Debt Level 1 (Notes)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

The components of Debt are:

	June 30, 2023		December 31, 2022
	(In thousands)
7.5% Senior Notes due April 2027	$	137,424	$	138,274
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	—		536,250
Term Loan due January 2028	666,563		—
Bank Credit Facility due May 2024	—		570,000
Bank Credit Facility due January 2028	605,000		—
Obligations under finance leases	113,346		120,837
Mortgage notes and other debt, maturities through 2050	79,919		66,248
Unamortized debt issuance costs	(38,538)		(39,865)
Total debt	4,513,714		4,341,744
Less: Current maturities of long-term debt	(61,341)		(90,661)
Total long-term debt	$	4,452,373	$	4,251,083

Current maturities of debt at June 30, 2023 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.

Approximately, 71% and 72% of our total debt had a fixed interest rate at June 30, 2023 and December 31, 2022, respectively.

The components of our interest rate are as follows:

	June 30, 2023		December 31, 2022
Fixed Debt	4.32	%	4.32	%
Floating Debt	7.20	%	2.95	%
Total Debt	5.14	%	4.00	%

During the six months ended June 30, 2023 and 2022, we paid $108.5 million and $76.2 million in cash interest, respectively.

Bank Credit Agreement

In January 2023, we amended our $1.650 billion credit agreement due May 2024 to enter into a new $2.175 billion bank credit agreement due January 2028 with a syndicate of banks. The $2.175 billion bank credit agreement comprises a $1.5 billion Bank Credit Facility, including a sublimit of $100.0 million for letters of credit and a $675.0 million Term Loan, both due January 2028. As a result of the new agreement, at closing, we netted to a $138.8 million increase in our outstanding Term Loan balance and a $155.0 million decrease in our outstanding Bank Credit Facility balance.

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 a maximum leverage ratio financial covenant and certain dividend and share repurchase restrictions. As of June 30, 2023, we were in compliance with all of our debt covenants. We have $33.5 million of letters of credit outstanding and pay a quarterly fee on the unused commitment of 0.20% at June 30, 2023. As of June 30, 2023, we had $861.5 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 7.20% and 5.64% at June 30, 2023 and December 31, 2022, respectively.

Subsequent to June 30, 2023, we decreased our outstanding borrowings by $20.0 million to $585.0 million under our Bank Credit Facility due January 2028.

Debt Issuances and Additions

During the six months ended June 30, 2023, we issued or added $573.4 million of debt including:

•$284.1 million in proceeds from certain banks in our Term Loan;

•$220.0 million on our Bank Credit Facility due January 2028;

•$44.3 million in proceeds from certain banks in our Bank Credit Facility;

•$10.0 million on our Bank Credit Facility due May 2024; and

•$15.0 million in other debt.

Net proceeds from newly issued debt during the six months ended June 30, 2023 were used to pay down our Bank Credit Facility due May 2024, our Term Loan due May 2024, and for general corporate purposes. These transactions resulted in additional debt issuance costs of our $7.5 million.

During the six months ended June 30, 2022, we drew $135.0 million on our Bank Credit Facility due May 2024 and issued $8.0 million in other debt primarily for general corporate purposes.

Debt Extinguishments and Reductions

During the six months ended June 30, 2023, we made aggregate debt payments of $396.5 million for scheduled and early debt extinguishment payments including:

•$199.3 million in aggregate principal payments to certain banks in our Bank Credit Facility due May 2024;

•$145.3 million in aggregate principal payments to certain banks in our Term Loan due May 2024;

•$40.0 million in aggregate principal of our Bank Credit Facility due January 2028;

•$8.4 million in aggregate principal of our Term Loan due January 2028;

•$0.9 million in aggregate principal of our 7.5% Senior Notes due April 2027 repurchased in the open market;

•$0.5 million of premiums paid on early extinguishment of debt; and

•$2.1 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $1.1 million recorded in Losses on early extinguishment of debt in our Consolidated Statement of Operations for the six months ended June 30, 2023.

During the six months ended June 30, 2022, we made aggregate debt payments of $83.7 million for scheduled and early debt extinguishment payments including:

•