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Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | Debt The Company’s debt as of June 30, 2026 and December 31, 2025, consisted of the following (in thousands):
| June 30, 2026 |  | December 31, 2025
Revolving credit facility | $ | — |  |  | $ | 12,000 |
Term Loan facility | 577,500 |  |  | 600,000 |
Total borrowings | 577,500 |  |  | 612,000 |
Add: Remaining premium on interest rate caplets financed as debt | — |  |  | 83 |
Total debt | 577,500 |  |  | 612,083 |
Less: Debt issuance costs | (4,171) |  |  | (4,663) |
Total debt, net of debt issuance costs | 573,329 |  |  | 607,420 |
Less: Current maturities | (30,000) |  |  | (37,583) |
Total debt, net of current maturities | $ | 543,329 |  |  | $ | 569,837 |
As of June 30, 2026, the weighted-average interest rate on the Company’s borrowings was approximately 5.5%. Other Financing Activities From time to time, the Company may take advantage of favorable financing terms offered by vendors for purchases of property and equipment. Financed property and equipment totaled $4.2 million and $4.8 million as of June 30, 2026 and December 31, 2025, respectively, of which $1.7 million is recorded in accounts payable and other accrued expenses for both periods with the remaining $2.5 million and $3.1 million recorded in other long-term liabilities on the condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025, respectively. Interest rate hedging instruments The Company manages its exposure to interest rate risk through the use of interest rate hedging instruments, which are derivative financial instruments. On January 12, 2022, the Company hedged the variability of the cash flows attributable to changes in the 1-month Secured Overnight Financing Rate (“SOFR”) interest rates on the first $300 million of the term loan under the Company’s prior credit agreement by entering into a 4-year series of 48 deferred premium caplets (“caplets”), which expired in January 2026. On January 30, 2026, following the expiration of the caplets and to continue to hedge the variability of the cash flows attributable to the changes in the 1-month Term SOFR interest rate, the Company entered into an interest rate collar. The collar, which is designated as a cash flow hedge, establishes a cap interest rate of 4.00% and a floor interest rate of 2.9215%. The interest‑rate collar is structured so its notional amount and timing exactly match the term loan’s outstanding balance and scheduled principal payments. The interest rate collar matures in September 2029. The Company recognized an unrealized gain, net of taxes, o n the change in fair value of the interest rate hedging instruments of $2.2 million both for the three and six months ended June 30, 2026. In comparison, the Company recognized an unrealized loss, net of taxes, of $0.8 million and $2.0 million for the three and six months ended June 30, 2025, respectively. For more information on how the Company determines the fair value of the interest rate hedging instruments, see Note 12. T he Company recognized interest income on the caplets of $0.4 million for the six months ended June 30, 2026, as the caplets expired in January of 2026. In comparison, the Company recognized interest income on the caplets of $1.8 million and $3.6 million for the three and six months ended June 30, 2025, respectively. These amounts are reflected in interest expense, net in the condensed consolidated statements of operations and other comprehensive income. As of June 30, 2026, there has been no realized gain or loss on the interest rate collar.

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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 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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