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Long-Term Debt | 3 Months Ended
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Mar. 31, 2024
Long-Term Debt and Lease Obligation [Abstract] |
LONG-TERM DEBT | 6. LONG-TERM DEBT Long-term debt, net of unamortized debt issuance costs and discounts or premiums, consists of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
8% Senior Secured Notes due 2026 |  | $ | 1,116 |  |  | $ | 1,116 |
8% Senior Secured Notes due 2027 |  |  | 700 |  |  |  | 700 |
5⅝% Senior Secured Notes due 2027 |  |  | 1,900 |  |  |  | 1,900 |
6⅞% Senior Notes due 2028 |  |  | 756 |  |  |  | 756 |
6% Senior Secured Notes due 2029 |  |  | 644 |  |  |  | 644 |
5¼% Senior Secured Notes due 2030 |  |  | 1,535 |  |  |  | 1,535 |
4¾% Senior Secured Notes due 2031 |  |  | 1,058 |  |  |  | 1,058 |
10⅞% Senior Secured Notes due 2032 |  |  | 1,000 |  |  |  | 1,000 |
6⅞% Junior-Priority Secured Notes due 2029 |  |  | 1,244 |  |  |  | 1,244 |
6⅛% Junior-Priority Secured Notes due 2030 |  |  | 1,227 |  |  |  | 1,227 |
ABL Facility |  |  | 302 |  |  |  | 247 |
Finance lease and financing obligations |  |  | 366 |  |  |  | 366 |
Other |  |  | 42 |  |  |  | 32 |
Less: Unamortized deferred debt issuance costs and note premium |  |  | (323 | ) |  |  | (338 | )
Total debt |  |  | 11,567 |  |  |  | 11,487 |
Less: Current maturities |  |  | (34 | ) |  |  | (21 | )
Total long-term debt |  | $ | 11,533 |  |  | $ | 11,466 |
Pursuant to the asset-based loan (ABL) credit agreement, the lenders have extended to CHS/Community Health Systems, Inc. (“CHS”) a revolving asset-based loan facility (the “ABL Facility”). The maximum aggregate principal amount under the ABL Facility is $1.0 billion, subject to borrowing base capacity. At March 31, 2024, the Company had outstanding borrowings of $302 million and approximately $618 million of additional borrowing capacity (after taking into consideration the $67 million of outstanding letters of credit) under the ABL Facility. The issued letters of credit were primarily in support of potential insurance-related claims and certain bonds. Letters of credit were reduced during the three months ended March 31, 2024 by $14 million, primarily in relation to a professional liability claim that was settled and funded during the three months ended March 31, 2024. The ABL Facility contains customary representations and warranties, subject to limitations and exceptions, and customary covenants restricting the Company’s ability, subject to certain exceptions, to, among other things (1) declare dividends, make distributions or redeem or repurchase capital stock, (2) prepay, redeem or repurchase other debt, (3) incur liens or grant negative pledges, (4) make loans and investments and enter into acquisitions and joint ventures, (5) incur additional indebtedness or provide certain guarantees, (6) engage in mergers, acquisitions and asset sales, (7) conduct transactions with affiliates, (8) alter the nature of the Company’s, CHS’ or the guarantors’ businesses, (9) grant certain guarantees with respect to physician practices, (10) engage in sale and leaseback transactions or (11) change the Company’s fiscal year. The Company is also required to comply with a consolidated fixed coverage ratio, upon certain triggering events described below, and various affirmative covenants. The consolidated fixed charge coverage ratio is calculated as the ratio of (x) consolidated EBITDA (as defined in the ABL Facility) less capital expenditures to (y) the sum of consolidated interest expense (as defined in the ABL Facility), scheduled principal payments, income taxes and restricted payments made in cash or in permitted investments. For purposes of calculating the consolidated fixed charge coverage ratio, the calculation of consolidated EBITDA as defined in the ABL Facility is a trailing 12-month calculation that begins with the Company’s consolidated net income, with certain adjustments for interest, taxes, depreciation and amortization, net income attributable to noncontrolling interests, stock compensation expense, restructuring costs, and the financial impact of other non-cash or non-recurring items recorded during any such 12-month period. The consolidated fixed charge coverage ratio is a required covenant only in periods where the total borrowings outstanding under the ABL Facility reduce the amount available in the facility to less than the greater of (i) $95 million or (ii) 10% of the calculated borrowing base. As a result, in the event the Company has less than $95 million available under the ABL Facility, the Company would need to comply with the consolidated fixed charge coverage ratio. At March 31, 2024, the Company is not subject to the consolidated fixed charge coverage ratio as such triggering event had not occurred during the twelve months ended March 31, 2024. The Company paid interest of $149 million and $197 million on borrowings during the three months ended March 31, 2024 and 2023, respectively.

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- Definition Long term debt and capital leases disclosures. + References No definition available. + Details
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