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LONG-TERM DEBT | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding for the Company consisted of the following:
(In thousands) | March 31, 2026 |  | December 31, 2025
Asset-based Revolving Credit Facility due 2027(1) | $ | 50,000 |  |  | $ | 50,000 |
Term Loan Facility due 2026 | 5,095 |  |  | 5,095 |
Incremental Term Loan Facility due 2026 | 1,500 |  |  | 1,500 |
Term Loan Facility due 2029(2) | 2,118,903 |  |  | 2,124,267 |
6.375% Senior Notes due 2026 | 44,644 |  |  | 44,644 |
5.25% Senior Notes due 2027 | 6,983 |  |  | 6,983 |
8.375% Senior Unsecured Notes due 2027 | 72,388 |  |  | 72,388 |
4.75% Senior Secured Notes due 2028 | 276,868 |  |  | 276,868 |
9.125% First Lien Notes due 2029 | 717,588 |  |  | 717,588 |
7.75% First Lien Notes due 2030 | 661,285 |  |  | 661,285 |
7.00% First Lien Notes due 2031 | 178,443 |  |  | 178,443 |
10.875% Second Lien Notes due 2030 | 675,165 |  |  | 675,165 |
Other secured subsidiary debt | 5,112 |  |  | 3,934 |
Long-term debt fees | (6,766) |  |  | (7,220) |
Debt Premium(3) | 229,798 |  |  | 242,151 |
Total Debt | 5,037,006 |  |  | 5,053,091 |
Less: Current portion | 74,721 |  |  | 73,429 |
Total long-term debt | $ | 4,962,285 |  |  | $ | 4,979,662 |
(1)As of March 31, 2026, the ABL Facility had a borrowing base of $439.2 million, $50.0 million outstanding borrowings and $29.7 million in outstanding letters of credit, resulting in $359.5 million of borrowing base availability. (2)Quarterly amortization payments of $5.4 million (equal to 0.25% of the original principal amount) are required per the terms of the Term Loan Facility due 2029. (3)The difference between the carrying value of the exchanged 5.25% Senior Notes, 4.75% Senior Secured Notes, and 8.375% Senior Unsecured Notes and the principal amount of the 7.75% First Lien Notes due 2030, 7.00% First Lien Notes due 2031 and 10.875% Second Lien Notes due 2030 was recorded as debt premium and will be reduced as contractual interest payments are made. The Company’s weighted average interest rate was 9.0% as of both March 31, 2026 and December 31, 2025. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.0 billion and $4.4 billion as of March 31, 2026 and December 31, 2025, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2. As of March 31, 2026, the Company was in compliance with all covenants related to its debt agreements. Surety Bonds and Letters of Credit As of March 31, 2026, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $9.8 million and $29.7 million, respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items.

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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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