Debt Level 1 (Notes)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

The components of Debt are:

	March 31, 2025		December 31, 2024
	(In thousands)
7.5% Senior Notes due April 2027	$	136,924	$	136,924
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
4.0% Senior Notes due May 2031	800,000		800,000
5.75% Senior Notes due October 2032	800,000		800,000
Term Loan due January 2028	637,031		641,250
Bank Credit Facility due January 2028	110,000		120,000
Corporate Headquarters Debt Facility due February 2037	2,522		—
Obligations under finance leases	146,916		145,061
Mortgage notes and other debt, maturities through 2050	84,720		86,044
Unamortized debt issuance costs	(42,178)		(43,981)
Total debt	4,825,935		4,835,298
Less: Current maturities of long-term debt	(87,690)		(83,850)
Total long-term debt	$	4,738,245	$	4,751,448

Current maturities of debt at March 31, 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 85% and 84% of our total debt had a fixed interest rate at March 31, 2025 and December 31, 2024, respectively.

The components of our ending interest rate are as follows:

	March 31, 2025		December 31, 2024
Fixed Debt	4.65	%	4.64	%
Floating Debt	6.46	%	6.50	%
Total Debt	4.92	%	4.93	%

During the three months ended March 31, 2025 and 2024, we paid $29.2 million and $43.8 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 March 31, 2025, we were in compliance with all of our debt covenants. We have $39.0 million of letters of credit outstanding and pay a quarterly fee of 0.20% on the unused commitment at March 31, 2025. As of March 31, 2025, we had $1,351.0 million in borrowing capacity under the Bank Credit Facility. The Bank Credit Facility had an interest rate of 6.42% and 6.46% at March 31, 2025 and December 31, 2024, respectively.

Debt Issuances and Additions

During the three months ended March 31, 2025, we issued or added $187.5 million of debt including:

•$185.0 million on our Bank Credit Facility due January 2028; and

•$2.5 million on our Corporate Headquarters Debt Facility due February 2037.

Net proceeds were used for general corporate purposes and to fund the new corporate headquarters.

During the three months ended March 31, 2024, we drew $115.0 million on our Bank Credit Facility due January 2028 for general corporate purposes.

Debt Extinguishments and Reductions

During the three months ended March 31, 2025, we made aggregate debt payments of $201.5 million for scheduled and early debt extinguishment payments including:

•$195.0 million in aggregate principal of our Bank Credit Facility due January 2028;

•$4.2 million in aggregate principal of our Term Loan due January 2028; and

•$2.3 million in other debt.

During the three months ended March 31, 2024, we made aggregate debt payments of $155.8 million for scheduled and early debt extinguishment payments including:

•$150.0 million in aggregate principal of our Bank Credit Facility due January 2028;

•$4.2 million in aggregate principal of our Term Loan due January 2028; and

•$1.6 million in other debt.