v3.25.2
Note 9 - Debt
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

9. Debt:

 

The following table presents short-term and long-term debt by issuance as of June 30, 2025 and December 31, 2024:

 

 

Issuance Date

Maturity Date

 

2025

  

2024

 

Short-term debt and current portion of long-term debt:

          

Credit Facilities:

          

Syndicated revolving credit facility

Various

Various

 $—  $— 

Senior notes:

          

4.000% senior notes, less unamortized discount and debt issuance costs of $(0.0) and $(0.3)

5/15/2015

6/15/2025

  —   499.7 

Finance lease liabilities (1)

Various

Various

  17.0   14.5 

Short-term debt and current portion of long-term debt

  17.0   514.2 

Long-term debt:

          

Senior notes:

          

3.625% senior notes, less unamortized discount and debt issuance costs of $(9.0) and $(9.2), respectively

5/13/2020

5/15/2050

  491.0   490.8 

4.125% senior notes, inclusive of unamortized premium, net of unamortized discount and debt issuance costs, of $5.6 and $6.3, respectively

3/6/2019

3/15/2029

  605.6   606.3 

5.250% senior notes, less unamortized discount and debt issuance costs of $(13.5) and $(14.2), respectively

6/5/2024

6/5/2034

  586.5   585.8 

5.250% senior notes, less unamortized discount and debt issuance costs of $(7.7)

3/11/2025

3/15/2035

  692.3   — 

5.500% senior notes, less unamortized discount and debt issuance costs of $(3.6) and $(3.7), respectively

5/15/2015

6/15/2045

  346.4   346.3 

5.750% senior notes, less unamortized discount and debt issuance costs of $(7.5) and $(7.9), respectively

3/3/2023

4/1/2033

  492.5   492.1 

Finance lease liabilities (1)

Various

Various

 

20.0

   26.9 

Syndicated revolving credit facility debt issuance costs

Various

Various

  (1.1)  (1.3)

Long-term debt

  3,233.2   2,546.9 

Total debt

 $3,250.2  $3,061.1 

_______________

(1) Refer to Note 5. Leases

 

Senior Notes

 

As of June 30, 2025 and December 31, 2024, we had senior notes with an aggregate principal amount of $3,250.0 million and $3,050.0 million outstanding, respectively, and were in compliance with our financial and other covenants.

 

On March 11, 2025, we completed an issuance of $700.0 million aggregate principal amount of 5.250% senior notes due 2035 (the "2035 Senior Notes"). The 2035 Senior Notes will mature on March 15, 2035 and accrue interest at a fixed rate of 5.250% per annum. Interest is payable semiannually on March 15 and September 15 of each year, beginning  September 15, 2025. The 2035 Senior Notes were issued at a discount of $1.7 million and we incurred debt issuance costs of $6.2 million. The original issuance discount and debt issuance costs were recorded in "Long-term debt" in the accompanying condensed consolidated balance sheets and these costs will be amortized to "Interest expense" in the accompanying consolidated statements of operations over the life of the 2035 Senior Notes. In April 2025, we used a portion of the net proceeds of this offering to repay our 4.000% Senior Notes due 2025 (the “2025 Senior Notes”), which had an aggregate principal amount of $500.0 million. We intend to use the remaining net proceeds for general corporate purposes. The indenture governing the 2035 Senior Notes restricts our ability to, among other things, create certain liens, enter into sale/leaseback transactions and consolidate with, sell, lease, convey or otherwise transfer all or substantially all of our assets, or merge with or into, any other person or entity.

 

Credit Facilities

 

We have a syndicated revolving credit facility ("Syndicated Revolving Credit Facility") with a borrowing capacity of $1,000.0 million with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Morgan Stanley Bank, N.A., TD Bank, N.A., Goldman Sachs Bank USA, and the Northern Trust Company. The Syndicated Revolving Credit Facility  may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividend payments, and the share repurchase program (the "Repurchase Program"). As of June 30, 2025, we were in compliance with all financial and other debt covenants under our Syndicated Revolving Credit Facility. As of June 30, 2025 and December 31, 2024, the available capacity under the Syndicated Revolving Credit Facility was $995.4 million, which takes into account outstanding letters of credit of $4.6 million.