Long-Term Debt (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Debt Disclosure [Abstract] |
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| Long-Term Debt |
Long-term debt consists of the following:
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December 31, 2018 |
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December 31, 2017 |
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(In thousands) |
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| 2016 Revolving Credit Facility (1) |
$ |
— |
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$ |
75,000 |
| 5.0% Senior Subordinated Notes due 2023 (the “5.0% Notes”) |
289,273 |
|
289,273 |
| 6.125% Senior Subordinated Notes due 2027 (the “6.125% Notes”) |
250,000 |
|
250,000 |
| Mortgage notes to finance companies - fixed rate, bearing interest from 3.51% to 7.03% |
215,196 |
|
199,972 |
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Mortgage notes to finance companies - variable rate, bearing interest at 1.50 to 2.90
percentage points above one-month or three-month LIBOR
|
180,959 |
|
219,719 |
| Other |
20,589 |
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3,947 |
| Subtotal |
956,017 |
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1,037,911 |
| Debt issuance costs |
(10,934) |
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(13,208) |
| Total debt |
945,083 |
|
1,024,703 |
| Less current maturities |
(26,304) |
|
(61,314) |
| Long-term debt |
$ |
918,779 |
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$ |
963,389 |
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| Future Maturities of Long-Term Debt |
Future maturities of long-term debt are as follows:
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Principal |
| Year Ending December 31, |
(In thousands) |
| 2019 |
$ |
26,304 |
| 2020 |
59,756 |
| 2021 |
53,385 |
| 2022 |
43,187 |
| 2023 |
351,314 |
| Thereafter |
422,071 |
| Total |
$ |
956,017 |
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| Debt Instrument [Line Items] |
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| Financial Covenants Include Required Specified Ratios |
We were in compliance with the financial covenants under the 2016 Credit Facilities as of December 31, 2018. Financial covenants include required specified ratios (as each is defined in the 2016 Credit Facilities) of:
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Covenant |
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Minimum
Consolidated
Liquidity
Ratio
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Minimum
Consolidated
Fixed Charge
Coverage
Ratio
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Maximum
Consolidated
Total Lease
Adjusted Leverage
Ratio
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| Required ratio |
1.05 |
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1.20 |
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5.75 |
| December 31, 2018 actual |
1.10 |
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1.43 |
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5.25 |
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| Summary of Interest Received and Paid under Term of Cash Flow Swap |
Under the terms of these agreements, we will receive and pay interest based on the following:
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Notional
Amount
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Pay Rate (1) |
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Receive Rate (1) (2) |
|
Start Date |
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Maturing Date |
| (In millions) |
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| $ |
375.0 |
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2.000% |
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one-month LIBOR |
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July 1, 2018 |
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June 30, 2019 |
| $ |
375.0 |
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3.000% |
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one-month LIBOR |
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July 1, 2018 |
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June 30, 2019 |
| $ |
312.5 |
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2.000% |
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one-month LIBOR |
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July 1, 2019 |
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June 30, 2020 |
| $ |
250.0 |
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3.000% |
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one-month LIBOR |
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July 1, 2019 |
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June 30, 2020 |
| $ |
225.0 |
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3.000% |
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one-month LIBOR |
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July 1, 2020 |
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June 30, 2021 |
| $ |
150.0 |
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2.000% |
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one-month LIBOR |
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July 1, 2020 |
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July 1, 2021 |
| $ |
250.0 |
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3.000% |
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one-month LIBOR |
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July 1, 2021 |
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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 2.503% at December 31, 2018.
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| 6.125% Notes |
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| Debt Instrument [Line Items] |
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| 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:
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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 |
% |
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