |  | 12/31/2027 |  |  |  | $ | 1,750,000 |  |  | $ | 1,000,000 |  |  |
2024 | $ | 750,000 |  |  | 4.00%(2) |  | 12/31/2025 |  | 12/31/2027 |  |  |  | $ | 750,000 |  |  | $ | 500,000 |  |  |
2025 | $ | 1,000,000 |  |  | 4.50%(3) |  | 12/31/2026 |  | 12/31/2028 |  |  |  |  |  | $ | 1,000,000 |  |  | $ | 750,000 |
Total notional coverage |  | $ | 3,500,000 |  |  | $ | 3,500,000 |  |  | $ | 2,500,000 |  |  | $ | 750,000 |
Weighted average strike rate |  | 4.02% |  | 4.32% |  | 4.55% |  | 4.75%
(1)Effective December 31, 2026, the maximum rate of 4.50% increases to 4.75% for these interest rate caps. (2)Effective December 31, 2026, the maximum rate of 4.00% increases to 4.25% for these interest rate caps. (3)Effective December 31, 2027, the maximum rate of 4.50% increases to 4.75% for these interest rate caps.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration