SERVICE CORP INTERNATIONALSCI
SERVICE CORP INTERNATIONAL Debt Disclosure
Debt
The components of Debt are:
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (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 January 2028 | — | 641,250 | |||||||||
| Term Loan due November 2030 | 750,000 | — | |||||||||
| Bank Credit Facility due January 2028 | — | 120,000 | |||||||||
| Bank Credit Facility due November 2030 | 255,000 | — | |||||||||
| Corporate Headquarters Debt Facility due February 2037 | 54,766 | — | |||||||||
| Obligations under finance leases | |||||||||||
| Mortgage notes and other debt, maturities through 2050 | 80,142 | 86,044 | |||||||||
| Unamortized debt issuance costs | (38,076) | (43,981) | |||||||||
| Total debt | $ | 5,139,817 | $ | 4,835,298 | |||||||
| Less: Current maturities of long-term debt | (56,847) | (83,850) | |||||||||
| Total long-term debt | $ | 5,082,970 | $ | 4,751,448 | |||||||
Current maturities of debt at December 31, 2025 include amounts due under our 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.
Approximately 79% and 84% of our total debt had a fixed interest rate at December 31, 2025 and 2024, respectively.
The components of our weighted average interest rate are as follows:
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Fixed Debt | 4.67 | % | 4.64 | % | |||||||
| Floating Debt | 5.54 | % | 6.50 | % | |||||||
| Total Debt | 4.85 | % | 4.93 | % | |||||||
The following table summarizes the aggregate maturities of our debt for the five years subsequent to December 31, 2025 and thereafter, excluding unamortized premiums and debt issuance costs (in thousands):
| 2026 | $ | 56,847 | |||
| 2027 | 736,928 | ||||
| 2028 | 54,264 | ||||
| 2029 | 814,320 | ||||
| 2030 | 1,790,101 | ||||
| 2031 and thereafter | 1,687,357 | ||||
| Total debt maturities | $ | 5,139,817 | |||
Bank Credit Agreement
In November 2025, we amended our $2.2 billion credit agreement due January 2028 to enter into a new $2.5 billion bank credit agreement due November 2030 with a syndicate of banks. The $2.5 billion bank credit agreement comprises a $1.75 billion Bank Credit Facility, including a sublimit of $100.0 million for letters of credit and a $750.0 million Term Loan, both due November 2030. At closing of the new agreement, there was a net $121.4 million increase in our outstanding Term Loan balance and a net $115.0 million decrease in our outstanding Bank Credit Facility balance.
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 December 31, 2025, we are in compliance with all of our debt covenants. At December 31, 2025, we issued $47.0 million of letters of credit and pay a quarterly fee on the unused commitment, which was 0.20%. As of December 31, 2025, we have $1,448.0 million in borrowing capacity under the facility.
As of December 31, 2024, we issued $39.0 million of letters of credit.
Debt Issuances and Additions
During the year ended December 31, 2025, we issued or added $1,115.6 million of debt including:
•$685.0 million on our Bank Credit Facility due January 2028;
•$189.5 million in proceeds from certain members of the syndicate of banks in our Term Loan;
•$180.0 million on our Bank Credit Facility due November 2030;
•$54.8 million on our Corporate Headquarters Debt Facility due February 2037; and
•$6.3 million in proceeds from certain members of the syndicate of banks in our Bank Credit Facility.
Net proceeds from newly issued debt during the year ended December 31, 2025 were used to pay down our Bank Credit Facility due January 2028, Term Loan due January 2028 and for general corporate purposes. These transactions resulted in additional debt issuance costs of $5.4 million.
During the year ended December 31, 2024, we issued or added $1,451.1 million of debt including:
•$800.0 million unsecured 5.75% Senior Notes due October 2032;
•$645.0 million on our Bank Credit Facility due January 2028; and
•$6.1 million in other debt.
Net proceeds from newly issued debt during the year ended December 31, 2024 were used to pay down our Bank Credit Facility due January 2028 and for general corporate purposes. These transactions resulted in additional debt issuance costs of $14.3 million.
Debt Extinguishments and Reductions
During the year ended December 31, 2025, we made aggregate debt payments of $825.8 million for scheduled and early extinguishment payments including:
•$575.0 million in aggregate principal of our Bank Credit Facility due January 2028;
•$121.3 million in aggregate principal to certain members of our Bank Credit Facility;
•$68.1 million in aggregate principal to certain members of our Term Loan;
•$40.0 million in aggregate principal of our Bank Credit Facility due November 2030;
•$12.7 million in aggregate principal of our Term Loan due January 2028;
•$0.1 million of premiums paid on early extinguishment of debt; and
•$8.6 million in other debt.
Certain of the above transactions resulted in the recognition of a loss of $0.5 million recorded in Losses on early extinguishment of debt, net in our Consolidated Statement of Operations for the year ended December 31, 2025.
During the year ended December 31, 2024, we made aggregate debt payments of $1,340.0 million for scheduled and early extinguishment payments including:
•$1,315.0 million in aggregate principal of our Bank Credit Facility due January 2028;
•$16.9 million in aggregate principal of our Term Loan due January 2028;
•$0.5 million in aggregate principal of our 7.5% Senior Notes due April 2027 repurchased in the open market; and
•$7.6 million in other debt.
Additional Debt Disclosures
At both December 31, 2025 and 2024, we had deposits of $0.7 million, respectively, in restricted, interest-bearing accounts that were pledged as collateral for various credit instruments and commercial commitments. These deposits are included in Other current assets and Deferred charges and other assets, net in our Consolidated Balance Sheet.
We had assets of approximately $74.3 million and $81.7 million pledged as collateral for the mortgage notes and other debt at December 31, 2025 and 2024, respectively.
Cash interest payments for the three years ended December 31 were as follows (in thousands):
Payments in 2025 | $ | 252,901 | |||
Payments in 2024 | $ | 241,673 | |||
Payments in 2023 | $ | 230,551 | |||
Expected cash interest payments on our existing long-term debt for the five years subsequent to December 31, 2025 and thereafter are as follows (in thousands):
Payments in 2026 | $ | 249,148 | |||
Payments in 2027 | 238,175 | ||||
Payments in 2028 | 209,179 | ||||
Payments in 2029 | 184,801 | ||||
Payments in 2030 | 150,077 | ||||
Payments in 2031 and thereafter | 125,876 | ||||
| Total expected cash interest payments | $ | 1,157,256 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 15, 2017 | |
| 2015 | Feb 18, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.