Debt (Notes)
 9 Months Ended
Sep. 30, 2016
Debt [Abstract]  
Debt Disclosure
Debt
Debt as of September 30, 2016 and December 31, 2015 was as follows:
 
September 30, 2016
 
December 31, 2015
 
(In thousands)
7.0% Senior Notes due June 2017
$
—

 
$
295,000

7.625% Senior Notes due October 2018
250,000

 
250,000

4.5% Senior Notes due November 2020
200,000

 
200,000

8.0% Senior Notes due November 2021
150,000

 
150,000

5.375% Senior Notes due January 2022
425,000

 
425,000

5.375% Senior Notes due May 2024
850,000

 
850,000

7.5% Senior Notes due April 2027
200,000

 
200,000

Term Loan due July 2018
—

 
310,000

Bank Credit Facility due July 2018
—

 
270,000

Term Loan due March 2021
682,500

 
—

Bank Credit Facility due March 2021
325,000

 
—

Obligations under capital leases
210,760

 
204,246

Mortgage notes and other debt, maturities through 2050
3,786

 
4,037

Unamortized premiums, net
8,522

 
8,636

Unamortized debt issuance costs
(34,343
)
 
(42,491
)
Total debt
3,271,225

 
3,124,428

Less: Current maturities of long-term debt
(89,531
)
 
(86,823
)
Total long-term debt
$
3,181,694

 
$
3,037,605


Current maturities of debt at September 30, 2016 include amounts due under our Term Loan, mortgage notes and other debt, and capital leases within the next year. Our consolidated debt had a weighted average interest rate of 4.6% and 5.2% at September 30, 2016 and December 31, 2015, respectively. Approximately 63% and 76% of our total debt had a fixed interest rate at September 30, 2016 and December 31, 2015, respectively.
During the nine months ended September 30, 2016 and 2015, we paid $98.8 million and $99.3 million in cash interest, respectively.
Bank Credit Agreement
In March 2016, we entered into a new $1.4 billion bank credit agreement due March 2021 with a syndicate of banks.
As of September 30, 2016, we have $325.0 million of outstanding borrowings under our Bank Credit Facility due March 2021; $682.5 million of outstanding borrowings under our Term Loan due March 2021; and have issued $33.0 million of letters of credit. The bank credit agreement due March 2021 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. We pay a quarterly fee on the unused commitment, which was 0.30% at September 30, 2016. As of September 30, 2016, we have $342.0 million in borrowing capacity under the Bank Credit Facility.
As of December 31, 2015, we had a $500.0 million Bank Credit Facility due July 2018 with a syndicate of financial institutions, including a sublimit of $175.0 million for letters of credit. In March 2016, the new $1.4 billion credit agreement replaced the existing $500.0 million Bank Credit Facility due July 2018 and $600.0 million Term Loan due July 2018 providing for a new $700.0 million Bank Credit Facility and a $700.0 million Term Loan, both maturing in March 2021, including a sublimit of $100.0 million for letters of credit.
Debt Issuances and Additions
In September 2016, we drew $75.0 million on our Bank Credit Facility due March 2021 to make required payments on our Term Loan due March 2021 and for general corporate purposes.
In June 2016, we drew $50.0 million on our Bank Credit Facility due March 2021 to fund acquisition activity and make required payments on our Term Loan due March 2021.
In April 2016, we drew $170.0 million on our Bank Credit Facility due March 2021, and $150.0 million on our Term Loan due March 2021, to repay our $295.0 million 7.0% Senior Notes due June 2017 and associated transaction costs.
In January 2016, we drew $10.0 million on our Bank Credit Facility due July 2018 for general corporate purposes. In March 2016, we drew $30.0 million on our Bank Credit Facility due March 2021 and $550.0 million on our Term Loan due March 2021 to repay outstanding borrowings under our Bank Credit Facility due July 2018 and our Term Loan due July 2018. These transactions resulted in the addition of $5.2 million in debt issuance costs.
During the nine months ended September 30, 2015, we drew $90.0 million on our Bank Credit Facility due July 2018, which was used to make required payments on our Term Loan due July 2018 and for general corporate purposes.
Debt Extinguishments and Reductions
During the nine months ended September 30, 2016, we made debt payments of $902.7 million for scheduled and early extinguishment payments including:
•
$310.0 million in aggregate principal of our Term Loan due July 2018;
•
$295.0 million in aggregate principal of our 7.0% Senior Notes due 2017;
•
$280.0 million in aggregate principal of our Bank Credit Facility due July 2018; and
•
$17.5 million in aggregate principal of our Term Loan due March 2021.
During the nine months ended September 30, 2015, we made debt payments of $342.5 million for scheduled and early extinguishment payments including:
•
$197.4 million in aggregate principal of our 6.75% Senior Notes due April 2016;
•
$100.0 million in aggregate principal of our Bank Credit Facility; and
•
$45.0 million in aggregate principal of our Term Loan due July 2018.