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Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
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) |  |  | 2025 |  | 2024
First Lien Term Loan B due 2030 |  | 10/13/2023 |  | 10/13/2030 |  | Term SOFR +2.00% |  | Quarterly |  | $ | 1,764,249 |  |  | $ | 1,984,090 |
First Lien Term Loan B-2 due 2032 |  | 3/7/2025 |  | 3/7/2032 |  | Term SOFR +1.75% |  | Quarterly |  | 1,441,989 |  |  | — |
First Lien Revolving Credit Facility |  | 3/16/2018 |  | 10/1/2029 |  | Term SOFR +2.00% |  | Quarterly |  | — |  |  | — |
First Lien Term Loan A due 2030 |  | 10/28/2025 |  | 10/28/2030 |  | Term SOFR +1.50% |  | Quarterly |  | 325,000 |  |  | — |
First Lien Notes due 2026 |  | 4/4/2019 |  | 4/15/2026 |  | 5.750% |  | 3/15 and 9/15 |  | 75,000 |  |  | 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 |
First Lien Notes due 2033 |  | 10/15/2025 |  | 10/15/2033 |  | 5.875% |  | 1/15 and 7/15 |  | 1,000,000 |  |  | — |
Second Lien Notes due 2028 |  | 1/28/2020 |  | 1/15/2028 |  | 6.250% |  | 1/15 and 7/15 |  | — |  |  | 1,300,000 |
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 |  | 11/20/2030 |  | Various |  | Monthly |  | 443,058 |  |  | 407,901 |
Total debt principal, excluding finance leases |  | 7,799,208 |  |  | 7,791,903 |
Plus: Finance lease obligations(3) |  | 47,765 |  |  | 69,442 |
Unamortized debt discount, net |  | (30,579) |  |  | (12,081) |
Unamortized deferred financing costs |  | (22,949) |  |  | (26,990) |
Unamortized purchase accounting fair value adjustment and other |  | (103,811) |  |  | (115,201) |
Total debt |  | 7,689,634 |  |  | 7,707,073 |
Less: Current maturities of long-term debt, net of unamortized debt discount |  | (310,204) |  |  | (195,791) |
Long-term debt |  | $ | 7,379,430 |  |  | $ | 7,511,282 |
__________________ (1)Interest rate as of December 31, 2025. I nterest on the 2020 Receivables Facility is primarily based on the Secured Overnight Financing Rate (“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)Refer to Note 14 “Leases” for additional information regarding the Company’s finance leases.
Schedule of Maturities of Long-term Debt | As of December 31, 2025, the aggregate annual maturities of debt, excluding finance leases, were as follows:
(in thousands) | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Debt principal | $ | 287,530 |  |  | $ | 1,179,896 |  |  | $ | 132,050 |  |  | $ | 1,093,356 |  |  | $ | 1,987,196 |  |  | $ | 3,119,180 |  |  | $ | 7,799,208 |

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