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Long-Term Debt | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Long-term debt | Long-term debt Our long-term debt is summarized below (in thousands):
| Sept. 30, 2017 |  | Dec. 31, 2016
Unsecured floating rate term loan due quarterly through August 2018 | $ | 28,400 |  |  | $ | 52,100 |
VIE unsecured floating rate term loans due quarterly through December 2018 | 808 |  |  | 1,292 |
Unsecured floating rate term loan due quarterly through June 2020 | 110,000 |  |  | 140,000 |
Unsecured floating rate term loan due quarterly through September 2020 | 240,000 |  |  | 285,000 |
Borrowings under revolving credit agreement expiring June 2020 | — |  |  | 635,000 |
Unsecured notes bearing fixed rate interest at 5.125% due October 2019 | 600,000 |  |  | 600,000 |
Unsecured notes bearing fixed rate interest at 5.125% due July 2020 | 600,000 |  |  | 600,000 |
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | 350,000 |  |  | 350,000 |
Unsecured notes bearing fixed rate interest at 6.375% due October 2023 | 650,000 |  |  | 650,000 |
Unsecured notes bearing fixed rate interest at 5.50% due September 2024 | 325,000 |  |  | 325,000 |
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | 200,000 |  |  | 200,000 |
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | 240,000 |  |  | 240,000 |
Total principal long-term debt | 3,344,208 |  |  | 4,078,392 |
Debt issuance costs | (23,462 | ) |  | (27,615 | )
Other (fair market value adjustments and discounts) | (4,934 | ) |  | (7,382 | )
Total long-term debt | 3,315,812 |  |  | 4,043,395 |
Less current portion of long-term debt maturities | 280,646 |  |  | 646 |
Long-term debt, net of current portion | $ | 3,035,166 |  |  | $ | 4,042,749 |
In connection with and prior to the completion of the spin-off, Cars.com borrowed an aggregate principal amount of approximately $675.0 million under a revolving credit facility agreement. The proceeds were used to make a tax-free distribution of $650.0 million from Cars.com to TEGNA. In the second quarter of 2017, TEGNA used $609.9 million of the tax-free distribution proceeds to fully pay down our then-outstanding revolving credit agreement borrowings plus accrued interest. As of September 30, 2017, we had an unused borrowing capacity of $1.5 billion under our revolving credit facility. As a result of the sale of our majority ownership stake in CareerBuilder we received cash proceeds of $198.3 million, net of cash transferred of $36.6 million. Additionally, during the third quarter of 2017 and prior to the closing of the sale, CareerBuilder issued a final cash dividend to its selling shareholders, of which $25.8 million was retained by TEGNA. On October 16, 2017, we used the net proceeds from the CareerBuilder sale, as well as the remaining cash distribution from Cars.com and other cash on hand to retire $280.0 million of principal of our unsecured notes due in October 2019 on an accelerated basis. This principal amount was classified as current debt at the end of the third quarter of 2017 due to our intention to retire it in October 2017. On August 1, 2017, we amended our Amended and Restated Competitive Advance and Revolving Credit Agreement. Under the amended terms, our maximum total leverage ratio will remain at 5.0 x through June 30, 2018, after which, as amended, it will be reduced to 4.75 x through June 2019 and then to 4.5 x until the expiration date of the credit agreement on June 29, 2020.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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