XML 26 R13.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Debt Level 1 (Notes)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] Debt
The components of Debt are:
June 30, 2024December 31, 2023
 (In thousands)
7.5% Senior Notes due April 2027$137,424 $137,424 
4.625% Senior Notes due December 2027550,000 550,000 
5.125% Senior Notes due June 2029750,000 750,000 
3.375% Senior Notes due August 2030850,000 850,000 
4.0% Senior Notes due May 2031800,000 800,000 
Term Loan due January 2028649,688 658,125 
Bank Credit Facility due January 2028855,000 790,000 
Obligations under finance leases131,064 132,039 
Mortgage notes and other debt, maturities through 205084,442 80,696 
Unamortized debt issuance costs(32,981)(35,788)
Total debt4,774,637 4,712,496 
Less: Current maturities of long-term debt(85,982)(63,341)
Total long-term debt$4,688,655 $4,649,155 
Current maturities of debt at June 30, 2024 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 68% and 69% of our total debt had a fixed interest rate at June 30, 2024 and December 31, 2023, respectively.
The components of our interest rate are as follows:
June 30, 2024December 31, 2023
Fixed Debt4.37 %4.35 %
Floating Debt7.43 %7.44 %
Total Debt5.34 %5.29 %
During the six months ended June 30, 2024 and 2023, we paid $126.1 million and $108.5 million in cash interest, respectively.
Bank Credit Agreement
The Bank Credit Facility due January 2028 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 June 30, 2024, we were in compliance with all of our debt covenants. We have $39.0 million of letters of credit outstanding and pay a quarterly fee of 0.20% on the unused commitment at June 30, 2024. As of June 30, 2024, we had $606.0 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 7.44% and 7.46% at June 30, 2024 and December 31, 2023, respectively.
Debt Issuances and Additions
During the six months ended June 30, 2024, we issued or added $296.1 million of debt including:
•$290.0 million on our Bank Credit Facility due January 2028; and
•$6.1 million in other debt.
During the six months ended June 30, 2023, we issued or added $573.4 million of debt including:
•$284.1 million in proceeds from certain members of the syndicate of banks in our Term Loan;
•$220.0 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
•$15.0 million in other debt.
Net proceeds from newly issued debt during the six months ended June 30, 2023 were used to pay off our Bank Credit Facility due May 2024, our Term Loan due May 2024, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $7.5 million.
Debt Extinguishments and Reductions
During the six months ended June 30, 2024, we made aggregate debt payments of $236.7 million for scheduled and early debt extinguishment payments including:
•$225.0 million in aggregate principal of our Bank Credit Facility due January 2028;
•$8.4 million in aggregate principal of our Term Loan due January 2028; and
•$3.3 million in other debt.
During the six months ended June 30, 2023, we made aggregate debt payments of $396.5 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;
•$40.0 million in aggregate principal of our Bank Credit Facility due January 2028;
•$8.4 million in aggregate principal of our Term Loan due January 2028;
•$0.9 million in aggregate principal of our 7.5% Senior Notes due April 2027 repurchased in the open market;
•$0.5 million of premiums paid on early extinguishment of debt; and
•$2.1 million in other debt.