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Note 15 - Debt | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Debt Disclosure [Text Block] | 15. Debt: The following table presents short-term and long-term debt by issuance as of December 31:
|  | Issuance |  | Maturity |  |  |  |  |  |  |  |
|  | Date |  | Date |  | 2020 |  |  | 2019 |
Short-term debt and current portion of long-term debt: |  |  |  |  |  |  |  |  |  |  |  |
Syndicated revolving credit facility |  | Various |  | Various |  | $ | 50.0 |  |  | $ | 495.0 |
Senior notes: |  |  |  |  |  |  |  |  |  |  |  |
5.800% senior notes, less unamortized discount and debt issuance costs of $(0.1) |  | 4/6/2011 |  | 5/1/2021 |  |  | 449.9 |  |  |  | — |
Finance lease liabilities (1) |  | Various |  | Various |  |  | 14.4 |  |  |  | 4.4 |
Short-term debt and current portion of long-term debt |  |  | 514.3 |  |  |  | 499.4 |
Long-term debt: |  |  |  |  |  |  |  |  |  |  |  |
Senior notes: |  |  |  |  |  |  |  |  |  |  |  |
3.625% senior notes, less unamortized discount and debt issuance costs of $(10.7) |  | 5/13/2020 |  | 5/15/2050 |  |  | 489.3 |  |  |  | — |
4.125% senior notes (2), inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $12.4 and $13.9, respectively |  | 3/6/2019 |  | 3/15/2029 |  |  | 612.4 |  |  |  | 613.9 |
4.000% senior notes, less unamortized discount and debt issuance costs of $(5.4) and $(6.7), respectively |  | 5/15/2015 |  | 6/15/2025 |  |  | 894.6 |  |  |  | 893.3 |
5.500% senior notes, less unamortized discount and debt issuance costs of $(4.3) and $(4.5), respectively |  | 5/15/2015 |  | 6/15/2045 |  |  | 345.7 |  |  |  | 345.5 |
4.125% senior notes, less unamortized discount and debt issuance costs of $(1.1) and $(1.6), respectively |  | 9/12/2012 |  | 9/12/2022 |  |  | 348.9 |  |  |  | 348.4 |
5.800% senior notes, less unamortized discount and debt issuance costs of $(0.7) |  | 4/6/2011 |  | 5/1/2021 |  |  | — |  |  |  | 449.3 |
Finance lease liabilities |  | Various |  | Various |  |  | 10.3 |  |  |  | 3.3 |
Syndicated revolving credit facility debt issuance costs |  | Various |  | Various |  |  | (1.6 | ) |  |  | (2.1 | )
Long-term debt |  |  | 2,699.6 |  |  |  | 2,651.6 |
Total debt |  | $ | 3,213.9 |  |  | $ | 3,151.0 |
_______________ (1) Refer to Note 8. Leases (2) We offered an additional issuance of these notes on September 6, 2019. Accrued interest associated with our outstanding debt obligations was $20.7 million and $19.0 million as of December 31, 2020 and 2019, respectively, and included in “Accounts payable and accrued liabilities” within our accompanying consolidated balance sheets. Interest expense associated with our finance lease and outstanding debt obligations, including amortization of debt issuance costs and original discounts, was $138.3 million, $125.7 million and $128.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. Senior Notes On May 8, 2020, we completed an issuance of $500.0 million aggregate principal amount of 3.625% senior notes due 2050 (the "2050 notes"). The 2050 notes mature on May 15, 2050 and accrue interest at a fixed rate of 3.625% per annum. Interest is payable semiannually on the 2050 notes on May 15th and November 15th of each year, beginning on November 15, 2020. The 2050 notes were issued at a discount of $5.2 million, and we incurred debt issuance costs of $5.7 million. The original issue discount and debt issuance costs were included in "Long-term debt" in our accompanying consolidated balance sheets, and these costs will be amortized to "Interest expense" in our accompanying consolidated statements of operations over the life of the 2050 notes. The net proceeds from the issuance of the 2050 notes were utilized to partially repay the committed senior unsecured Syndicated Revolving Credit Facility (the "Credit Facility") and for general corporate purposes. The indenture governing the 2050 notes restricts our ability to, among other things, create certain liens, enter into sale/leaseback transactions and consolidate with, sell, lease, convey or otherwise transfer all or substantially all of our assets, or merge with or into, any other person or entity. As of December 31, 2020 and December 31, 2019, we had senior notes with an aggregate principal amount of $3,150.0 million and $2,650.0 million outstanding, respectively, and were in compliance with our financial and other debt covenants. Syndicated Revolving Credit Facility We have a Credit Facility with a borrowing capacity of $1,000.0 million with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Morgan Stanley Bank, N.A., TD Bank, N.A., and the Northern Trust Company. Interest on borrowings under the Credit Facility is payable at an interest rate of LIBOR plus 1.0% to 1.625%, depending upon the public debt rating. A commitment fee on any unused balance is payable periodically and may range from 8.0 to 20.0 basis points based upon the public debt rating. The Credit Facility also contains certain financial and other covenants that, among other things, impose certain restrictions on indebtedness, liens, investments, and capital expenditures. These covenants place restrictions on mergers, asset sales, sale/leaseback transactions, and certain transactions with affiliates. The financial covenants require that, at the end of any fiscal quarter, we have a consolidated funded debt leverage ratio of less than 3.5 to 1.0. At our election, the maximum consolidated funded debt leverage ratio could be permitted to increase one time each to 4.0 to 1.0 and 4.25 to 1.0. The Credit Facility may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividends and the share repurchase program (the "Repurchase Program"). As of December 31, 2020, we were in compliance with all financial and other debt covenants under the Credit Facility. As of December 31, 2020 and 2019, the available capacity under the Credit Facility was $944.6 million and $500.2 million, net of the letters of credit of $5.4 million and $4.8 million, respectively. Subsequent to December 31, 2020, we had no borrowings and made repayments of $50.0 million under the Credit Facility. Debt Maturities The following table reflects our debt maturities:
Years Ending |  | Amount |
2021 |  | $ | 514.4 |
2022 |  |  | 360.0 |
2023 |  |  | 0.3 |
2024 |  |  | — |
2025 |  |  | 900.0 |
2026 and thereafter |  |  | 1,450.0 |
Total |  | $ | 3,224.7 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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