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Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt outstanding

Debt outstanding was comprised of the following:

(in thousands)						March 31, 2025						December 31, 2024
Senior secured term loan facility						$	490,625					$	500,000
Senior unsecured notes						475,000						475,000
Senior secured notes						450,000						450,000
Securitization obligations						70,686						78,917
Amounts drawn on senior secured revolving credit facility						24,000						18,000
Total principal amount						1,510,311						1,521,917
Less: unamortized discount and debt issuance costs						(17,766)						(18,766)
Total debt, net of discount and debt issuance costs						1,492,545						1,503,151
Less: current portion of long-term debt, net of debt issuance costs						(37,163)						(37,130)
Long-term debt						$	1,455,382					$	1,466,021

Maturities of long-term debt

Maturities of long-term debt were as follows as of March 31, 2025:

(in thousands)						Debt obligations
Remainder of 2025						$	28,125
2026						37,500
2027						108,186
2028						50,000
2029						1,286,500
Total principal amount						$	1,510,311

Leverage ratio requirements

These ratios may not equal or exceed the following amounts during the periods indicated:

Fiscal Quarter Ending

Consolidated total leverage ratio

Consolidated secured leverage ratio

March 31, 2025 through March 31, 2026

4.25 to 1.00

3.50 to 1.00

June 30, 2026 and each fiscal quarter thereafter

4.00 to 1.00

3.25 to 1.00

Revolving credit facility

As of March 31, 2025, amounts were available for borrowing under our revolving credit facility as follows:

(in thousands)						Total available
Revolving credit facility commitment						$	400,000
Amounts drawn on revolving credit facility						(24,000)
Outstanding letters of credit(1)						(7,698)
Net available for borrowing as of March 31, 2025						$	368,302

(1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.

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-Topic 210
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