Note 3 - Long-term Debt

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

3. Long-term Debt

As of March 31, 2022 and December 31, 2021, long-term debt consisted of obligations under our 2019 Senior Credit Facility (as defined below), our 5.875% senior notes due 2026 (the “2026 Notes”), our 7.0% senior notes due 2027 (the “2027 Notes”), our 4.75% senior notes due 2030 (the “2030 Notes”) and our 5.375% notes due 2031 (the “2031 Notes”), as follows (in millions):

	March 31,			December 31,
	2022			2021
Long-term debt:
2019 Senior Credit Facility:
2017 Term Loan	$	595		$	595
2019 Term Loan		1,190			1,190
2021 Term Loan		1,496			1,500
2026 Notes		700			700
2027 Notes		750			750
2030 Notes		800			800
2031 Notes		1,300			1,300
Total outstanding principal, including current portion		6,831			6,835
Unamortized deferred loan costs - 2017 Term Loan		(7	)		(7	)
Unamortized deferred loan costs - 2019 Term Loan		(25	)		(27	)
Unamortized deferred loan costs - 2021 Term Loan		(5	)		(5	)
Unamortized deferred loan costs - 2026 Notes		(5	)		(5	)
Unamortized deferred loan costs - 2027 Notes		(8	)		(8	)
Unamortized deferred loan costs - 2030 Notes		(12	)		(13	)
Unamortized deferred loan costs - 2031 Notes		(17	)		(18	)
Unamortized premium - 2026 Notes		3			3
Less current portion		(15	)		(15	)
Long-term debt, less deferred financing costs	$	6,740		$	6,740
Borrowing availability under Revolving Credit Facility	$	496		$	497

As of March 31, 2022, the interest rates on the balances outstanding under the 2017 Term Loan, the 2019 Term Loan and the 2021 Term Loan were 2.7%, 2.7% and 3.2% respectively. We expect that interest rates applicable to the 2019 Senior Credit Facility will be modifed upon the implementation of a LIBOR replacement rate that will apply to our current and future borrowings under the 2019 Senior Credit Facility. The 2017 Term Loan, 2019 Term Loan and the 2021 Term Loan mature on February 7, 2024, January 2, 2026 and December 1, 2028, respectively.

As of March 31, 2022, the aggregate minimum principal maturities of our long term debt for the remainder of 2022 and the succeeding five years were as follows (in millions):

	Minimum Principal Maturities
Year	2019 Senior Credit Facility		2026 Notes		2027 Notes		2030 Notes		2031 Notes		Total
Remainder of 2022	$	11	$	-	$	-	$	-	$	-	$	11
2023		15		-		-		-		-		15
2024		610		-		-		-		-		610
2025		15		-		-		-		-		15
2026		1,205		700		-		-		-		1,905
2027		15		-		750		-		-		765
Thereafter		1,410		-		-		800		1,300		3,510
Total	$	3,281	$	700	$	750	$	800	$	1,300	$	6,831

As of March 31, 2022, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or to the guarantor subsidiaries. The 2019 Senior Credit Facility contains affirmative and restrictive covenants with which we must comply. The 2026 Notes, the 2027 Notes, the 2030 Notes and the 2031 Notes also include covenants with which we must comply. As of March 31, 2022 and December 31, 2021, we were in compliance with all required covenants under all our debt obligations.

For all of our interest bearing obligations, we made interest payments of approximately $44 million and $32 million during the three-months ended March 31, 2022 and 2021, respectively. We did not capitalize any interest payments during the three-months ended March 31, 2022 or 2021.