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Long-term debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt comprised the following:
|  |  |  |  |  |  | As of June 30, 2025
| June 30, 2025 |  | December 31, 2024 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A-1(2) | $ | 2,199,840 |  |  | $ | 2,259,295 |  |  | 4/28/2028 |  | Base +1.75% |  | $ | 2,202,590 |
Term Loan B-1 | 1,627,949 |  |  | 1,636,150 |  |  | 5/9/2031 |  | SOFR + 2.00% |  | $ | 1,636,089 |
Revolving line of credit(2) | — |  |  | — |  |  | 4/28/2028 |  | Base +1.75% |  | $ | — |
Senior Notes: |  |  |  |  |  |  |  |  |
4.625% Senior Notes | 2,750,000 |  |  | 2,750,000 |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 2,633,125 |
3.75% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 2/15/2031 |  | 3.75 | % |  | $ | 1,362,225 |
6.875% Senior Notes | 1,000,000 |  |  | 1,000,000 |  |  | 9/1/2032 |  | 6.875 | % |  | $ | 1,035,000 |
6.75% Senior Notes | 1,000,000 |  |  |  |  | 7/15/2033 |  | 6.75 | % |  | $ | 1,032,500 |
Acquisition obligations and other notes payable(3) | 51,276 |  |  | 56,483 |  |  | 2025-2038 |  | 5.41 | % |  | $ | 51,276 |
Financing lease obligations(4) | 201,413 |  |  | 216,401 |  |  | 2026-2039 |  | 4.54 | % |  |
CHC temporary funding assistance | — |  |  | 92,777 |  |  |  |  |  |  | $ | — |
Total debt principal outstanding | 10,330,478 |  |  | 9,511,106 |  |  |  |  |  |  |
Discount, premium and deferred financing costs(5) | (69,231) |  |  | (64,336) |  |  |  |  |  |  |
| 10,261,247 |  |  | 9,446,770 |  |  |  |  |  |  |
Less current portion | (182,442) |  |  | (270,867) |  |  |  |  |  |  |
| $ | 10,078,805 |  |  | $ | 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 June 30, 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 June 30, 2025, the carrying amount of the Company's senior secured credit facilities has been reduced by a discount of $7,435 and deferred financing costs of $24,978, and the carrying amount of the Company's senior notes has been reduced by deferred financing costs of $46,111 and increased by a debt premium of $9,293. 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 June 30, 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 |
2025 | $ | 1,000,000 |  |  | 4.25%(4) |  | 12/31/2026 |  | 12/31/2028 |  |  |  |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |
Total notional coverage |  | $ | 3,500,000 |  |  | $ | 3,500,000 |  |  | $ | 3,500,000 |  |  | $ | 1,750,000 |
Weighted average strike rate |  | 4.02% |  | 4.32% |  | 4.46% |  | 4.61%
(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. (4)Effective December 31, 2027, the maximum rate of 4.25% increases to 4.50% for these interest rate caps.

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