Debt Level 1 (Notes)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

The components of Debt are:

	March 31, 2024		December 31, 2023
	(In thousands)
7.5% Senior Notes due April 2027	$	137,424	$	137,424
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 January 2028	653,906		658,125
Bank Credit Facility due January 2028	755,000		790,000
Obligations under finance leases	135,631		132,039
Mortgage notes and other debt, maturities through 2050	79,067		80,696
Unamortized debt issuance costs	(34,391)		(35,788)
Total debt	4,676,637		4,712,496
Less: Current maturities of long-term debt	(63,437)		(63,341)
Total long-term debt	$	4,613,200	$	4,649,155

Current maturities of debt at March 31, 2024 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, 69% of our total debt had a fixed interest rate at March 31, 2024 and December 31, 2023, respectively.

The components of our interest rate are as follows:

	March 31, 2024		December 31, 2023
Fixed Debt	4.36	%	4.35	%
Floating Debt	7.41	%	7.44	%
Total Debt	5.29	%	5.29	%

During the three months ended March 31, 2024 and 2023, we paid $43.8 million and $29.6 million in cash interest, respectively.

Bank Credit Agreement

The Bank Credit Facility due January 2028 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 March 31, 2024, we were in compliance with all of our debt covenants. We have $39.0 million of letters of credit outstanding and pay a quarterly fee on the unused commitment of 0.20% at March 31, 2024. As of March 31, 2024, we had $706.0 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 7.43% and 7.46% at March 31, 2024 and December 31, 2023, respectively.

Debt Issuances and Additions

During the three months ended March 31, 2024, we drew $115.0 million on our Bank Credit Facility due January 2028 for general corporate purposes.

During the three months ended March 31, 2023, we issued or added $408.4 million of debt including:

•$284.1 million in proceeds from certain members of the syndicate of banks in our Term Loan;

•$65.0 million on our Bank Credit Facility due January 2028;

•$44.3 million in proceeds from certain members of the syndicate of banks in our Bank Credit Facility;

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

•$5.0 million in other debt.

Net proceeds from newly issued debt during the three months ended March 31, 2023 were used to pay off our Bank Credit Facility due May 2024 and Term Loan due May 2024, and for general corporate purposes. These transactions resulted in additional debt issuance costs of $7.5 million.

Debt Extinguishments and Reductions

During the three months ended March 31, 2024, we made aggregate debt payments of $155.8 million for scheduled and early debt extinguishment payments including:

•$150.0 million in aggregate principal of our Bank Credit Facility due January 2028;

•$4.2 million in aggregate principal of our Term Loan due January 2028;

•$1.6 million in other debt.

During the three months ended March 31, 2023, we made aggregate debt payments of $350.4 million for scheduled and early debt extinguishment payments including:

•$199.3 million in aggregate principal payments to other members of our Bank Credit Facility;

•$145.3 million in aggregate principal payments to other members of our Term Loan;

•$4.2 million in aggregate principal of our Term Loan due January 2028;

•$0.4 million of premiums paid on early extinguishment of debt; and

•$1.2 million in other debt.