Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.22.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Future Maturities of Long-Term Debt
Future maturities of long-term debt are as follows:
Principal
Year Ending December 31, (In millions)
2023 $ 79.5 
2024 60.4 
2025 113.2 
2026 53.2 
2027 291.9 
Thereafter 1,181.4 
Total $ 1,779.6 
Debt Instrument [Line Items]  
Financial Covenants Include Required Specified Ratios
We were in compliance with the financial covenants under the 2021 Credit Facilities and the 2019 Mortgage Facility as of December 31, 2022. Financial covenants include required specified ratios (as each is defined in the 2021 Credit Facilities and the 2019 Mortgage Facility) of:
Covenant
Minimum
Consolidated
Liquidity
Ratio
Minimum
Consolidated
Fixed Charge
Coverage
Ratio
Maximum
Consolidated
Total Lease
Adjusted Leverage
Ratio
Required ratio 1.05  1.20  5.75 
December 31, 2022 actual 1.38  1.87  2.31 
Summary of Interest Received and Paid under Term of Cash Flow Swap
Notional Amount Cap Rate (1) Receive Rate (1) (2) Start Date Maturing Date
(In millions)
$ 250.0  3.000% one-month LIBOR July 1, 2021 July 1, 2022
$ 250.0  5.000% one-month Term SOFR October 26, 2022 October 25, 2023
$ 125.0  5.000% one-month Term SOFR October 26, 2023 October 26, 2024
(1)Under these interest rate caps, no payment from the counterparty will occur unless the stated receive rate exceeds the stated cap rate, in which case a net payment to us from the counterparty, based on the spread between the receive rate and the cap rate, will be recognized as a reduction of interest expense, other, net in the accompanying consolidated statements of operations.
(2)The one-month SOFR rate was approximately 4.062% at December 31, 2022.
Long-Term Debt
Long-term debt consists of the following:
December 31, 2022 December 31, 2021
(In millions)
2021 Revolving Credit Facility (1) $ —  $ — 
4.625% Senior Notes due 2029 (the “4.625% Notes”) 650.0  650.0 
4.875% Senior Notes due 2031 (the “4.875% Notes”) 500.0  500.0 
2019 Mortgage Facility (2) 327.0  90.0 
Mortgage notes to finance companies - fixed rate, bearing interest from 2.05% to 7.03% 186.6  213.4 
Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR or SOFR 116.0  132.8 
   Subtotal $ 1,779.6  $ 1,586.2 
Debt issuance costs (27.9) (24.9)
Total debt 1,751.7  1,561.3 
Less current maturities (79.5) (50.6)
Long-term debt $ 1,672.2  $ 1,510.7 
(1)The interest rate on the 2021 Revolving Credit Facility (as defined below) was 100 basis points above one-month Term SOFR at December 31, 2022 and 100 basis points above LIBOR at December 31, 2021.
(2)The interest rate on the 2019 Mortgage Facility (as defined below) was 125 basis points above one-month Term SOFR at December 31, 2022 and 150 basis points above LIBOR at December 31, 2021.