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Long-term Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Outstanding Long-term Debt | Our long-term debt outstanding consists of the following (in millions):
| As of December 31,
| 2022 |  | 2021
Credit Agreement— |  |  |
Advances under revolving credit facility | $ | 55.0 |  |  | $ | 200.0 |
Term loan facilities | — |  |  | 238.5 |
Bonds payable— |  |  |
5.125% Senior Notes due 2023 | — |  |  | 99.6 |
5.75% Senior Notes due 2025 | 347.7 |  |  | 347.0 |
4.50% Senior Notes due 2028 | 781.8 |  |  | 786.8 |
4.75% Senior Notes due 2030 | 779.0 |  |  | 784.7 |
4.625% Senior Notes due 2031 | 390.6 |  |  | 393.7 |
Other notes payable | 53.1 |  |  | 47.7 |
Finance lease obligations | 359.8 |  |  | 380.3 |
| 2,767.0 |  |  | 3,278.3 |
Less: Current portion | (25.2) |  |  | (37.8) |
Long-term debt, net of current portion | $ | 2,741.8 |  |  | $ | 3,240.5 |
Our notes payable consist of the following (in millions):
| As of December 31, |  |
| 2022 |  | 2021 |  | Interest Rates
Sale/leaseback transactions involving real estate accounted for as financings | $ | 28.0 |  |  | $ | 28.0 |  |  | 6.1% to 11.2%
Construction of a new hospital | 20.7 |  |  | 11.0 |  |  | 5.0% to 5.5%
Software contracts | 4.4 |  |  | 8.7 |  |  | 2.8%
Other notes payable | $ | 53.1 |  |  | $ | 47.7 |  |  |
Schedule of Debt Maturities | The following chart shows scheduled principal payments due on long-term debt for the next five years and thereafter (in millions):
Year Ending December 31, |  | Face Amount |  | Net Amount
2023 |  | $ | 25.2 |  |  | $ | 25.2 |
2024 |  | 39.2 |  |  | 39.2 |
2025 |  | 381.8 |  |  | 379.5 |
2026 |  | 27.6 |  |  | 27.6 |
2027 |  | 96.6 |  |  | 96.6 |
Thereafter |  | 2,247.5 |  |  | 2,198.9 |
Total |  | $ | 2,817.9 |  |  | $ | 2,767.0 |
Schedule of Financial Covenants |
Fiscal Quarters Ending | Interest Coverage Ratio
December 31, 2019 and March 31, 2020 | 3.00 to 1.00
June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 | 2.00 to 1.00
March 31, 2022 and thereafter | 3.00 to 1.00
Fiscal Quarters Ending | Leverage Ratio
December 31, 2019 and March 31, 2020 | 4.50 to 1.00
June 30, 2020 | 4.75 to 1.00
September 30, 2020 | 5.50 to 1.00
December 31, 2020 | 6.50 to 1.00
March 31, 2021 | 6.50 to 1.00
June 30, 2021 | 6.00 to 1.00
September 30, 2021 | 5.50 to 1.00
December 31, 2021 | 5.00 to 1.00
March 31, 2022 and thereafter | 4.25 to 1.00
Fiscal Quarters Ending | Leverage Ratio
September 30, 2022 – September 30, 2024 | 4.75 to 1.00
December 31, 2024 and thereafter | 4.50 to 1.00
Schedule of Redemption Prices for Senior Notes | We may redeem the 2025 Notes, in whole or in part, at any time on or after September 15, 2022, at the redemption prices set forth below:
Period |  | Redemption Price*
2022 |  | 100.958 | %
September 15, 2023 and thereafter |  | 100.000 | %
* Expressed in percentage of principal amount We may redeem the 2028 Notes, in whole or in part, at any time on or after February 1, 2023 at the redemption prices set forth below:
Period |  | Redemption Price*
2023 |  | 102.250 | %
2024 |  | 101.125 | %
2025 and thereafter |  | 100.000 | %
* Expressed in percentage of principal amount We may redeem the 2030 Notes, in whole or in part, at any time on or after February 1, 2025 at the redemption prices set forth below:
Period |  | Redemption Price*
2025 |  | 102.375 | %
2026 |  | 101.583 | %
2027 |  | 100.792 | %
2028 and thereafter |  | 100.000 | %
* Expressed in percentage of principal amount We may redeem the 2031 Notes, in whole or in part, at any time on or after April 1, 2026 at the redemption prices set forth below:
Period |  | Redemption Price*
2026 |  | 102.313 | %
2027 |  | 101.542 | %
2028 |  | 100.771 | %
2029 and thereafter |  | 100.000 | %
* Expressed in percentage of principal amount

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