Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Note 6—Debt

At March 31, 2024 and December 31, 2023, debt consisted of the following (in millions):

	March 31,			December 31,
	2024			2023
Senior secured credit facilities, weighted-average interest rate of 7.32% and 7.35%, respectively	$	4,675.2		$	4,755.1
5.5% senior notes due 2027		2,000.0			2,000.0
Unamortized original issue discount and debt issuance costs		(30.9	)		(35.1	)
		6,644.3			6,720.0
Less: current portion of long-term debt		50.8			51.5
Long-term debt	$	6,593.5		$	6,668.5

The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes:

	Amount Outstanding at March 31, 2024		Maturity	Scheduled Quarterly
	(in millions)		Date	Payments Required
Senior Secured Credit Facilities
Term Loan B-3	$	994.4	April 16, 2025	0.25%
Term Loan B-4		938.9	April 16, 2025	0.25%
Term Loan B-5		1,582.0	April 16, 2025	0.25%
Term Loan B-6		394.0	March 22, 2029	0.25%
Term Loan B-7		765.9	March 22, 2029	0.25%
Revolving Credit Facility		—	December 28, 2027	None
Senior Notes		2,000.0	September 30, 2027	None

We intend to refinance the $3,515.3 million Term Loans B-3, B-4 and B-5, which are due April 16, 2025, in the near term. However, there can be no assurance that we will be able to obtain such financing on acceptable terms, or at all.

Fair Value of Debt

The carrying amounts and fair values of financial instruments are as follows (in millions):

	March 31, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial liabilities:
Senior secured credit facilities	$	4,646.9	$	4,688.4	$	4,722.7	$	4,774.4
5.5% senior notes due 2027		1,997.4		1,958.9		1,997.3		1,974.0

The above fair values, which are Level 2 liabilities, were computed based on comparable quoted market prices. The fair values of cash, accounts receivable, net, short-term borrowings, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments.