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Debt and Derivatives (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Total Outstanding Debt

The table below summarizes the total outstanding debt of the Company (in thousands):

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

Rate

 

 

Amount

 

 

Rate

 

 

Amount

 

First Lien Incremental Term Loan Tranche B-5 - payable to lenders at
   SOFR plus applicable margin

 

 

6.22

%

 

$

2,521,255

 

 

 

6.86

%

 

$

2,546,787

 

Revolving Credit Loans - payable to lenders at SOFR plus applicable margin

 

 

6.47

%

 

 

—

 

 

 

7.61

%

 

 

—

 

Swingline/Base Rate - payable to lenders at ABR plus applicable margin

 

 

8.50

%

 

 

—

 

 

 

9.75

%

 

 

63,300

 

Amortizing Notes (1)

 

 

 

 

 

31,360

 

 

 

 

 

 

53,804

 

Notes payable and other

 

 

 

 

 

17,129

 

 

 

 

 

 

19,428

 

Total debt

 

 

 

 

 

2,569,744

 

 

 

 

 

 

2,683,319

 

Less: debt issuance costs, net

 

 

 

 

 

62,200

 

 

 

 

 

 

72,736

 

Total debt, net of debt issuance costs

 

 

 

 

 

2,507,544

 

 

 

 

 

 

2,610,583

 

Less: current portion of long-term debt

 

 

 

 

 

52,340

 

 

 

 

 

 

48,725

 

Total long-term debt, net of current portion

 

 

 

 

$

2,455,204

 

 

 

 

 

$

2,561,858

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See Note 7 for discussion of Amortizing Notes.

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Maturities of Long-Term Debt

As of December 31, 2025, maturities of long-term debt for the next five years and thereafter are as follows (in thousands):

 

2026

 

$

52,340

 

2027

 

 

32,135

 

2028

 

 

40,549

 

2029

 

 

25,549

 

2030

 

 

25,549

 

Thereafter

 

 

2,393,622

 

 

$

2,569,744

 
Summary of Estimated Fair Values of Debt Obligations The following table presents the estimated fair values of the Company’s debt obligations as of December 31, 2025 (in millions):

 

 

 

 

 

Fair Value at Reporting Date Using

 

Financial Instrument

 

Carrying Value as of December 31, 2025

 

 

Markets for Identical Item (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

First Lien Term Loan

 

$

2,521,255

 

 

$

—

 

 

$

2,540,164

 

 

$

—

 

Amortizing Notes

 

 

31,360

 

 

 

—

 

 

 

31,948

 

 

 

—

 

Total debt instruments

 

$

2,552,615

 

 

$

—

 

 

$

2,572,112

 

 

$

—

 
Schedule of Interest Rate Swap with Notional Value

 

 

Notional Amount as of

 

 

 

 

 

 

Financial Institution

 

December 31, 2025

 

 

December 31, 2024

 

 

Effective Dates

 

Fixed Rates

 

Credit Suisse

 

$

—

 

 

$

500

 

 

3-year period ending September 30, 2025

 

 

3.41650

%

Morgan Stanley

 

 

—

 

 

 

1,050

 

 

3-year period ending September 30, 2025

 

 

3.42000

%

Credit Agricole Corporate and Investment Bank

 

 

—

 

 

 

450

 

 

3-year period ending September 30, 2025

 

 

3.52410

%

Matured contracts

 

$

—

 

 

$

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Agricole Corporate and Investment Bank

 

$

500

 

 

$

—

 

 

1-year period ending September 30, 2026

 

 

3.72500

%

Mizuho Capital Markets

 

 

500

 

 

 

—

 

 

1-year period ending September 30, 2026

 

 

3.61121

%

Credit Agricole Corporate and Investment Bank

 

 

250

 

 

 

—

 

 

3-year period ending September 30, 2028

 

 

3.33150

%

Morgan Stanley

 

 

250

 

 

 

—

 

 

3-year period ending September 30, 2028

 

 

3.17700

%

Existing contracts

 

$

1,500

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets

 

$

500

 

 

$

—

 

 

2-year period ending September 30, 2028

 

 

3.20220

%

Forward starting contracts (1)

 

$

500

 

 

$

—

 

 

 

 

 

 

 

(1)
During the fourth fiscal quarter of 2025, we entered into a forward starting interest rate swap agreement, with a $500 million notional amount, to hedge the cash flow risk of variability in interest payment on our variable rate borrowings. The effective date of the forward starting interest rate swap agreement is September 30, 2026. As of December 31, 2025, this contract meets the criteria of a cash flow hedge.