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Debt Level 1 (Notes) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt The components of Debt are:
| Years Ended December 31,
| 2024 |  | 2023
| (In thousands)
7.500% Senior Notes due April 2027 | $ | 136,924 |  |  | $ | 137,424 |
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 |
5.750% Senior Notes due October 2032 | 800,000 |  |  | — |
Term Loan due January 2028 | 641,250 |  |  | 658,125 |
Bank Credit Facility due January 2028 | 120,000 |  |  | 790,000 |
Obligations under finance leases | 145,061 |  |  | 132,039 |
Mortgage notes and other debt, maturities through 2050 | 86,044 |  |  | 80,696 |
Unamortized debt issuance costs | (43,981) |  |  | (35,788) |
Total debt | $ | 4,835,298 |  |  | $ | 4,712,496 |
Less: Current maturities of long-term debt | (83,850) |  |  | (63,341) |
Total long-term debt | $ | 4,751,448 |  |  | $ | 4,649,155 |
Current maturities of debt at December 31, 2024 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 84% and 69% of our total debt had a fixed interest rate at December 31, 2024 and 2023, respectively. The components of our weighted average interest rate are as follows:
| Years Ended December 31,
| 2024 |  | 2023
Fixed Debt | 4.64 | % |  | 4.35 | %
Floating Debt | 6.50 | % |  | 7.44 | %
Total Debt | 4.93 | % |  | 5.29 | %
The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2024 and thereafter, excluding unamortized premiums and debt issuance costs (in thousands):
2025 | $ | 83,850 |
2026 | 61,345 |
2027 | 756,395 |
2028 | 687,047 |
2029 | 767,590 |
2030 and thereafter | 2,479,071 |
Total debt maturities | $ | 4,835,298 |
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 a maximum leverage ratio financial covenant and certain dividend and share repurchase restrictions. As of December 31, 2024, we are in compliance with all of our debt covenants. At December 31, 2024, we issued $39.0 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.20%. As of December 31, 2024, we have $1,341.0 million in borrowing capacity under the facility. As of December 31, 2023, we issued $39.1 million of letters of credit. Building Financing In August 2024, we entered into a new $129.9 million construction loan agreement due 2037 with a syndicate of banks. The purpose of this loan is to provide financing for a new corporate headquarters building. This transaction resulted in additional debt issuance costs of $1.1 million. As of December 31, 2024, we had no borrowing outstanding. Debt Issuances and Additions During the year ended December 31, 2024, we issued or added $1,451.1 million of debt including: •$800.0 million unsecured 5.75% Senior Notes due October 2032; •$645.0 million on our Bank Credit Facility due January 2028; and •$6.1 million in other debt. Net proceeds from newly issued debt during the year ended December 31, 2024 were used to pay down our Bank Credit Facility due January 2028 and for general corporate purposes. These transactions resulted in additional debt issuance costs of $14.3 million. During the year ended December 31, 2023, we issued or added $957.4 million of debt including: •$284.1 million from certain banks in our Term Loan; •$600.0 million on our Bank Credit Facility due January 2028; •$44.3 million from certain banks in our Bank Credit Facility; •$10.0 million on our Bank Credit Facility due May 2024; and •$19.0 million in other debt. Net proceeds from newly issued debt during the year ended December 31, 2023 were used to pay down 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 year ended December 31, 2024, we made aggregate debt payments of $1,340.0 million for scheduled and early extinguishment payments including: •$1,315.0 million in aggregate principal of our Bank Credit Facility due January 2028; •$16.9 million in aggregate principal of our Term Loan due January 2028; •$0.5 million in aggregate principal of our 7.5% Senior Notes due April 2027 repurchased in the open market; and •$7.6 million in other debt. During the year ended December 31, 2023, we made aggregate debt payments of $603.2 million for scheduled and early extinguishment payments including: •$235.0 million in aggregate principal of our Bank Credit Facility due January 2028; •$199.3 million in aggregate principal to certain banks in our Bank Credit Facility due May 2024; •$145.3 million in aggregate principal to certain banks in our Term Loan due May 2024; •$16.9 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; and •$5.3 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, net in our Consolidated Statement of Operations for the year ended December 31, 2023. Additional Debt Disclosures At both December 31, 2024 and 2023, we had deposits of $0.7 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 $81.7 million and $75.3 million pledged as collateral for the mortgage notes and other debt at December 31, 2024 and 2023, respectively. Cash interest payments for the three years ended December 31 were as follows (in thousands):
Payments in 2024 | $ | 241,673 |
Payments in 2023 | $ | 230,551 |
Payments in 2022 | $ | 164,222 |
Expected cash interest payments on our existing long-term debt for the five years subsequent to December 31, 2024 and thereafter are as follows (in thousands):
Payments in 2025 | $ | 239,219 |
Payments in 2026 | 237,120 |
Payments in 2027 | 226,661 |
Payments in 2028 | 150,405 |
Payments in 2029 | 125,168 |
Payments in 2030 and thereafter | 200,452 |
Total expected cash interest payments | $ | 1,179,025 |

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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/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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