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DEBT (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | The carrying amount of long-term debt consisted of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
Senior Credit Facilities (as defined below) | $ | 1,997,712 |  |  | $ | 2,042,221 |
Senior Notes (as defined below) | 650,000 |  |  | 650,000 |
Convertible Notes (as defined below) | 920,000 |  |  | 920,000 |
Finance lease liabilities | 3,246 |  |  | 4,443 |
Total debt | 3,570,958 |  |  | 3,616,664 |
Less: Unamortized debt discount | (6,668) |  |  | (7,725) |
Less: Unamortized debt issuance costs | (17,831) |  |  | (18,691) |
Less: Current portion of long-term debt(1) | (593,619) |  |  | (18,712) |
Total long-term debt | $ | 2,952,840 |  |  | $ | 3,571,536 |
(1)The 2026 Notes (as defined and described below), which mature in March 2026, are classified within the current portion of long-term debt as of March 31, 2025.
Schedule of Term Loans | A summary of the Company’s outstanding term loans as of March 31, 2025 is as follows (dollars in thousands):
Instrument |  | Draw Date(s) |  | Original Principal |  | Amortization Per Annum(1) |  | Outstanding Principal |  | Final Scheduled Maturity Date |  | Final Scheduled Principal Payment |  | Benchmark Rate |  | Fixed Margin |  | Interest Rate
Term Loan B-2 |  | 1/7/2019 |  | $ | 250,000 |  |  | 1.0% |  | $ | 235,000 |  |  | 10/30/2029(2) |  | $ | 223,750 |  |  | SOFR + 10.0 bps |  | 2.25% |  | 6.67%
Term Loan B-3 |  | 6/14/2019 10/30/2020 2/22/2023 |  | 325,000 300,000 150,000 |  | 1.0% |  | 739,543 |  |  | 10/30/2029(2) |  | 704,695 |  |  | SOFR + 10.0 bps |  | 2.25% |  | 6.67%
Term Loan B-4 |  | 5/3/2021 |  | 800,000 |  |  | 1.0% |  | 750,169 |  |  | 5/3/2028 |  | 726,787 |  |  | SOFR + 11.4 bps |  | 2.00% |  | 6.44%
Total |  |  |  | $ | 1,825,000 |  |  |  |  | $ | 1,724,712 |  |  |  |  | $ | 1,655,232 |  |  |  |  |  |  |
(1)Payable in equal quarterly installments (expressed as a percentage of the original principal amount and subject to customary adjustments in the event of any prepayment). All loans may be prepaid at any time without penalty or premium (subject to customary SOFR breakage provisions). (2)The final maturity date of the Term Loan B-2 and the Term Loan B-3, in each case, will adjust to May 3, 2028 if greater than $150.0 million aggregate principal amount of the Term Loan B-4 (together with any refinancing indebtedness in respect of the Term Loan B-4 with a final maturity date prior to the date that is 91 days after October 30, 2029) remains outstanding on May 3, 2028.
Schedule of Convertible Debt | The carrying amounts of the Convertible Notes consisted of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
| 2026 Notes |  | 2028 Notes |  | Total |  | 2026 Notes |  | 2028 Notes |  | Total
Gross carrying amount | $ | 575,000 |  |  | $ | 345,000 |  |  | $ | 920,000 |  |  | $ | 575,000 |  |  | $ | 345,000 |  |  | $ | 920,000 |
Less: Unamortized discount | (2,861) |  |  | (3,807) |  |  | (6,668) |  |  | (3,601) |  |  | (4,124) |  |  | (7,725) |
Less: Unamortized debt issuance costs | (78) |  |  | (107) |  |  | (185) |  |  | (98) |  |  | (116) |  |  | (214) |
Net carrying amount | $ | 572,061 |  |  | $ | 341,086 |  |  | $ | 913,147 |  |  | $ | 571,301 |  |  | $ | 340,760 |  |  | $ | 912,061 |
Interest expense on the Convertible Notes consisted of the following (dollars in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| 2026 Notes |  | 2028 Notes |  | Total |  | 2026 Notes |  | 2028 Notes |  | Total |  |  |  |  |  |  |  |  |  |  |  |
Contractual interest expense | $ | — |  | $ | 970 |  | $ | 970 |  |  | $ | — |  | $ | 970 |  | $ | 970 |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of discount | 740 |  | 317 |  | 1,057 |  |  | 748 |  | 321 |  | 1,069 |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of debt issuance costs | 20 |  | 9 |  | 29 |  |  | 20 |  | 9 |  | 29 |  |  |  |  |  |  |  |  |  |  |  |  |
Total interest expense | $ | 760 |  | $ | 1,296 |  |  | $ | 2,056 |  |  | $ | 768 |  | $ | 1,300 |  | $ | 2,068 |  |  |  |  |  |  |  |  |  |  |  |  |
Effective interest rate | 0.5 | % |  | 1.5 | % |  |  |  | 0.5 | % |  | 1.5 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Unamortized Debt Issuance Costs | Unamortized debt issuance costs consisted of the following (in thousands):
| March 31, 2025 |  | December 31, 2024
Revolving Credit Facility portion: |  |  |
Other noncurrent assets | $ | 3,338 |  |  | $ | 3,754 |
Term loans and Notes portion: |  |  |
Long-term debt (contra account) | 17,831 |  |  | 18,691 |
Total | $ | 21,169 |  |  | $ | 22,445 |
Schedule of Maturities of Long-Term Debt | The future maturities of outstanding borrowings as of March 31, 2025 were as follows (in thousands):
Year Ending December 31, |  | Amount
2025 (remaining nine months) |  | $ | 13,528 |
2026 |  | 593,038 |
2027 |  | 18,038 |
2028 |  | 1,356,980 |
2029 |  | 936,128 |
Thereafter |  | 650,000 |
Total |  | $ | 3,567,712 |

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