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Note 15 - Debt
 12 Months Ended
Dec. 31, 2021
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

 

2021

  

2020

 

Short-term debt and current portion of long-term debt:

            

Syndicated revolving credit facility

 

Various

 

Various

 $610.0  $50.0 

Senior notes:

            

4.125% senior notes, less unamortized discount and debt issuance costs of $(0.4)

 

9/12/2012

 

9/12/2022

  349.6   — 

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

  11.7   14.4 

Short-term debt and current portion of long-term debt

  971.3   514.3 

Long-term debt:

            

Senior notes:

            

3.625% senior notes, less unamortized discount and debt issuance costs of $(10.3) and $(10.7), respectively

 

5/13/2020

 

5/15/2050

  489.7   489.3 

4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $10.9 and $12.4, respectively

 

3/6/2019

 

3/15/2029

  610.9   612.4 

4.000% senior notes, less unamortized discount and debt issuance costs of $(4.1) and $(5.4), respectively

 

5/15/2015

 

6/15/2025

  895.9   894.6 

5.500% senior notes, less unamortized discount and debt issuance costs of $(4.1) and $(4.3), respectively

 

5/15/2015

 

6/15/2045

  345.9   345.7 

4.125% senior notes, less unamortized discount and debt issuance costs of $(1.1)

 

9/12/2012

 

9/12/2022

  —   348.9 

Finance lease liabilities (1)

 

Various

 

Various

  1.6   10.3 

Syndicated revolving credit facility debt issuance costs

 

Various

 

Various

  (1.2)  (1.6)

Long-term debt

  2,342.8   2,699.6 

Total debt

 $3,314.1  $3,213.9 

_______________

(1) Refer to Note 8. Leases

    

Accrued interest associated with our outstanding debt obligations was $16.3 million and $20.7 million as of  December 31, 2021 and 2020, 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 $127.0 million, $138.3 million, and $125.7 million for the years ended  December 31, 2021, 2020, and 2019, respectively.

 

Senior Notes

 

As of December 31, 2021 and December 31, 2020, we had senior notes with an aggregate principal amount of $2,700.0 million and $3,150.0 million outstanding, respectively, and were in compliance with our financial and other debt covenants. On May 3, 2021, we repaid the 5.800% senior notes in full in the amount of $450.0 million utilizing a combination of $250.0 million in borrowings from the credit facility and cash from operations.

 

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., First Commercial Bank, Ltd., Los Angeles Branch, TD Bank, N.A., and the Northern Trust Company. Interest on borrowings under the Credit Facility is payable at an interest rate of the administrative agent's prime rate 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, 2021, we were in compliance with all financial and other debt covenants under the Credit Facility. As of December 31, 2021 and 2020, the available capacity under the Credit Facility was $384.9 million and $944.6 million, net of the letters of credit of $5.1 million and $5.4 million, respectively. Subsequent to December 31, 2021 we have made repayments of $130.0 million under the Credit Facility resulting in $480.0 million in borrowings under the Revolving Credit Facility. 

 

Debt Maturities

 

The following table reflects our debt maturities:

 

Years Ending

 

Amount

 

2022

 $971.7 

2023

  1.3 

2024

  0.4 

2025

  900.1 

2026

  — 

2027 and thereafter

  1,450.0 

Total

 $3,323.5