Debt Level 1 (Notes)

12 Months Ended

Dec. 31, 2019

Debt

Debt was as follows:



	Years Ended December 31,
	2019			2018
	(In thousands)
4.5% Senior Notes due November 2020	$	—		$	200,000
8.0% Senior Notes due November 2021	150,000			150,000
5.375% Senior Notes due January 2022	—			425,000
5.375% Senior Notes due May 2024	850,000			850,000
7.5% Senior Notes due April 2027	153,465			200,000
4.625% Senior Notes due December 2027	550,000			550,000
5.125% Senior Notes due June 2029	750,000			—
Term Loan due December 2022	—			641,250
Term Loan due May 2024	633,750			—
Bank Credit Facility due December 2022	—			395,000
Bank Credit Facility due May 2024	295,000			—
Obligations under finance leases	185,252			211,952
Mortgage notes and other debt, maturities through 2050	45,104			4,076
Unamortized premiums and discounts, net	5,634			6,562
Unamortized debt issuance costs	(34,854		)	(31,762		)
Total debt	3,583,351			3,602,078
Less: Current maturities of long-term debt	(69,821		)	(69,896		)
Total long-term debt	$	3,513,530		$	3,532,182

Current maturities of debt at December 31, 2019 include amounts due under our term loan, mortgage notes and other debt, and finance leases within the next year as well as the portion of unamortized premiums and discounts and debt issuance costs expected to be recognized in the next twelve months.

Our consolidated debt had a weighted average interest rate of 4.72% and 4.99% at December 31, 2019 and 2018, respectively. Approximately 69% and 66% of our total debt had a fixed interest rate at December 31, 2019 and 2018, respectively.

The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2019 and thereafter, excluding unamortized premiums and debt issuance costs (in thousands):



2020	$	73,912
2021	244,931
2022	60,322
2023	69,898
2024	1,659,084
2025 and thereafter	1,504,424
Total debt maturities	$	3,612,571

Bank Credit Agreement

The bank credit agreement provides us with flexibility for working capital, 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 agreement 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, 2019, we are in compliance with all of our debt covenants. We issued $34.0 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.20% at December 31, 2019. As of December 31, 2019, we have $671.0 million in borrowing capacity under the facility.

As of December 31, 2018, we issued $32.9 million of letters of credit.

Debt Issuances and Additions

During the year ended December 31, 2019, we issued $1.1 billion of debt including:


•	$750.0 million unsecured 5.125% Senior Notes due June 2029;


•	$55.0 million on our Bank Credit Facility due December 2022;


•	$295.0 million on our Bank Credit Facility due May 2024; and


•	$49.3 million in additional proceeds from certain members of the syndicate of banks in our Bank Credit Facility.

Newly issued debt was used to pay off our Bank Credit Facility due December 2022, to redeem our 5.375% Senior Notes due January 2022, to redeem our 4.5% Senior Notes due November 2020, to fund acquisition activity, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $15.5 million.

During the year ended December 31, 2018, we drew $395.0 million on our Bank Credit Facility to fund acquisition activity, to fund the redemption of senior notes, to make required payments on our Term Loan due December 2022, and for general corporate purposes.

Debt Extinguishments and Reductions

During the year ended December 31, 2019, we made aggregate debt payments of $1.2 billion for scheduled and early extinguishment payments including:


•	$450.0 million in aggregate principal of our Bank Credit Facility due December 2022;


•	$8.5 million in aggregate principal of our Term Loan due December 2022;


•	$32.1 million in aggregate principal payments to other members of our Term Loan due December 2022;


•	$16.3 million in aggregate principal of our Term Loan due May 2024;


•	$425.0 million in aggregate principal of 5.375% Senior Notes due January 2022;


•	$200.0 million in aggregate principal of 4.5% Senior Notes due November 2020;


•	$46.5 million in aggregate principal of 7.5% Senior Notes due April 2027;


•	$11.5 million of premiums paid on early extinguishment; and


•	$0.3 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $16.6 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the year ended December 31, 2019.

During the year ended December 31, 2018, we made aggregate debt payments of $293.7 million for scheduled and early extinguishment payments including:


•	$250.0 million in aggregate principal of our 7.625% Senior Notes due October 2018;


•	$9.6 million in call premium for redemption of the 7.625% Senior Notes due October 2018;


•	$33.8 million in aggregate principal of our Term Loan due December 2022; and


•	$0.3 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $10.1 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the year ended December 31, 2018.

Additional Debt Disclosures

At December 31, 2019 and 2018, we had deposits of $2.7 million and $3.8 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 $0.6 million and $1.1 million pledged as collateral for the mortgage notes and other debt at December 31, 2019 and 2018, respectively.

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



Payments in 2019	$	190,672
Payments in 2018	$	179,865
Payments in 2017	$	160,843

Expected cash interest payments for the five years subsequent to December 31, 2019 and thereafter are as follows (in thousands):



Payments in 2020	$	169,519
Payments in 2021	166,382
Payments in 2022	154,506
Payments in 2023	153,727
Payments in 2024	108,640
Payments in 2025 and thereafter	274,871
Total expected cash interest payments	$	1,027,645