XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

Debt Level 1 (Notes) | 9 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt The components of Debt are:
| September 30, 2020 |  | December 31, 2019
| (In thousands)
8.0% Senior Notes due November 2021 | $ | 150,000 |  |  | $ | 150,000 |
5.375% Senior Notes due May 2024 | — |  |  | 850,000 |
7.5% Senior Notes due April 2027 | 152,710 |  |  | 153,465 |
4.625% Senior Notes due December 2027 | 550,000 |  |  | 550,000 |
5.125% Senior Notes due June 2029 | 750,000 |  |  | 750,000 |
3.375% Senior Notes due August 2030 | 850,000 |  |  | — |
Term Loan due May 2024 | 609,375 |  |  | 633,750 |
Bank Credit Facility due May 2024 | 435,000 |  |  | 295,000 |
Obligations under finance leases | 170,077 |  |  | 185,252 |
Mortgage notes and other debt, maturities through 2050 | 51,483 |  |  | 45,104 |
Unamortized premiums and discounts, net | (404) |  |  | 5,634 |
Unamortized debt issuance costs | (37,873) |  |  | (34,854) |
Total debt | 3,680,368 |  |  | 3,583,351 |
Less: Current maturities of long-term debt | (95,862) |  |  | (69,821) |
Total long-term debt | $ | 3,584,506 |  |  | $ | 3,513,530 |
Current maturities of debt at September 30, 2020 include amounts due under our term loan, mortgage notes and other debt, and finance leases within the next year as well as the portion of unamortized premiums and discounts and debt issuance costs expected to be recognized in the next twelve months. Our consolidated debt had a weighted average interest rate of 3.73% and 4.72% at September 30, 2020 and December 31, 2019, respectively. Approximately 67% and 69% of our total debt had a fixed interest rate at September 30, 2020 and December 31, 2019, respectively. During the nine months ended September 30, 2020 and 2019, we paid $102.9 million and $113.0 million in cash interest, respectively. Bank Credit Facility As of September 30, 2020, we had $435.0 million outstanding borrowings under our Bank Credit Facility due May 2024, $609.4 million of outstanding borrowings under our Term Loan due May 2024, and $34.0 million of letters of credit issued. The Bank Credit Facility provides us with flexibility for working capital, 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 agreement contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of September 30, 2020, we were in compliance with all of our debt covenants. We pay a quarterly fee on the unused commitment, which was 0.20% at September 30, 2020. As of September 30, 2020, we have $531.0 million in borrowing capacity under the Bank Credit Facility. Debt Issuances and Additions During the nine months ended September 30, 2020, we issued or added $1.5 billion of debt including: •$850.0 million unsecured 3.375% Senior Notes due August 2030; and •$645.0 million on our Bank Credit Facility due May 2024. Newly issued debt during the first nine months of 2020 was used to pay down our Bank Credit Facility due May 2024, to redeem our 5.375% Senior Notes due May 2024, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $14.5 million. During the nine months ended September 30, 2019, we issued or added $1.1 billion of debt including: •$750.0 million unsecured 5.125% Senior Notes due June 2029; •$55.0 million on our Bank Credit Facility due December 2022; •$235.0 million on our Bank Credit Facility due May 2024; and •$49.3 million in additional proceeds from certain members of the syndicate of banks in our Bank Credit Facility. Newly issued debt during the first nine months of 2019 was used to pay down our Bank Credit Facility due December 2022, to redeem our 5.375% Senior Notes due January 2022, to redeem our 4.5% Senior Notes due November 2020, to fund acquisition activity, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $15.5 million. Debt Extinguishments and Reductions During the nine months ended September 30, 2020, we made aggregate debt payments of $1.4 billion for scheduled and early extinguishment payments including: •$505.0 million in aggregate principal of our Bank Credit Facility due May 2024; •$24.4 million in aggregate principal of our Term Loan due May 2024; •$0.8 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market; •$850.0 million in aggregate principal of 5.375% Senior Notes due May 2024; •$16.1 million of premiums paid on early extinguishment; and •$1.1 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $18.4 million recorded in Losses on early extinguishment of debt, net in our unaudited Condensed Consolidated Statement of Operations for the nine months ended September 30, 2020. During the nine months ended September 30, 2019, we made aggregate debt payments of $1.2 billion for scheduled and early extinguishment payments including: •$450.0 million in aggregate principal of our Bank Credit Facility due December 2022; •$8.5 million in aggregate principal of our Term Loan due December 2022; •$32.1 million in aggregate principal payments to other members of our Term Loan due December 2022; •$8.1 million in aggregate principal of our Term Loan due December 2024; •$425.0 million in aggregate principal of 5.375% Senior Notes due January 2022; •$200.0 million in aggregate principal of 4.5% Senior Notes due November 2020; •$46.5 million in aggregate principal of 7.5% Senior Notes due April 2027; •$11.4 million of premiums paid on early extinguishment; and •$0.3 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $16.6 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the nine months ended September 30, 2019.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration