What senior notes are included in the fair value of debt estimation for The Standardx?

According to The Standardx's 2025 Franchise Disclosure Document, the fair value of debt estimation includes several senior unsecured notes. These notes, collectively referred to as the "Senior Notes," are a significant component of The Standardx's overall debt assessment. The estimation excludes finance leases and focuses on the market value of these specific debt instruments.

The senior notes included in the fair value estimation are:

• $400 million of 4.850% senior notes due 2026
• $600 million of 5.750% senior notes due 2027
• $400 million of 4.375% senior notes due 2028
• $500 million of 5.050% senior notes due 2028
• $600 million of 5.250% senior notes due 2029
• $450 million of 5.750% senior notes due 2030
• $450 million of 5.375% senior notes due 2031
• $500 million of 5.750% senior notes due 2032
• $350 million of 5.500% senior notes due 2034

The Standardx classifies these Senior Notes as Level Two assets, indicating that their fair value is determined using multiple market inputs. This classification suggests a degree of transparency and reliability in the valuation process, as it relies on observable market data. Other debt instruments, however, are classified as Level Three due to a lack of available market data, requiring the use of discounted cash flow analysis and potentially introducing more subjectivity in their valuation.