Debt Level 1 (Notes)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

The components of Debt are:

	June 30, 2021		December 31, 2020
	(In thousands)
8.0% Senior Notes due November 2021	$	—	$	150,000
7.5% Senior Notes due April 2027	152,710		152,710
4.625% Senior Notes due December 2027	550,000		550,000
5.125% Senior Notes due June 2029	750,000		750,000
3.375% Senior Notes due August 2030	850,000		850,000
4.0% Senior Notes due May 2031	800,000		—
Term Loan due May 2024	585,000		601,250
Bank Credit Facility due May 2024	—		525,000
Obligations under finance leases	148,972		148,864
Mortgage notes and other debt, maturities through 2050	49,973		51,766
Unamortized premiums and discounts, net	—		(317)
Unamortized debt issuance costs	(47,747)		(36,739)
Total debt	3,838,908		3,742,534
Less: Current maturities of long-term debt	(66,460)		(228,352)
Total long-term debt	$	3,772,448	$	3,514,182

Current maturities of debt at June 30, 2021 include amounts due under our term loan, mortgage notes and other debt, and finance lease payments due within the next year as well as the portion of debt issuance costs expected to be recognized in the next twelve months.

Our consolidated debt had a weighted average interest rate of 3.79% and 3.62% at June 30, 2021 and December 31, 2020, respectively. Approximately 82% and 66% of our total debt had a fixed interest rate at June 30, 2021 and December 31, 2020, respectively.

During the six months ended June 30, 2021 and 2020, we paid $69.0 million and $83.9 million in cash interest, respectively.

Bank Credit Facility

The Bank Credit Facility 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 June 30, 2021, we were 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 0.10% at June 30, 2021. As of June 30, 2021, we had $966.0 million in borrowing capacity under the Bank Credit Facility.

Debt Issuances and Additions

During the six months ended June 30, 2021, we issued or added $820.0 million of debt including:

•$800.0 million unsecured 4.0% Senior Notes due May 2031; and

•$20.0 million on our Bank Credit Facility due May 2024.

Net proceeds from newly issued debt during the six months ended June 30, 2021 were used to pay down our Bank Credit Facility due May 2024, to redeem our 8.0% Senior Notes due November 2021, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $13.6 million.

During the six months ended June 30, 2020, we drew $190.0 million on our Bank Credit Facility for general corporate purposes.

Debt Extinguishments and Reductions

During the six months ended June 30, 2021, we made aggregate debt payments of $717.9 million for scheduled and early extinguishment payments including:

•$545.0 million in aggregate principal of our Bank Credit Facility due May 2024;

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

•$150.0 million in aggregate principal of 8.0% Senior Notes due November 2021;

•$4.8 million of premiums paid on early extinguishment; and

•$1.8 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $5.2 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the six months ended June 30, 2021.

During the six months ended June 30, 2020, we made aggregate debt payments of $112.4 million for scheduled and early extinguishment payments including:

•$95.0 million in aggregate principal of our Bank Credit Facility due May 2024;

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

•$0.8 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market;

•$0.1 million of premiums paid on early extinguishment; and

•$0.2 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $0.2 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the six months ended June 30, 2020.