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Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt DEBT
Long-term debt is as follows:
 MARCH 31, 2025DECEMBER 31, 2024
 
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)
$1,073,000 $(8,788)$1,064,212 $1,073,000 $121,000 $(9,253)$111,747 $121,000 
Term Loan A(1)
213,281 — 213,281 213,281 216,016 — 216,016 216,016 
Term Loan B due 2031(1)
1,835,940 (14,059)1,821,881 1,846,025 1,840,181 (14,690)1,825,491 1,850,698 
Virginia 3 Term Loans(2)
271,079 (2,519)268,560 271,079 271,079 (3,013)268,066 271,079 
Virginia 4/5 Term Loans(2)
138,747 (1,900)136,847 138,747 76,535 (2,752)73,783 76,535 
Virginia 6 Term Loans(2)
179,410 (4,112)175,298 179,410 137,495 (4,605)132,890 137,495 
Virginia 7 Term Loans(2)
107,337 (7,022)100,315 107,337 32,074 (7,591)24,483 32,074 
Australian Dollar Term Loan(2)
176,251 (230)176,021 176,979 175,813 (265)175,548 176,655 
UK Bilateral Revolving Credit Facility(2)
181,099 (992)180,107 181,099 175,503 (1,034)174,469 175,503 
GBP Notes(2)
517,424 (570)516,854 509,016 501,437 (789)500,648 490,155 
47/8% Notes due 2027(2)
1,000,000 (3,555)996,445 976,250 1,000,000 (3,910)996,090 972,500 
51/4% Notes due 2028(2)
825,000 (3,543)821,457 804,375 825,000 (3,838)821,162 804,375 
5% Notes due 2028(2)
500,000 (2,412)497,588 481,250 500,000 (2,592)497,408 481,250 
7% Notes due 2029(2)
1,000,000 (8,154)991,846 1,015,000 1,000,000 (8,686)991,314 1,020,000 
47/8% Notes due 2029(2)
1,000,000 (6,510)993,490 950,000 1,000,000 (6,871)993,129 945,000 
51/4% Notes due 2030(2)
1,300,000 (8,023)1,291,977 1,239,875 1,300,000 (8,399)1,291,601 1,235,000 
41/2% Notes(2)
1,100,000 (7,363)1,092,637 1,003,750 1,100,000 (7,674)1,092,326 1,001,000 
5% Notes due 2032(2)
750,000 (9,574)740,426 688,125 750,000 (9,900)740,100 688,125 
55/8% Notes(2)
600,000 (4,259)595,741 571,500  600,000 (4,404)595,596 570,000 
61/4% Notes(2)
1,200,000 (14,089)1,185,911 1,185,000 1,200,000 (14,517)1,185,483 1,194,000 
Real Estate Mortgages, Financing Lease Liabilities and Other655,796 (1,694)654,102 655,796 614,231 (1,825)612,406 614,231 
Accounts Receivable Securitization Program400,000 (600)399,400 400,000 400,000 (670)399,330 400,000 
Total Long-term Debt15,024,364 (109,968)14,914,396  13,836,364 (117,278)13,719,086 
Less Current Portion(736,922)— (736,922) (715,109)— (715,109) 
Long-term Debt, Net of Current Portion$14,287,442 $(109,968)$14,177,474  $13,121,255 $(117,278)$13,003,977  
(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 a term loan B facility (the "Term Loan B due 2031"). The remaining amount available for borrowing under the Revolving Credit Facility as of March 31, 2025 was $1,669,594 (which represents the maximum availability as of such date). The weighted average interest rate in effect under the Revolving Credit Facility was 6.6% as of March 31, 2025.
(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, 2025).
LETTERS OF CREDIT
As of March 31, 2025, we have outstanding letters of credit totaling $63,788, of which $7,406 reduce our borrowing capacity under the Revolving Credit Facility. The letters of credit expire at various dates between April 2025 and May 2027.
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, 2025. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.