Debt Level 1 (Notes)

3 Months Ended

Mar. 31, 2021

Debt

The components of Debt are:


	March 31, 2021		December 31, 2020
	(In thousands)
8.0% Senior Notes due November 2021	$	150,000	$	150,000
7.5% Senior Notes due April 2027	152,710		152,710
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
Term Loan due May 2024	593,125		601,250
Bank Credit Facility due May 2024	445,000		525,000
Obligations under finance leases	150,277		148,864
Mortgage notes and other debt, maturities through 2050	50,872		51,766
Unamortized premiums and discounts, net	(229)		(317)
Unamortized debt issuance costs	(35,591)		(36,739)
Total debt	3,656,164		3,742,534
Less: Current maturities of long-term debt	(217,062)		(228,352)
Total long-term debt	$	3,439,102	$	3,514,182

Current maturities of debt at March 31, 2021 include amounts due under our term loan, 2021 senior notes, mortgage notes and other debt, and finance lease payments due within the next year as well as the portion of unamortized premiums and discounts and debt issuance costs expected to be recognized in the next twelve months.

Our consolidated debt had a weighted average interest rate of 3.66% and 3.62% at March 31, 2021 and December 31, 2020, respectively. Approximately 68% and 66% of our total debt had a fixed interest rate at March 31, 2021 and December 31, 2020, respectively.

During the three months ended March 31, 2021 and 2020, we paid $20.1 million and $10.1 million in cash interest, respectively. The increase over the prior year is due to the timing of interest payments due for the 3.375% Senior Notes due August 2030.

Bank Credit Facility

The Bank Credit Facility 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 agreement contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. As of March 31, 2021, we were in compliance with all of our debt covenants. We issued $34.0 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.15% at March 31, 2021. As of March 31, 2021, we had $521.0 million in borrowing capacity under the Bank Credit Facility.

Debt Issuances and Additions

During the three months ended March 31, 2021 and March 31, 2020, we drew $20.0 million and $75.0 million on our Bank Credit Facility for general corporate purposes, respectively.

Debt Extinguishments and Reductions

During the three months ended March 31, 2021, we made aggregate debt payments of $109.0 million for scheduled and early extinguishment payments including:

•$100.0 million in aggregate principal of our Bank Credit Facility due May 2024;

•$8.1 million in aggregate principal of our Term Loan due May 2024;

•$0.9 million in other debt.

During the three months ended March 31, 2020, we made aggregate debt payments of $34.0 million for scheduled and early extinguishment payments including:

•$25.0 million in aggregate principal of our Bank Credit Facility due May 2024;

•$8.1 million in aggregate principal of our Term Loan due May 2024;

•$0.7 million in aggregate principal of 7.5% Senior Notes due April 2027 repurchased on the open market;

•$0.1 million of premiums paid on early extinguishment; and

•$0.1 million in other debt.

Certain of the above transactions resulted in the recognition of a loss of $0.1 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the three months ended March 31, 2020.