Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Instrument [Line Items]

Long-Term Debt

Long-term debt consists of the following:

	September 30, 2019		December 31, 2018
	(In thousands)
2016 Revolving Credit Facility (1)	$	—	$	—
5.0% Senior Subordinated Notes due 2023 (the “5.0% Notes”)	289,273		289,273
6.125% Senior Subordinated Notes due 2027 (the “6.125% Notes”)	250,000		250,000
Mortgage notes to finance companies - fixed rate, bearing interest from 3.51% to 7.03%	205,521		215,196
Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR	173,405		180,959
Other (2)	—		20,589
Subtotal	$	918,199	$	956,017
Debt issuance costs	(9,123)		(10,934)
Total debt	$	909,076	$	945,083
Less current maturities of long-term debt	(62,854)		(26,304)
Long-term debt	$	846,222	$	918,779

(1) The interest rate on the 2016 Revolving Credit Facility (as defined below) was 175 basis points and 250 basis points above LIBOR at September 30, 2019 and December 31, 2018, respectively.

(2) As discussed in Note 1, “Summary of Significant Accounting Policies,” due to the adoption of ASC 842, “Leases,” effective January 1, 2019, previously existing capital lease liabilities have been reclassified from current maturities of

long-term debt and long-term debt to current lease liabilities and long-term lease liabilities in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2019.

Financial Covenants Include Required Specified Ratios

were in compliance with the financial covenants under the 2016 Credit Facilities as of September 30, 2019. The financial covenants include required specified ratios (as each is defined in the 2016 Credit Facilities) of:

	Covenant
	Minimum Consolidated Liquidity Ratio	Minimum Consolidated Fixed Charge Coverage Ratio	Maximum Consolidated Total Lease Adjusted Leverage Ratio
Required ratio	1.05	1.20	5.75
September 30, 2019 actual	1.19	1.63	3.91

Summary of Interest Received and Paid under Term of Cash Flow Swap

Under the terms of the interest rate cap agreements, we will receive interest based on the following:

Notional Amount		Cap Rate (1)	Receive Rate (2)	Start Date	End Date
(In millions)
$	312.5	2.000%	one-month LIBOR	July 1, 2019	June 30, 2020
$	250.0	3.000%	one-month LIBOR	July 1, 2019	June 30, 2020
$	225.0	3.000%	one-month LIBOR	July 1, 2020	June 30, 2021
$	150.0	2.000%	one-month LIBOR	July 1, 2020	July 1, 2021
$	250.0	3.000%	one-month LIBOR	July 1, 2021	July 1, 2022

(1) Under these interest rate cap agreements, no payment from the counterparty will occur unless the stated receive rate exceeds the stated cap rate, in which case a net payment to us from the counterparty, based on the spread between the receive rate and the cap rate, will be recognized as a reduction of interest expense, other, net in the accompanying unaudited condensed consolidated statements of income.

(2) The one-month LIBOR rate was approximately 2.016% at September 30, 2019.

5.0% Notes

Debt Instrument [Line Items]

Debt Instrument Redemption

We may redeem the remaining outstanding 5.0% Notes, in whole or in part, at any time at the following redemption prices, which are expressed as percentages of the principal amount:

	Redemption Price
Beginning on May 15, 2019	101.667	%
Beginning on May 15, 2020	100.833	%
Beginning on May 15, 2021 and thereafter	100.000	%

6.125% Notes

Debt Instrument [Line Items]

Debt Instrument Redemption

We may redeem the 6.125% Notes, in whole or in part, at any time on or after March 15, 2022 at the following redemption prices, which are expressed as percentages of the principal amount:

	Redemption Price
Beginning on March 15, 2022	103.063	%
Beginning on March 15, 2023	102.042	%
Beginning on March 15, 2024	101.021	%
Beginning on March 15, 2025 and thereafter	100.000	%