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Debt | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt | DEBT Long-term debt is as follows:
|  | MARCH 31, 2024 |  |  | DECEMBER 31, 2023
|  | 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) |  | $ | 660,000 |  |  | $ | (4,265) |  |  | $ | 655,735 |  |  | $ | 660,000 |  |  |  | $ | — |  |  | $ | (4,621) |  |  | $ | (4,621) |  |  | $ | — |
Term Loan A(1) |  | 225,000 |  |  | — |  |  | 225,000 |  |  | 225,000 |  |  |  | 228,125 |  |  | — |  |  | 228,125 |  |  | 228,125 |
Term Loan B due 2026(1) |  | 657,605 |  |  | (2,186) |  |  | 655,419 |  |  | 658,000 |  |  |  | 659,298 |  |  | (2,498) |  |  | 656,800 |  |  | 659,750 |
Term Loan B due 2031(1) |  | 1,188,318 |  |  | (12,610) |  |  | 1,175,708 |  |  | 1,197,000 |  |  |  | 1,191,000 |  |  | (13,026) |  |  | 1,177,974 |  |  | 1,200,000 |
Virginia 3 Term Loans(2) |  | 165,555 |  |  | (4,206) |  |  | 161,349 |  |  | 165,555 |  |  |  | 101,218 |  |  | (4,641) |  |  | 96,577 |  |  | 101,218 |
Virginia 4/5 Term Loans(2) |  | 49,994 |  |  | (5,089) |  |  | 44,905 |  |  | 49,994 |  |  |  | 16,338 |  |  | (5,892) |  |  | 10,446 |  |  | 16,338 |
Australian Dollar Term Loan(2) |  | 188,064 |  |  | (426) |  |  | 187,638 |  |  | 189,327 |  |  |  | 197,743 |  |  | (482) |  |  | 197,261 |  |  | 199,195 |
UK Bilateral Revolving Credit Facility(2) |  | 176,737 |  |  | — |  |  | 176,737 |  |  | 176,737 |  |  |  | 178,239 |  |  | — |  |  | 178,239 |  |  | 178,239 |
GBP Notes(2) |  | 504,963 |  |  | (1,510) |  |  | 503,453 |  |  | 487,809 |  |  |  | 509,254 |  |  | (1,763) |  |  | 507,491 |  |  | 489,108 |
4 7/8% Notes due 2027(2) |  | 1,000,000 |  |  | (4,976) |  |  | 995,024 |  |  | 960,000 |  |  |  | 1,000,000 |  |  | (5,332) |  |  | 994,668 |  |  | 967,500 |
5 1/4% Notes due 2028(2) |  | 825,000 |  |  | (4,724) |  |  | 820,276 |  |  | 794,063 |  |  |  | 825,000 |  |  | (5,019) |  |  | 819,981 |  |  | 800,250 |
5% Notes due 2028(2) |  | 500,000 |  |  | (3,135) |  |  | 496,865 |  |  | 476,250 |  |  |  | 500,000 |  |  | (3,316) |  |  | 496,684 |  |  | 478,750 |
7% Notes due 2029(2) |  | 1,000,000 |  |  | (10,281) |  |  | 989,719 |  |  | 1,015,000 |  |  |  | 1,000,000 |  |  | (10,813) |  |  | 989,187 |  |  | 1,027,500 |
4 7/8% Notes due 2029(2) |  | 1,000,000 |  |  | (7,956) |  |  | 992,044 |  |  | 932,500 |  |  |  | 1,000,000 |  |  | (8,318) |  |  | 991,682 |  |  | 945,000 |
5 1/4% Notes due 2030(2) |  | 1,300,000 |  |  | (9,527) |  |  | 1,290,473 |  |  | 1,225,250 |  |  |  | 1,300,000 |  |  | (9,903) |  |  | 1,290,097 |  |  | 1,241,500 |
4 1/2% Notes(2) |  | 1,100,000 |  |  | (8,607) |  |  | 1,091,393 |  |  | 987,250 |  |  |  | 1,100,000 |  |  | (8,917) |  |  | 1,091,083 |  |  | 995,500 |
5% Notes due 2032(2) |  | 750,000 |  |  | (10,880) |  |  | 739,120 |  |  | 682,500 |  |  |  | 750,000 |  |  | (11,206) |  |  | 738,794 |  |  | 684,375 |
5 5/8% Notes(2) |  | 600,000 |  |  | (4,840) |  |  | 595,160 |  |  | 567,000 |  |  |  | 600,000 |  |  | (4,985) |  |  | 595,015 |  |  | 567,000 |
Real Estate Mortgages, Financing Lease Liabilities and Other |  | 552,265 |  |  | (678) |  |  | 551,587 |  |  | 552,265 |  |  |  | 519,907 |  |  | (403) |  |  | 519,504 |  |  | 519,907 |
Accounts Receivable Securitization Program |  | 360,000 |  |  | (265) |  |  | 359,735 |  |  | 360,000 |  |  |  | 358,500 |  |  | (317) |  |  | 358,183 |  |  | 358,183 |
Total Long-term Debt |  | 12,803,501 |  |  | (96,161) |  |  | 12,707,340 |  |  |  |  |  | 12,034,622 |  |  | (101,452) |  |  | 11,933,170 |  |  |
Less Current Portion |  | (118,771) |  |  | — |  |  | (118,771) |  |  |  |  |  | (120,670) |  |  | — |  |  | (120,670) |  |  |
Long-term Debt, Net of Current Portion |  | $ | 12,684,730 |  |  | $ | (96,161) |  |  | $ | 12,588,569 |  |  |  |  |  | $ | 11,913,952 |  |  | $ | (101,452) |  |  | $ | 11,812,500 |  |  |
(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”), a term loan A facility (the “Term Loan A”) and two term loan B facilities (the "Term Loan B due 2026" and the "Term Loan B due 2031"). The Revolving Credit Facility and the Term Loan A are scheduled to mature on March 18, 2027. The Term Loan B due 2026 is scheduled to mature on January 2, 2026. The Term Loan B due 2031 is scheduled to mature on January 31, 2031. The remaining amount available for borrowing under the Revolving Credit Facility as of March 31, 2024 was $1,585,174 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 7.3% as of March 31, 2024. (2)Each as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. 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, which are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of March 31, 2024). LETTERS OF CREDIT As of March 31, 2024, we had outstanding letters of credit totaling $38,796, of which $4,826 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between May 2024 and April 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 March 31, 2024. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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