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Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following:
| September 30, 2025 |  | December 31, 2024
Term Loan Facility, maturing November 2031 | $ | 995,000 |  | $ | 1,000,000
Revolving Credit Facility, maturing September 2029 | — |  | 10,000
6.000% Senior Secured Notes, maturing November 2031 | 500,000 |  | 500,000
Mortgage Notes, various maturities | 32,585 |  | 41,865
Other debt | 3,436 |  | 3,448
Fair value adjustment | 169 |  | 284
Total debt | 1,531,190 |  | 1,555,597
Less unamortized debt discounts and issuance costs | (18,317) |  | (19,856)
Total debt less unamortized debt discounts and issuance costs | 1,512,873 |  | 1,535,741
Less current maturities | (22,965) |  | (22,584)
Long-term debt, less current maturities | $ | 1,489,908 |  | $ | 1,513,157
Term Loan Facility The variable rate interest payments on our Term Loan Facility are hedged by our interest rate swaps. Pursuant to these interest rate swaps, we effectively pay fixed interest on our outstanding Term Loan Facility borrowings at 3.409%, plus an applicable margin. With the upgrade of our issuer credit rating by S&P Global Ratings on June 18, 2025, our applicable margin was reduced by 0.25% to 2.25% effective on June 19, 2025, and with the amendment to our Term Loan Facility on August 18, 2025, our applicable margin was reduced by an additional 0.25% to 2.00%. Loans under this amended Term Loan Facility were issued at par with no original issue discount. As a result, the effective fixed interest rate associated with our outstanding Term Loan Facility borrowings a t September 30, 2025 was 5.409%. We are required to make quarterly principal payments of 0.25% of the outstanding balance on the Term Loan Facility. See Note 7, Derivative Instruments and Hedging Activities for more information regarding our interest rate swaps. Revolving Credit Facility At September 30, 2025, there wer e no outstanding b orrowings under our $650.0 million Revolving Credit Facility, and there were $31.8 million of outstanding letters of credit, resulting in total revolver availability of $618.2 million, which was available at intervals ranging from 30 to 180 days at interest rates of SOFR plus an applicable margin of 2.00% or base rate plus 1.00%. The weighted average interest rate and debt outstanding under the Revolving Credit Facility for the nine months ended September 30, 2025 was 7.26% and $5.1 million, respectively. The highest balance during that same period was $60.0 million. Debt Covenants We are required to comply with certain affirmative and restrictive covenants under our Term Loan Facility and Revolving Credit Facility (collectively, our “Credit Facilities”), 6.000% Senior Secured Notes and Mortgage Notes. We are also required to comply with a first lien net leverage ratio covenant under the Revolving Credit Facility, which requires us to maintain a first lien net leverage ratio, if 30.00% or more of the Revolving Credit Facility commitments are outstanding shortly after the end of any fiscal quarter (excluding all cash collateralized undrawn letters of credit and other undrawn letters of credit up to $90.0 million). As of September 30, 2025, we were either in compliance in all material respects with the covenants or the covenants were not applicable. Future Maturities of Long-Term Debt Aggregate annual future maturities of long-term debt, excluding unamortized discounts, issuance costs and fair value adjustments, at September 30, 2025 were as follows:
October 2025 through September 2026 | $ | 22,965
October 2026 through September 2027 | 29,835
October 2027 through September 2028 | 10,123
October 2028 through September 2029 | 10,139
October 2029 through September 2030 | 10,149
Thereafter | 1,447,810
Total future maturities of long-term debt | $ | 1,531,021

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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