Debt

Debt as of December 31 was as follows:



	2017			2016
	(In thousands)
7.625% Senior Notes due October 2018	250,000			250,000
4.5% Senior Notes due November 2020	200,000			200,000
8.0% Senior Notes due November 2021	150,000			150,000
5.375% Senior Notes due January 2022	425,000			425,000
5.375% Senior Notes due May 2024	850,000			850,000
7.5% Senior Notes due April 2027	200,000			200,000
4.625% Senior Notes due December 2027	550,000			—
Term Loan due December 2022	675,000			—
Term Loan due March 2021	—			673,750
Bank Credit Facility due March 2021	—			350,000
Obligations under capital leases	197,232			208,758
Mortgage notes and other debt, maturities through 2050	6,036			3,753
Unamortized premiums (discounts) and other, net	7,456			8,313
Unamortized debt issuance costs	(38,071		)	(32,984		)
Total debt	3,472,653			3,286,590
Less: Current maturities of long-term debt	(337,337		)	(89,974		)
Total long-term debt	$	3,135,316		$	3,196,616

Current maturities of debt at December 31, 2017 include amounts due within one year on publicly traded notes, our term loan, and capital leases. The publicly traded notes are a $250.0 million 7.625% Senior notes due October 2018, which were redeemed on January 12, 2018.

Our consolidated debt had a weighted average interest rate of 4.73% and 4.68% at December 31, 2017 and 2016, respectively. Approximately 75% and 63% of our total debt had a fixed interest rate at December 31, 2017 and 2016, respectively.

The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2017 and thereafter, excluding unamortized premiums (discounts) and debt issuance costs (in thousands):



2018	$	342,786
2019	64,665
2020	270,423
2021	216,731
2022	976,331
2023 and thereafter	1,632,332
Total debt maturities	$	3,503,268

Bank Credit Facility

In December 2017, we entered into a new $1.7 billion bank credit agreement due December 2022 with a syndicate of banks. The $1.7 billion bank credit agreement comprises a $1.0 billion Bank Credit Facility and a $0.7 billion Term Loan, both due December 2022, including a sublimit of $100 million for letters of credit.

As of December 31, 2017, we have no outstanding borrowings under our Bank Credit Facility and have issued $33.3 million of letters of credit. The Bank Credit Facility provides us with flexibility, 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 Facility contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of December 31, 2017, we are in compliance with all covenants. We pay a quarterly fee on the unused commitment, which was 0.25% at December 31, 2017. As of December 31, 2017, we have $966.7 million in borrowing capacity under the facility.

As of December 31, 2016, we had a $673.8 million Term Loan and $350 million Bank Credit Facility due March 2021 with a syndicate of financial institutions, including a sublimit of $100 million for letters of credit; which were replaced by the new bank credit agreement in December 2017.

Debt Issuances and Additions

During the year ended December 31, 2017, we borrowed $675.0 million on our Term Loan due December 2022, $562.5 million on our Bank Credit Facilities, and issued $550.0 million unsecured 4.625% Senior Notes Due December 2027 to make the 2017 debt payments described below, to fund acquisition activity, and for general corporate purposes. These transactions resulted in an additional $12.9 million of debt issuance costs.

Debt Extinguishments and Reductions

During the year ended December 31, 2017, we made debt payments of $1.6 billion for scheduled and early payments including:


•	$647.5 million in aggregate principal of our Term Loan due March 2021;


•	$470.0 million in aggregate principal of our Bank Credit Facility due March 2021;


•	$442.5 million in aggregate principal of our Bank Credit Facility due December 2022;


•	$26.3 million in aggregate principal of our Term Loan due March 2021 as a scheduled payment; and


•	$0.2 million in other debt.

During the year ended December 31, 2016, we made debt payments of $911.5 million for scheduled and early extinguishment payments including:


•	$310.0 million in aggregate principal of our Term Loan due to July 2018;


•	$295.0 million in aggregate principal of our 7.0% Senior Notes due 2017;


•	$280.0 million in aggregate principal of our Bank Credit Facility due July 2018; and


•	$26.3 million in aggregate principal of our Term Loan due March 2021.


•	$0.2 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $22.5 million recorded in Losses on early extinguishment of debt in our Consolidated Statement of Operations for the year ended December 31, 2016.

Additional Debt Disclosures

At December 31, 2017 and 2016, we had deposits of $3.7 million and $4.7 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 in our Consolidated Balance Sheet.

We had assets of approximately $1.2 million and $1.4 million pledged as collateral for the mortgage notes and other debt at December 31, 2017 and 2016, respectively.

Cash interest payments for the three years ended December 31 were as follows (in thousands):



Payments in 2017	$	160,843
Payments in 2016	$	156,950
Payments in 2015	$	164,748

Expected cash interest payments for the five years subsequent to December 31, 2017 and thereafter are as follows (in thousands):



Payments in 2018	$	160,076
Payments in 2019	144,948
Payments in 2020	143,879
Payments in 2021	133,972
Payments in 2022	92,235
Payments in 2023 and thereafter	264,398
Total expected cash interest payments	$	939,508

Subsequent Events

In January 2018, we drew $175.0 million on our Bank Credit Facility due December 2022 to repay our $250.0 million 7.625% Senior notes due October 2018.