Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.19.3.a.u2
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the following:
December 31, 2019 December 31, 2018
(In thousands)  
2016 Revolving Credit Facility (1) $ —    $ —   
5.0% Senior Subordinated Notes due 2023 (the “5.0% Notes”) —    289,273   
6.125% Senior Subordinated Notes due 2027 (the “6.125% Notes”) 250,000    250,000   
2019 Mortgage Facility (2) 109,088    —   
Mortgage notes to finance companies - fixed rate, bearing interest from 3.51% to 7.03% 194,535    215,196   
Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90 percentage points above one-month or three-month LIBOR 161,345    180,959   
Other —    20,589   
Subtotal 714,968    956,017   
Debt issuance costs (8,082)   (10,934)  
Total debt 706,886    945,083   
Less current maturities (69,908)   (26,304)  
Long-term debt $ 636,978    $ 918,779   

(1) The interest rate on the 2016 Revolving Credit Facility (as defined below) was 150 and 250 basis points above LIBOR at December 31, 2019 and 2018, respectively.
(2) The interest rate on the 2019 Mortgage Facility (as defined below) was 200 basis points above LIBOR at December 31, 2019.
Future Maturities of Long-Term Debt
Future maturities of long-term debt are as follows:
Principal
Year Ending December 31, (In thousands)
2020 $ 69,908   
2021 63,274   
2022 50,241   
2023 68,857   
2024 108,462   
Thereafter 354,226   
Total $ 714,968   
Debt Instrument [Line Items]  
Financial Covenants Include Required Specified Ratios
We were in compliance with the financial covenants under the 2016 Credit Facilities and the 2019 Mortgage Facility as of December 31, 2019. Financial covenants include required specified ratios (as each is defined in the 2016 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, 2019 actual 1.11    1.60    3.21   
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)
$ 312.5    2.000%    one-month LIBOR July 1, 2019 June 30, 2020
$ 250.0    3.000%    one-month LIBOR July 1, 2019 June 30, 2020
$ 225.0    3.000%    one-month LIBOR July 1, 2020 June 30, 2021
$ 150.0    2.000%    one-month LIBOR July 1, 2020 July 1, 2021
$ 250.0    3.000%    one-month LIBOR July 1, 2021 July 1, 2022
(1) Under these interest rate caps, no payment will occur unless the stated receive rate exceeds the stated pay rate. If this occurs, a net payment to us from the counterparty based on the spread between the receive rate and the pay rate will be recognized as a reduction of interest expense, other, net in the accompanying consolidated statements of income.
(2) The one-month LIBOR rate was approximately 1.763% at December 31, 2019.
6.125% Notes  
Debt Instrument [Line Items]  
Redemption Price, Percentage We may redeem the 6.125% Notes, in whole or in part, at any time on or after March 15, 2022 at the following redemption prices, which are expressed as percentages of the principal amount:
Redemption Price
Beginning on March 15, 2022 103.063  %
Beginning on March 15, 2023 102.042  %
Beginning on March 15, 2024 101.021  %
Beginning on March 15, 2025 and thereafter 100.000  %