v3.25.2
Debt Level 1 (Notes)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] Debt
The components of Debt are:
June 30, 2025December 31, 2024
 (In thousands)
7.5% Senior Notes due April 2027$136,924 $136,924 
4.625% Senior Notes due December 2027550,000 550,000 
5.125% Senior Notes due June 2029750,000 750,000 
3.375% Senior Notes due August 2030850,000 850,000 
4.0% Senior Notes due May 2031800,000 800,000 
5.75% Senior Notes due October 2032800,000 800,000 
Term Loan due January 2028632,813 641,250 
Bank Credit Facility due January 2028310,000 120,000 
Corporate Headquarters Debt Facility due February 203717,120 — 
Obligations under finance leases148,822 145,061 
Mortgage notes and other debt, maturities through 205082,698 86,044 
Unamortized debt issuance costs(40,356)(43,981)
Total debt5,038,021 4,835,298 
Less: Current maturities of long-term debt(61,910)(83,850)
Total long-term debt$4,976,111 $4,751,448 
Current maturities of debt at June 30, 2025 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 81% and 84% of our total debt had a fixed interest rate at June 30, 2025 and December 31, 2024, respectively.
The components of our ending interest rate are as follows:
June 30, 2025December 31, 2024
Fixed Debt4.67 %4.64 %
Floating Debt6.42 %6.50 %
Total Debt5.00 %4.93 %
During the six months ended June 30, 2025 and 2024, we paid $125.6 million and $126.1 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 June 30, 2025, we were in compliance with all of our debt covenants. We have $1.0 million of letters of credit outstanding and pay a quarterly fee of 0.20% on the unused commitment at June 30, 2025. As of June 30, 2025, we had $1,189.0 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 6.43% and 6.46% at June 30, 2025 and December 31, 2024, respectively.
As of December 31, 2024, we had $39.0 million of letters of credit outstanding. During the second quarter of 2025, we replaced our letters of credit with a $46.0 million insurance product and a related indemnity obligation with a large insurance company.
Debt Issuances and Additions
During the six months ended June 30, 2025, we issued or added $512.1 million of debt including:
•$495.0 million on our Bank Credit Facility due January 2028; and
•$17.1 million on our Corporate Headquarters Debt Facility due February 2037.
Net proceeds were used for general corporate purposes and to fund the construction of the new corporate headquarters building.
During the six months ended June 30, 2024, we issued or added $296.1 million of debt including:
•$290.0 million on our Bank Credit Facility due January 2028; and
•$6.1 million in other debt.
Debt Extinguishments and Reductions
During the six months ended June 30, 2025, we made aggregate debt payments of $317.8 million for scheduled and early debt extinguishment payments including:
•$305.0 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; and
•$4.4 million in other debt.
During the six months ended June 30, 2024, we made aggregate debt payments of $236.7 million for scheduled and early debt extinguishment payments including:
•$225.0 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; and
•$3.3 million in other debt.