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Long-term Debt (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Outstanding Long-term Debt
Our long-term debt outstanding consists of the following (in millions):
 As of December 31,
 20222021
Credit Agreement—
Advances under revolving credit facility$55.0 $200.0 
Term loan facilities— 238.5 
Bonds payable—
5.125% Senior Notes due 2023
— 99.6 
5.75% Senior Notes due 2025
347.7 347.0 
4.50% Senior Notes due 2028
781.8 786.8 
4.75% Senior Notes due 2030
779.0 784.7 
4.625% Senior Notes due 2031
390.6 393.7 
Other notes payable53.1 47.7 
Finance lease obligations359.8 380.3 
 2,767.0 3,278.3 
Less: Current portion(25.2)(37.8)
Long-term debt, net of current portion$2,741.8 $3,240.5 
Our notes payable consist of the following (in millions):
As of December 31,
20222021Interest Rates
Sale/leaseback transactions involving real estate accounted for as financings
$28.0 $28.0 
6.1% to 11.2%
Construction of a new hospital20.7 11.0 
5.0% to 5.5%
Software contracts4.4 8.7 
2.8%
Other notes payable$53.1 $47.7 
Schedule of Debt Maturities
The following chart shows scheduled principal payments due on long-term debt for the next five years and thereafter (in millions):
Year Ending December 31,Face AmountNet Amount
2023$25.2 $25.2 
202439.2 39.2 
2025381.8 379.5 
202627.6 27.6 
202796.6 96.6 
Thereafter2,247.5 2,198.9 
Total$2,817.9 $2,767.0 
Schedule of Financial Covenants
Fiscal Quarters EndingInterest Coverage Ratio
December 31, 2019 and March 31, 2020
3.00 to 1.00
June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021
2.00 to 1.00
March 31, 2022 and thereafter
3.00 to 1.00
Fiscal Quarters EndingLeverage Ratio
December 31, 2019 and March 31, 2020
4.50 to 1.00
June 30, 2020
4.75 to 1.00
September 30, 2020
5.50 to 1.00
December 31, 2020
6.50 to 1.00
March 31, 2021
6.50 to 1.00
June 30, 2021
6.00 to 1.00
September 30, 2021
5.50 to 1.00
December 31, 2021
5.00 to 1.00
March 31, 2022 and thereafter
4.25 to 1.00
Fiscal Quarters EndingLeverage Ratio
September 30, 2022 – September 30, 2024
4.75 to 1.00
December 31, 2024 and thereafter
4.50 to 1.00
Schedule of Redemption Prices for Senior Notes
We may redeem the 2025 Notes, in whole or in part, at any time on or after September 15, 2022, at the redemption prices set forth below:
PeriodRedemption
Price*
2022100.958 %
September 15, 2023 and thereafter100.000 %
* Expressed in percentage of principal amount
We may redeem the 2028 Notes, in whole or in part, at any time on or after February 1, 2023 at the redemption prices set forth below:
PeriodRedemption
Price*
2023102.250 %
2024101.125 %
2025 and thereafter100.000 %
* Expressed in percentage of principal amount
We may redeem the 2030 Notes, in whole or in part, at any time on or after February 1, 2025 at the redemption prices set forth below:
PeriodRedemption
Price*
2025102.375 %
2026101.583 %
2027100.792 %
2028 and thereafter100.000 %
* Expressed in percentage of principal amount
We may redeem the 2031 Notes, in whole or in part, at any time on or after April 1, 2026 at the redemption prices set forth below:
PeriodRedemption
Price*
2026102.313 %
2027101.542 %
2028100.771 %
2029 and thereafter100.000 %
* Expressed in percentage of principal amount