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Debt (Tables)

12 Months Ended

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. Interest 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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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.

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