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Debt Level 1 (Notes) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt Debt as of December 31 was as follows:
| 2016 |  | 2015
| (In thousands)
7.0% Senior Notes due June 2017 | $ | — |  |  | $ | 295,000 |
7.625% Senior Notes due October 2018 | 250,000 |  |  | 250,000 |
4.5% Senior Notes due November 2020 | 200,000 |  |  | 200,000 |
8.0% Senior Notes due November 2021 | 150,000 |  |  | 150,000 |
5.375% Senior Notes due January 2022 | 425,000 |  |  | 425,000 |
5.375% Senior Notes due May 2024 | 850,000 |  |  | 850,000 |
7.5% Senior Notes due April 2027 | 200,000 |  |  | 200,000 |
Term Loan due July 2018 | — |  |  | 310,000 |
Bank Credit Facility due July 2018 | — |  |  | 270,000 |
Term Loan due March 2021 | 673,750 |  |  | — |
Bank Credit Facility due March 2021 | 350,000 |  |  | — |
Obligations under capital leases | 208,758 |  |  | 204,246 |
Mortgage notes and other debt, maturities through 2050 | 3,753 |  |  | 4,037 |
Unamortized premiums (discounts) and other, net | 8,313 |  |  | 8,636 |
Unamortized debt issuance costs | (32,984 | ) |  | (42,491 | )
Total debt | 3,286,590 |  |  | 3,124,428 |
Less: Current maturities of long-term debt | (89,974 | ) |  | (86,823 | )
Total long-term debt | $ | 3,196,616 |  |  | $ | 3,037,605 |
Current maturities of debt at December 31, 2016 include amounts due under our Term Loan, mortgage notes and other debt, and capital leases within the next year. Our consolidated debt had a weighted average interest rate of 4.68% and 5.18% at December 31, 2016 and 2015, respectively. Approximately 63% and 76% of our total debt had a fixed interest rate at December 31, 2016 and 2015, respectively. The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2016 and thereafter, excluding unamortized premiums (discounts) and debt issuance costs (in thousands):
2017 | $ | 94,725 |
2018 | 350,609 |
2019 | 74,169 |
2020 | 295,231 |
2021 | 647,792 |
2022 and thereafter | 1,848,735 |
| $ | 3,311,261 |
Bank Credit Facility In March 2016, we entered into a new $1.4 billion bank credit agreement due March 2021 with a syndicate of banks. As of December 31, 2016, we have $350.0 million of outstanding borrowings under our Bank Credit Facility and have issued $32.7 million of letters of credit. The Bank Credit Facility provides us with flexibility for labor, if needed, and is guaranteed by a majority of our domestic subsidiaries. The subsidiary guaranty is a guaranty of payment of the outstanding amount of the total lending commitment, including letters of credit. The Bank Credit Facility contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of December 31, 2016, we are in compliance with all covenants. We pay a quarterly fee on the unused commitment, which was 0.30% at December 31, 2016. As of December 31, 2016, we have $317.3 million in borrowing capacity under the facility. As of December 31, 2015, we had a $500.0 million Bank Credit Facility due July 2018 with a syndicate of financial institutions, including a sublimit of $175.0 million for letters of credit. In March 2016, the new $1.4 billion credit agreement replaced the existing $500.0 million Bank Credit Facility due July 2018 and $600.0 million Term Loan due July 2018 providing for a new $700.0 million Bank Credit Facility and a $700.0 million Term Loan, both maturing in March 2021, including a sublimit of $100.0 million for letters of credit. Debt Issuances and Additions During the year ended December 31, 2016, we borrowed $360.0 million on our Bank Credit Facilities and $700.0 million on our Term Loan due March 2021 to make the 2016 debt payments described below, to fund acquisition activity, and for general corporate purposes. These transactions resulted in an additional $5.2 million of debt issue costs. During the year ended December 31, 2015, we borrowed $135.0 million on our Bank Credit Facility and issued an additional $300.0 million of our existing unsecured 5.375% Senior Notes due May 2024 to make the 2015 debt payments described below and for general corporate purposes. The addition to our 5.375% Senior Notes due May 2024 generated a premium of $11.3 million. Debt Extinguishments and Reductions During the year ended December 31, 2016, we made debt payments of $911.5 million for scheduled and early extinguishment payments including:
• | $310.0 million in aggregate principal of our Term Loan due to July 2018;
• | $295.0 million in aggregate principal of our 7.0% Senior Notes due 2017;
• | $280.0 million in aggregate principal of our Bank Credit Facility due July 2018; and
• | $26.3 million in aggregate principal of our Term Loan due March 2021.
• | $0.2 million in other debt.
Certain of the above transactions resulted in the recognition of a loss of $22.5 million recorded in Losses on early extinguishment of debt in our Consolidated Statement of Operations. During the year ended December 31, 2015, we made debt payments of $357.6 million for scheduled and early extinguishment payments including:
• | $197.4 million in aggregate principal of our 6.75% Senior Notes due April 2016;
• | $100.0 million in aggregate principal of our Bank Credit Facility;
• | $60.0 million in aggregate principal of our Term Loan due July 2018; and
• | $0.2 million in other debt.
Certain of the above transactions resulted in the recognition of a loss of $6.9 million recorded in Losses on early extinguishment of debt in our Consolidated Statement of Operations. Additional Debt Disclosures At December 31, 2016 and 2015, we had deposits of $4.7 million and $7.0 million, respectively, in restricted, interest-bearing accounts that were pledged as collateral for various credit instruments and commercial commitments. These deposits are included in Deferred charges and other assets in our Consolidated Balance Sheet. We had assets of approximately $1.4 million and $1.5 million pledged as collateral for the mortgage notes and other debt at December 31, 2016 and 2015, respectively. Cash interest payments for the three years ended December 31 were as follows (in thousands):
Payments in 2016 | $ | 156,950 |
Payments in 2015 | $ | 164,748 |
Payments in 2014 | $ | 175,327 |
Expected cash interest payments for the five years subsequent to December 31, 2016 and thereafter are as follows (in thousands):
Payments in 2017 | $ | 152,682 |
Payments in 2018 | $ | 147,342 |
Payments in 2019 | $ | 132,269 |
Payments in 2020 | $ | 130,745 |
Payments in 2021 | $ | 99,515 |
Payments in 2022 and thereafter | $ | 197,077 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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