XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.23.1

Debt Level 1 (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2023
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt The components of Debt are:
| March 31, 2023 |  | December 31, 2022
| (In thousands)
7.5% Senior Notes due April 2027 | $ | 138,274 |  |  | $ | 138,274 |
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 |
4.0% Senior Notes due May 2031 | 800,000 |  |  | 800,000 |
Term Loan due May 2024 | — |  |  | 536,250 |
Term Loan due January 2028 | 670,781 |  |  | — |
Bank Credit Facility due May 2024 | — |  |  | 570,000 |
Bank Credit Facility due January 2028 | 490,000 |  |  | — |
Obligations under finance leases | 119,807 |  |  | 120,837 |
Mortgage notes and other debt, maturities through 2050 | 70,179 |  |  | 66,248 |
Unamortized debt issuance costs | (39,896) |  |  | (39,865) |
Total debt | 4,399,145 |  |  | 4,341,744 |
Less: Current maturities of long-term debt | (71,358) |  |  | (90,661) |
Total long-term debt | $ | 4,327,787 |  |  | $ | 4,251,083 |
Current maturities of debt at March 31, 2023 include amounts due under our term loan, mortgage notes and other debt, and finance lease payments due within the next year as well as the portion of unamortized debt issuance costs expected to be recognized in the next twelve months. Approximately, 71% and 72% of our total debt had a fixed interest rate at March 31, 2023 and December 31, 2022, respectively. The components of our weighted average interest rate are as follows:
| March 31, 2023 |  | December 31, 2022
Fixed Debt | 4.32 | % |  | 4.32 | %
Floating Debt | 6.45 | % |  | 2.95 | %
Total Debt | 4.93 | % |  | 4.00 | %
During the three months ended March 31, 2023 and 2022, we paid $29.6 million and $17.7 million in cash interest, respectively. Bank Credit Agreement In January 2023, we amended our $1.650 billion credit agreement due May 2024 to enter into a new $2.175 billion bank credit agreement due January 2028 with a syndicate of banks. The $2.175 billion bank credit agreement comprises a $1.5 billion Bank Credit Facility, including a sublimit of $100.0 million for letters of credit and a $675.0 million Term Loan, both due January 2028. As a result of the new agreement, we netted to a $138.8 million increase in our outstanding Term Loan balance. We also netted to a $155.0 million decrease in our outstanding Bank Credit Facility balance. 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 Facility contains a maximum leverage ratio financial covenant and certain dividend and share repurchase restrictions. As of March 31, 2023, we were in compliance with all of our debt covenant. We issued $33.5 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.15% at March 31, 2023. As of March 31, 2023, we had $976.5 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 6.78% and 5.64% at March 31, 2023 and December 31, 2022, respectively. Subsequent to March 31, 2023, we increased our outstanding borrowings by $75.0 million to $565.0 million under our Bank Credit Facility due January 2028. Debt Issuances and Additions During the three months ended March 31, 2023, we issued or added $408.4 million of debt including: •$284.1 million in proceeds from certain members of the syndicate of banks in our Term Loan; •$65.0 million on our Bank Credit Facility due January 2028; •$44.3 million in proceeds from certain members of the syndicate of banks in our Bank Credit Facility; •$10.0 million on our Bank Credit Facility due May 2024; and •$5.0 million in other debt. Net proceeds from newly issued debt during the three months ended March 31, 2023 were used to pay down our Bank Credit Facility due May 2024, Term Loan due May 2024, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $7.5 million. During the three months ended March 31, 2022, we drew $75.0 million on our Bank Credit Facility due May 2024 for general corporate purposes. Debt Extinguishments and Reductions During the three months ended March 31, 2023, we made aggregate debt payments of $350.4 million for scheduled and early debt extinguishment payments including: •$199.3 million in aggregate principal payments to other members of our Bank Credit Facility; •$145.3 million in aggregate principal payments to other members of our Term Loan; •$4.2 million in aggregate principal of our Term Loan due January 2028; •$0.4 million of premiums paid on early extinguishment of debt; and •$1.2 million in other debt. Certain of the above transactions resulted in the recognition of a loss of $1.1 million recorded in Losses on early extinguishment of debt in our Consolidated Statement of Operations for the three months ended March 31, 2023. During the three months ended March 31, 2022, we made aggregate debt payments of $9.1 million for scheduled and early debt extinguishment payments including:•

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