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Debt | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes our total indebtedness:
|  |  |  | March 31, 2026 |  | December 31, 2025
Type |  | Maturity |  | Effective Interest Rate |  | Carrying Value |  | Effective Interest Rate |  | Carrying Value
Senior Secured Notes |  | 2026 |  | 4.500 % |  | $– |  | 4.500 % |  | $100.0
Senior Secured Notes |  | 2028 |  | 3.875 % |  | 900.0 |  | 3.875 % |  | 921.2
Senior Notes |  | 2029 |  | 4.875 % |  | 900.0 |  | 4.875 % |  | 921.4
Revolving Credit Facility |  | 2029 |  | 6.418 % |  | – |  | 6.466 % |  | –
Term Loan Facility (Tranche 1) |  | 2031 |  | 6.418 % |  | 1,999.2 |  | 6.466 % |  | 1,999.2
Term Loan Facility (Tranche 2) |  | 2031 |  | 6.918 % |  | 500.0 |  | 6.966 % |  | 500.0
Finance lease |  | 2036 |  | 6.936 % |  | 27.6 |  | 6.936 % |  | 28.1
Total debt outstanding |  |  |  |  |  | 4,326.8 |  |  |  | 4,469.9
Debt discounts and issuance costs |  |  |  |  |  | (43.7) |  |  |  | (46.9)
Current portion of long-term debt(1) |  |  |  |  |  | (1.5) |  |  |  | (101.5)
Long-term debt |  |  |  |  |  | $4,281.6 |  |  |  | $4,321.5
(1)As of December 31, 2025, $100.0 of the Senior Secured Notes due 2026 were outstanding, which we fully redeemed in January 2026. Senior Secured Notes (2026) Interest on the Senior Secured Notes due 2026 was payable semi-annually to holders of record on May 1 and November 1 of each year. In January 2026, we redeemed the remaining $100.0 aggregate principal amount of the outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the January 30, 2026 redemption date. Senior Secured Notes (2028) and Senior Notes (2029) Interest on the Senior Secured Notes due 2028 and the Senior Notes due 2029 is payable semi-annually to holders of record on June 30 and December 30 of each year. The Senior Secured Notes due 2028 are secured on a first-lien pari passu basis with borrowings under our credit facilities. Both series of Notes are guaranteed on a joint and several basis by each of our indirect subsidiaries that is an obligor or guarantor under our credit facilities. During March 2026, we repurchased a portion of the Senior Secured Notes due 2028 and the Senior Notes due 2029 for $38.5 in cash and retired the associated debt with an aggregate carrying value of $42.6. These transactions were accounted for as debt extinguishments, resulting in a net gain of $3.8 recorded within Interest expense, net for the three months ended March 31, 2026. The Credit Facilities Revolving Credit Facility (2029) Our $775.0 revolving credit facility provides for revolving loans, same-day borrowings, and letters of credit (with a sublimit of $77.0). Proceeds of loans made under the revolving credit facility may be borrowed, repaid, and reborrowed prior to its maturity in January 2029 (subject to a “springing” maturity date that is 91 days prior to the maturity date of the Senior Secured Notes due 2028, but only to the extent that those notes have not been refinanced or extended prior to their original maturity date). As of March 31, 2026, letters of credit totaling $6.3 were collateralized by the revolving credit facility. Term Loan Facility (2031) Our term loan facility matures in January 2031 and consists of two tranches of term loans. Our Tranche 1 term loans carry a base interest rate at Term SOFR, plus 2.75% per annum. Our Tranche 2 term loans carry a base interest rate at Term SOFR, plus 3.25% per annum. The carrying value of our variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value due to the short-term nature of the interest rate benchmark rates. The fair value of the fixed rate debt is estimated based on market observable data for debt with similar prepayment features. The fair value of our debt was $3,816.9 and $4,369.9 at March 31, 2026 and December 31, 2025, respectively, and is considered Level 2 under the fair value hierarchy

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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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