XML 44 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company’s total outstanding borrowings (in thousands):
 
 
December 31,
Description:
 
2018
 
2017
2016 Credit Agreement - Term loan A facility (1)
 
$
1,355,062

 
$
1,429,312

2016 Credit Agreement - Term loan B facility (2)
 

 
496,250

2016 Credit Agreement - Revolving credit facility (1), (3)
 
155,000

 
595,000

Senior notes (4)
 
800,000

 
800,000

Other (5)
 
2,030

 
2,500

Principal amount outstanding (6), (7)
 
2,312,092

 
3,323,062

  Less: deferred financing fees (8)
 
(30,405
)
 
(44,217
)
Net balance sheet carrying amount
 
$
2,281,687

 
$
3,278,845

 
(1)
The contractual annualized interest rate as of December 31, 2018 on the Term loan A facility and the revolving credit facility was 4.02%, which consisted of a floating eurodollar base rate of 2.52% plus a margin of 1.50%. However, the Company has interest rate swap contracts that effectively convert the floating eurodollar base rates on amounts outstanding to a fixed base rate.
(2)
The Term loan B facility was completely repaid in 2018.
(3)
The Company had $1.0 billion of available borrowing capacity on the revolver (not including the expansion feature) as of December 31, 2018.
(4)
Consists of $800.0 million principal amount of Senior Notes outstanding. The Senior Notes pay a fixed rate of 5.125% and mature on April 1, 2025.
(5)
Consists of a 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. The loan may be repaid at any time by the Company without penalty.
(6)
The weighted average annual effective rate on the Company's total debt outstanding for 2018, including the effects of its interest rate swaps discussed below, was 4.17%.
(7)
The contractual due dates of principal amounts by year on the debt outstanding as of December 31, 2018 were as follows: $102.6 million in 2019; $139.7 million in 2020; $37.6 million in 2021; $1.23 billion in 2022; and $800.0 million in 2025.
(8)
Deferred financing fees are being amortized to Interest expense over the term of the related debt obligation. The Company wrote off approximately $6.9 million of deferred financing fees in 2018 related to the repayment of the Term loan B facility. During 2017, the Company paid $51.2 million in additional deferred financing fees and recorded a charge of approximately $6.1 million for the write-off of deferred financing fees related to the prior financing arrangement.