XML 42 R21.htm IDEA: XBRL DOCUMENT
v3.22.4

Debt Level 1 (Notes) | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt The components of Debt are:
| Years Ended December 31,
| 2022 |  | 2021
| (In thousands)
7.500% Senior Notes due April 2027 | $ | 138,274 |  |  | $ | 152,710 |
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 |  |  | 850,000 |
4.000% Senior Notes due May 2031 | 800,000 |  |  | 800,000 |
Term Loan due May 2024 | 536,250 |  |  | 568,750 |
Bank Credit Facility due May 2024 | 570,000 |  |  | 155,000 |
Obligations under finance leases | 120,837 |  |  | 136,847 |
Mortgage notes and other debt, maturities through 2050 | 66,248 |  |  | 48,113 |
Unamortized debt issuance costs | (39,865) |  |  | (45,100) |
Total debt | $ | 4,341,744 |  |  | $ | 3,966,320 |
Less: Current maturities of long-term debt | (90,661) |  |  | (65,016) |
Total long-term debt | $ | 4,251,083 |  |  | $ | 3,901,304 |
Current maturities of debt at December 31, 2022 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 debt issuance costs expected to be recognized in the next twelve months. Approximately 72% and 79% of our total debt had a fixed interest rate at December 31, 2022 and 2021, respectively. The components of our weighted average interest rate are as follows:
| Years Ended December 31,
| 2022 |  | 2021
Fixed Debt | 4.32 | % |  | 4.33 | %
Floating Debt | 2.95 | % |  | 1.29 | %
Total Debt | 4.00 | % |  | 3.70 | %
The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2022 and thereafter, excluding unamortized premiums and debt issuance costs (in thousands):
2023 | $ | 90,661 |
2024 | 1,094,558 |
2025 | 49,570 |
2026 | 10,004 |
2027 | 693,481 |
2028 and thereafter | 2,403,470 |
Total debt maturities | $ | 4,341,744 |
Bank Credit Agreement The bank credit agreement 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 December 31, 2022, we are in compliance with all of our debt covenants. At December 31, 2022, we issued $33.5 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.15%. As of December 31, 2022, we have $396.5 million in borrowing capacity under the facility. As of December 31, 2021, we issued $34.0 million of letters of credit. Debt Issuances and Additions During the year ended December 31, 2022, we issued or added $484.0 million of debt including: •$465.0 million on our Bank Credit Facility due May 2024; and •$19.0 million in other debt. The debt proceeds were used primarily for general corporate purposes. During the year ended December 31, 2021, we issued or added $975.0 million of debt including: •$800.0 million unsecured 4.0% Senior Notes due May 2031; and •$175.0 million on our Bank Credit Facility due May 2024. Newly issued debt was used to pay down our Bank Credit Facility due May 2024, to redeem our 8.0% Senior Notes due November 2021, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $13.6 million. Debt Extinguishments and Reductions During the year ended December 31, 2022, we made aggregate debt payments of $101.9 million for scheduled and early extinguishment payments including: •$50.0 million in aggregate principal of our Bank Credit Facility due May 2024; •$32.5 million in aggregate principal of our Term Loan due May 2024; •$14.4 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market; •$1.2 million of premiums paid on early extinguishment; and •$3.8 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $1.2 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the year ended December 31, 2022. During the year ended December 31, 2021, we made aggregate debt payments of $736.0 million for scheduled and early extinguishment payments including: •$545.0 million in aggregate principal of our Bank Credit Facility due May 2024; •$32.5 million in aggregate principal of our Term Loan due May 2024; •$150.0 million in aggregate principal of 8.0% Senior Notes due November 2021; •$4.8 million of premiums paid on early extinguishment; and •$3.7 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $5.2 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the year ended December 31, 2021. Additional Debt Disclosures At December 31, 2022 and 2021, we had deposits of $0.5 million and $0.4 million, respectively, in restricted, interest-bearing accounts that were pledged as collateral for various credit instruments and commercial commitments. These deposits are included in Other current assets and Deferred charges and other assets, net in our Consolidated Balance Sheet. We had assets of approximately $59.8 million and $44.1 million pledged as collateral for the mortgage notes and other debt at December 31, 2022 and 2021, respectively. Cash interest payments for the three years ended December 31 were as follows (in thousands):
Payments in 2022 | $ | 164,222 |
Payments in 2021 | $ | 142,145 |
Payments in 2020 | $ | 152,524 |
Expected cash interest payments on our existing long-term debt for the five years subsequent to December 31, 2022 and thereafter are as follows (in thousands):
Payments in 2023 | $ | 202,876 |
Payments in 2024 | 164,919 |
Payments in 2025 | 137,757 |
Payments in 2026 | 136,897 |
Payments in 2027 | 127,562 |
Payments in 2028 and thereafter | 241,597 |
Total expected cash interest payments | $ | 1,011,608 |

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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration