Debt

12 Months Ended

Dec. 31, 2020


		December 31,
	Interest rate	2020		2019
Notes due October 2021	4.875%	152,588		600,000
Notes due May 2022	5.375%	148,792		400,000
Notes due April 2023	5.95%	271,000		400,000
Notes due March 2024	4.625%	374,000		500,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Term loan due November 2024	LIBOR + 1.75%	380,000		400,000
Term loan due January 2025	LIBOR + 5.5%	818,125		—
Other debt		4,900		5,108
Principal amount		2,610,246		2,765,949
Less: unamortized costs, net		45,853		26,227
Total debt		2,564,393		2,739,722
Less: current portion long-term debt		216,032		20,108
Long-term debt		$	2,348,361	$	2,719,614

In February 2020, we secured a five-year $850 million term loan maturing January 2025. We entered into interest rate swap agreements with an aggregate notional amount of $500 million to mitigate the interest rate risk associated with $500 million of our variable-rate term loans. Under the terms of the swap agreements, we pay fixed-rate interest of 0.4443% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly.

In March 2020, we purchased under a tender offer $428 million of the October 2021 notes, $250 million of the May 2022 notes, $125 million of the April 2023 notes and $125 million of the March 2024 notes. A $37 million loss was incurred on the early redemption of debt.

During 2020, we repaid $52 million of principal related to our term loans. The interest rate for the November 2024 term loan and the January 2025 term loan at December 31, 2020 was 1.9% and 5.65%, respectively. Interest rates on certain notes are subject to adjustment based on changes in our credit ratings. As a result of credit rating downgrades in November 2019 and May 2020, the interest rates on the October 2021 notes and April 2023 notes increased 0.25% in the fourth quarter of 2020.

Annual maturities of outstanding debt at December 31, 2020 are as follows:


2021	$	216,303
2022	238,471
2023	391,955
2024	750,181
2025	552,495
Thereafter	460,841
Total	$	2,610,246

We have a $500 million secured revolving credit facility that expires in November 2024 and contains financial and non-financial covenants. At December 31, 2020, we were in compliance with all covenants. In April 2020, we borrowed $100 million under this facility and repaid the amount in September 2020. At December 31, 2020 and 2019, there were no borrowings under this facility.

On February 10, 2021, Standard and Poor's downgraded our credit rating and the credit ratings of our secured and unsecured debt. As a result of this downgrade, the interest rates on the May 2022 notes and April 2023 notes will increase 0.25% after their next interest payment date. Further, on February 17, 2021, we announced that on February 22, 2021, we will redeem the October 2021 notes.