Credit Arrangements and Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Outstanding Borrowings

Outstanding term loan borrowings were as follows (in thousands):

	September 30, 2020		December 31, 2019
Term loans	$	1,037,375	$	1,045,438
Deferred financing costs and original issue discount	(4,136)		(6,639)
Total debt	1,033,239		1,038,799
Less current maturities	(10,750)		(10,750)
Long-term debt	$	1,022,489	$	1,028,049

Schedule of Maturities of Long-term Debt

Future principal payments of long-term debt are as follows for the years ending December 31 (in thousands):

	Term Loans
Remainder of 2020	$	2,687
2021	10,750
2022	10,750
2023	1,013,188
Total future principal payments	$	1,037,375

Schedule of Interest Rate Derivatives by Balance Sheet

As of September 30, 2020 and December 31, 2019, the fair value of the derivative financial instruments was as follows (in thousands):

Derivative financial instruments	Consolidated balance sheet classification	September 30, 2020		December 31, 2019
Interest rate swaps - liability	Other long-term liabilities	$	(6,203)	$	(2,850)
Interest rate caps - asset	Other assets	$	308	$	—

Schedule of the Effect of Interest Rate Derivatives on Other Comprehensive Income (Loss)

The effect of the derivative financial instruments on other comprehensive income (loss) was as follows (in thousands):

Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)
Three months ended September 30, 2020
Cash flow hedges	$	(1,015)	Interest expense — net	$	(1,468)	$	453
Income tax effect	273		Income tax expense	395		(122)
Net of income taxes	$	(742)		$	(1,073)	$	331
Three months ended September 30, 2019
Cash flow hedges	$	(960)	Interest expense — net	$	443	$	(1,403)
Income tax effect	258		Income tax expense	(119)		377
Net of income taxes	$	(702)		$	324	$	(1,026)

Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)
Nine months ended September 30, 2020
Cash flow hedges	$	(7,536)	Interest expense — net	$	(3,109)	$	(4,427)
Income tax effect	2,027		Income tax expense	837		1,190
Net of income taxes	$	(5,509)		$	(2,272)	$	(3,237)
Nine months ended September 30, 2019
Cash flow hedges	$	(9,409)	Interest expense — net	$	1,923	$	(11,332)
Income tax effect	2,531		Income tax expense	(517)		3,048
Net of income taxes	$	(6,878)		$	1,406	$	(8,284)