v3.26.1
Debt Level 1 (Notes)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] Debt
The components of Debt are:
June 30, 2026December 31, 2025
 (In thousands)
7.500% 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 
4.000% Senior Notes due May 2031
800,000 800,000 
5.750% Senior Notes due October 2032
800,000 800,000 
Term Loan due November 2030
740,625 750,000 
Bank Credit Facility due November 2030
365,000 255,000 
Corporate Headquarters Debt Facility due February 2037
106,620 54,766 
Obligations under finance leases160,112 151,061 
Mortgage notes and other debt, maturities through 205078,200 80,142 
Unamortized debt issuance costs(34,316)(38,076)
Total debt5,303,165 5,139,817 
Less: Current maturities of long-term debt(195,149)(56,847)
Total long-term debt$5,108,016 $5,082,970 
Current maturities of debt at June 30, 2026 include amounts due under our 7.500% Senior Notes due April 2027, term loan, mortgage notes and other debt, and finance leases within the next year as well as the portion of unamortized debt issuance costs expected to be recognized in the next twelve months. The Company believes it has sufficient existing liquidity to satisfy these obligations as well as continued access to the debt capital markets.
Approximately 77% and 79% of our total debt had a fixed interest rate at June 30, 2026 and December 31, 2025, respectively.
The components of our weighted average interest rate are as follows:
June 30, 2026December 31, 2025
Fixed Debt4.67 %4.67 %
Floating Debt5.43 %5.54 %
Total Debt4.84 %4.85 %
During the six months ended June 30, 2026 and 2025, we paid $128.0 million and $125.6 million in cash interest, respectively.
Bank Credit Agreement
The bank credit agreement 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 a maximum leverage ratio financial covenant and certain dividend and share repurchase restrictions. As of June 30, 2026, we were in compliance with all of our debt covenants. During the six months ended June 30, 2026, we closed $46.0 million of letters of credit associated with our renewable energy tax credit investments that were fully funded. This was partially offset by a net $0.3 million letters of credit issued. At June 30, 2026, we issued $1.3 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.20%. As of June 30, 2026, we have $1,383.7 million in borrowing capacity under the facility. The bank credit agreement had an interest rate of 5.39% and 5.44% at June 30, 2026 and December 31, 2025, respectively. As of December 31, 2025, we issued $47.0 million of letters of credit.
Debt Issuances and Additions
During the six months ended June 30, 2026, we issued or added $456.9 million of debt including:
•$405.0 million on our Bank Credit Facility due November 2030; and
•$51.9 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 six months ended June 30, 2025, we issued or added $512.1 million of debt including:
•$495.0 million on our Bank Credit Facility due January 2028; and
•$17.1 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.
Debt Reductions
During the six months ended June 30, 2026, we made aggregate debt payments of $308.7 million for scheduled and early debt payments including:
•$295.0 million in aggregate principal of our Bank Credit Facility due November 2030;
•$9.4 million in aggregate principal of our Term Loan due November 2030; and
•$4.3 million in other debt.
During the six months ended June 30, 2025, we made aggregate debt payments of $317.8 million for scheduled and early debt payments including:
•$305.0 million in aggregate principal of our Bank Credit Facility due January 2028;
•$8.4 million in aggregate principal of our Term Loan due January 2028; and
•$4.4 million in other debt.