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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The Company’s debt is comprised of the following (in thousands):
|  |  |  |  |  |  |  | Interest Payable |  | Balance as of December 31,
Debt Description |  | Issued |  | Maturity |  | Interest Rate(1) |  |  | 2023 |  | 2022
First Lien Term Loan due 2026 |  | 9/23/2019 |  | 9/23/2026 |  | Term SOFR +2.75% |  | Quarterly |  | $ | — |  |  | $ | 2,730,269 |
First Lien Term Loan B due 2030 |  | 10/13/2023 |  | 10/13/2030 |  | Term SOFR +2.50% |  | Quarterly |  | 1,375,000 |  |  | — |
Term Loan A Facility |  | 3/14/2023 |  | 3/14/2028 |  | Term SOFR +2.25% |  | Quarterly |  | 625,625 |  |  | — |
Second Lien Notes due 2028 |  | 1/28/2020 |  | 1/15/2028 |  | 6.250% |  | 1/15 and 7/15 |  | 1,300,000 |  |  | 1,300,000 |
First Lien Notes due 2024 |  | 4/4/2019 |  | 4/15/2024 |  | 5.250% |  | 2/15 and 8/15 |  | 99,999 |  |  | 750,000 |
First Lien Notes due 2026 |  | 4/4/2019 |  | 4/15/2026 |  | 5.750% |  | 3/15 and 9/15 |  | 1,350,000 |  |  | 1,350,000 |
First Lien Notes due 2027 |  | 8/20/2020 |  | 8/31/2027 |  | 3.375% |  | 6/15 and 12/15 |  | 1,000,000 |  |  | 1,000,000 |
First Lien Notes due 2029 |  | 7/29/2021 |  | 8/1/2029 |  | 4.125% |  | 2/1 and 8/1 |  | 1,000,000 |  |  | 1,000,000 |
ADT Notes due 2023 |  | 1/14/2013 |  | 6/15/2023 |  | 4.125% |  | 6/15 and 12/15 |  | — |  |  | 700,000 |
ADT Notes due 2032 |  | 5/2/2016 |  | 7/15/2032 |  | 4.875% |  | 1/15 and 7/15 |  | 728,016 |  |  | 728,016 |
ADT Notes due 2042 |  | 7/5/2012 |  | 7/15/2042 |  | 4.875% |  | 1/15 and 7/15 |  | 21,896 |  |  | 21,896 |
2020 Receivables Facility(2) |  | 3/5/2020 |  | 11/20/2028 |  | Various |  | Monthly |  | 436,004 |  |  | 354,741 |
Other debt(3) |  |  |  |  |  |  |  |  |  | 751 |  |  | 2,446 |
Total debt principal, excluding finance leases |  | 7,937,291 |  |  | 9,937,368 |
Plus: Finance lease obligations(4) |  | 87,161 |  |  | 70,643 |
Less: Unamortized debt discount, net |  | (15,005) |  |  | (13,415) |
Less: Unamortized deferred financing costs |  | (39,620) |  |  | (50,896) |
Less: Unamortized purchase accounting fair value adjustment and other |  | (125,866) |  |  | (139,357) |
Total debt |  | 7,843,961 |  |  | 9,804,343 |
Less: Current maturities of long-term debt, net of unamortized debt discount |  | (320,612) |  |  | (857,624) |
Long-term debt |  | $ | 7,523,349 |  |  | $ | 8,946,719 |
__________________ (1)Interest rate as of December 31, 2023. In June 2023, the Secured Overnight Financing Rate (“SOFR”) replaced the forward London Interbank Offered Rate (“LIBOR”) as the applicable benchmark rate for all applicable existing and future issuances of the Company’s debt instruments with a variable rate component. Interest on the 2020 Receivables Facility is primarily based on SOFR +0.95% and Cost of Funds (“COF”) +0.85%. (2)Maturity date for the 2020 Receivables Facility represents the final maturity of date of current loans borrowed under the facility. (3)Other debt primarily consists of vehicle loans at various interest rates and maturities. (4)Refer to Note 15 “Leases” for additional information regarding the Company’s finance leases.
Schedule of Maturities of Long-term Debt | As of December 31, 2023, the aggregate annual maturities of debt, excluding finance leases, were as follows:
(in thousands) | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Debt principal | $ | 286,678 |  |  | $ | 113,375 |  |  | $ | 2,862,193 |  |  | $ | 1,107,818 |  |  | $ | 1,817,288 |  |  | $ | 1,749,939 |  |  | $ | 7,937,291 |

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