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Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt
Long-term debt is as follows:
 JUNE 30, 2023DECEMBER 31, 2022
 
DEBT
(INCLUSIVE OF
DISCOUNT)
UNAMORTIZED
DEFERRED
FINANCING
COSTS
CARRYING
AMOUNT
FAIR
VALUE
DEBT
(INCLUSIVE OF
DISCOUNT)
UNAMORTIZED
DEFERRED
FINANCING
COSTS
CARRYING
AMOUNT
FAIR
VALUE
Revolving Credit Facility(1)
$679,500 $(5,332)$674,168 $679,500 $1,072,200 $(6,790)$1,065,410 $1,072,200 
Term Loan A(1)
234,375 — 234,375 234,375 240,625 — 240,625 240,625 
Term Loan B(1)
662,685 (3,122)659,563 663,250 666,073 (3,747)662,326 666,750 
Australian Dollar Term Loan196,333 (543)195,790 198,005 202,641 (633)202,008 204,623 
UK Bilateral Revolving Credit Facility177,277 — 177,277 177,277 169,361 — 169,361 169,361 
37/8% GBP Senior Notes due 2025 (the "GBP Notes")
506,506 (2,231)504,275 472,474 483,888 (2,589)481,299 445,206 
47/8% Senior Notes due 2027 (the "47/8% Notes due 2027")(2)
1,000,000 (6,043)993,957 932,500 1,000,000 (6,754)993,246 917,500 
51/4% Senior Notes due 2028 (the "51/4% Notes due 2028")(2)
825,000 (5,609)819,391 770,344 825,000 (6,200)818,800 754,875 
5% Senior Notes due 2028 (the "5% Notes due 2028")(2)
500,000 (3,678)496,322 461,250 500,000 (4,039)495,961 450,000 
7% Senior Notes due 2029 (the "7% Notes due 2029")(2)
1,000,000 (11,853)988,147 992,500 — — — — 
47/8% Senior Notes due 2029 (the "47/8% Notes due 2029")(2)
1,000,000 (9,041)990,959 892,500 1,000,000 (9,764)990,236 865,000 
51/4% Senior Notes due 2030 (the "51/4% Notes due 2030")(2)
1,300,000 (10,655)1,289,345 1,166,750 1,300,000 (11,407)1,288,593 1,111,500 
41/2% Senior Notes due 2031 (the "41/2% Notes")(2)
1,100,000 (9,539)1,090,461 940,500 1,100,000 (10,161)1,089,839 891,000 
5% Senior Notes due 2032 (the "5% Notes due 2032")750,000 (11,858)738,142 645,000 750,000 (12,511)737,489 622,500 
55/8% Senior Notes due 2032 (the "55/8% Notes")(2)
600,000 (5,275)594,725 535,500  600,000 (5,566)594,434 520,500 
Real Estate Mortgages, Financing Lease Liabilities and Other457,724 (483)457,241 457,724 425,777 (578)425,199 425,777 
Accounts Receivable Securitization Program343,100 (426)342,674 343,100 314,700 (531)314,169 314,700 
Total Long-term Debt11,332,500 (85,688)11,246,812  10,650,265 (81,270)10,568,995 
Less Current Portion(102,582)— (102,582) (87,546)— (87,546) 
Long-term Debt, Net of Current Portion$11,229,918 $(85,688)$11,144,230  $10,562,719 $(81,270)$10,481,449  
(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”), a term loan A (the “Term Loan A”) and a term loan B (the "Term Loan B"). The Revolving Credit Facility and the Term Loan A are scheduled to mature on March 18, 2027. The Term Loan B is scheduled to mature on January 2, 2026. The remaining amount available for borrowing under the Revolving Credit Facility as of June 30, 2023 was $1,566,061 (which amount represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 7.0% and 6.2% as of June 30, 2023 and December 31, 2022, respectively.
(2)Collectively, the "Parent Notes". IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI’s United States subsidiaries that represent the substantial majority of our United States operations (the "Note Guarantors"). These guarantees are joint and several obligations of the Note Guarantors. The remainder of our subsidiaries do not guarantee the Parent Notes.
See Note 7 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding our long-term debt, including the direct obligors of each of our debt instruments as well as information regarding the fair value of our debt instruments (including the levels of the fair value hierarchy used to determine the fair value of our debt instruments). The levels of the fair value hierarchy used to determine the fair value of our debt as of June 30, 2023 are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of December 31, 2022 (which are disclosed in our Annual Report).
MAY 2023 OFFERING
On May 15, 2023, IMI completed a private offering of:
SERIES OF NOTESAGGREGATE PRINCIPAL AMOUNTMATURITY DATEINTEREST PAYMENT DUE
PAR CALL DATE(1)
7% Notes due 2029
$1,000,000 February 15, 2029February 15 and August 15August 15, 2025
(1)We may redeem the 7% Notes due 2029 at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the 7% Notes due 2029 at the redemption price or make-whole premium specified in the indenture governing the 7% Notes due 2029, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the 7% Notes due 2029 at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.
The 7% Notes due 2029 were issued at 100% of par. The total net proceeds of approximately $990,000 from the issuance of the 7% Notes due 2029, after deducting the initial purchasers' commissions, were used to repay a portion of the outstanding borrowings under our Revolving Credit Facility.
ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM
On June 8, 2023, we amended the Accounts Receivable Securitization Program (as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report) to increase the maximum borrowing capacity from $325,000 to $360,000. All other material terms of the Accounts Receivable Securitization Program remain the same as what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
MAXIMUM AMOUNT
$360,000

OUTSTANDING BORROWING
$343,100

INTEREST RATE
6.2%
As of June 30, 2023
LETTERS OF CREDIT
As of June 30, 2023, we had outstanding letters of credit totaling $40,410, of which $4,439 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between September 2023 and July 2025.
DEBT COVENANTS
The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted) as a condition to taking actions such as paying dividends and incurring indebtedness.
The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR") based calculations and the bond indentures use earnings before interest, taxes, depreciation and amortization ("EBITDA") based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of June 30, 2023. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.