Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of debt

	Balance			Balance
	March 31,			December 31,
Description:	2017			2016
2016 Credit Agreement - Term loan A facility (1)	$	585,000		$	585,000
2016 Credit Agreement - Revolving credit facility (1), (2)	270,000			115,000
Senior Notes, $800.0 million principal amount (3)	800,000			—
Other (4)	2,500			2,500
Subtotal (5)	1,657,500			702,500
Less: deferred financing fees (6)	(28,803		)	(8,109		)
Net carrying amount (7)	$	1,628,697		$	694,391

(1) The contractual annualized interest rate as of March 31, 2017 on both the Term loan A facility and revolving credit facility was 2.23%, which consisted of a floating eurodollar base rate of 0.98% plus a margin of 1.25%. However, the Company has interest rate swap contracts, accounted for as cash flow hedges, which effectively convert the floating eurodollar base rates to a fixed base rate.

(2) The Company had $927.0 million of available borrowing capacity on the revolver (not including the expansion feature) as of March 31, 2017.

(3) Consists of $800.0 million principal amount of Senior Notes outstanding, which the Company issued on March 30, 2017 to finance in part the CEB acquisition. The Senior Notes pay a fixed rate of 5.125% and have an eight year maturity.

(4) Consists of a $2.5 million State of Connecticut economic development loan with a 3.00% fixed rate of interest. The loan was originated in 2012 and has a 10 year maturity. Principal payments are deferred for the first five years and the loan may be repaid at any point by the Company without penalty.

(5) The average annual effective rate on the Company's total debt outstanding for the three months ended March 31, 2017, including the effect of its interest rate swaps discussed below, was approximately 2.89%.

(6) The deferred financing fees are being amortized to Interest Expense, net over the term of the respective debt obligation.

(7) On April 5, 2017, the Company completed the acquisition of CEB. The Company had approximately $3.6 billion in total debt outstanding after the close of the acquisition. Note 14 — Subsequent Events provides additional information regarding the CEB acquisition and the additional amounts borrowed.