Debt Level 1 (Notes)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

The components of Debt are:

	September 30, 2022		December 31, 2021
	(In thousands)
7.5% Senior Notes due April 2027	$	138,274	$	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	544,375		568,750
Bank Credit Facility due May 2024	415,000		155,000
Obligations under finance leases	123,795		136,847
Mortgage notes and other debt, maturities through 2050	60,196		48,113
Unamortized debt issuance costs	(40,719)		(45,100)
Total debt	4,190,921		3,966,320
Less: Current maturities of long-term debt	(63,510)		(65,016)
Total long-term debt	$	4,127,411	$	3,901,304

Current maturities of debt at September 30, 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 3.77% and 3.70% at September 30, 2022 and December 31, 2021, respectively. Approximately, 75% and 79% of our total debt had a fixed interest rate at September 30, 2022 and December 31, 2021, respectively.

During the nine months ended September 30, 2022 and 2021, we paid $98.4 million and $86.2 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 September 30, 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 September 30, 2022. As of September 30, 2022, we had $551.3 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 4.12% and 1.11% at September 30, 2022 and December 31, 2021, respectively.

Subsequent to September 30, 2022, we increased our outstanding borrowings by $30.0 million to $445.0 million under our Bank Credit Facility due May 2024.

Debt Issuances and Additions

During the nine months ended September 30, 2022, we issued or added $325.0 million of debt including:

•$310.0 million on our Bank Credit Facility due May 2024; and

•$15.0 million in other debt.

The debt proceeds were used primarily for general corporate purposes.

During the nine months ended September 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 nine months ended September 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.

Debt Extinguishments and Reductions

During the nine months ended September 30, 2022, we made aggregate debt payments of $92.8 million for scheduled and early debt extinguishment payments including:

•$50.0 million in aggregate principal of our Bank Credit Facility due May 2024;

•$24.4 million in aggregate principal of our Term Loan due May 2024;

•$14.4 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market;

•$1.1 million of premiums paid on early extinguishment of debt; and

•$2.9 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $1.2 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the nine months ended September 30, 2022.

During the nine months ended September 30, 2021, we made aggregate debt payments of $727.0 million for scheduled and early debt extinguishment payments including:

•