Debt Level 1 (Notes)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

The components of Debt are:

	March 31, 2022		December 31, 2021
	(In thousands)
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		800,000
Term Loan due May 2024	560,625		568,750
Bank Credit Facility due May 2024	230,000		155,000
Obligations under finance leases	130,039		136,847
Mortgage notes and other debt, maturities through 2050	47,180		48,113
Unamortized debt issuance costs	(43,747)		(45,100)
Total debt	4,026,807		3,966,320
Less: Current maturities of long-term debt	(63,863)		(65,016)
Total long-term debt	$	3,962,944	$	3,901,304

Current maturities of debt at March 31, 2022 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 unamortized debt issuance costs expected to be recognized in the next twelve months.

Our consolidated debt had a weighted average interest rate of 3.73% and 3.70% at March 31, 2022 and December 31, 2021, respectively. Approximately, 78% and 79% of our total debt had a fixed interest rate at March 31, 2022 and December 31, 2021, respectively.

During the three months ended March 31, 2022 and 2021, we paid $17.7 million and $20.1 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 Facility contains certain financial covenants, including a minimum

interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of March 31, 2022, we were in compliance with all of our debt covenants. We issued $33.7 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.10% at March 31, 2022. As of March 31, 2022, we had $736.3 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 1.46% and 1.11% at March 31, 2022 and December 31, 2021, respectively.

Debt Issuances and Additions

During the three months ended March 31, 2022 and 2021, we drew $75.0 million and $20.0 million on our Bank Credit Facility for general corporate purposes, respectively.

Debt Extinguishments and Reductions

During the three months ended March 31, 2022, we made aggregate debt payments of $9.1 million for scheduled and early extinguishment payments including:

•$8.1 million in aggregate principal of our Term Loan due May 2024;

•$1.0 million in other debt.

During the three months ended March 31, 2021, we made aggregate debt payments of $109.0 million for scheduled and early extinguishment payments including:

•