Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):

	March 31,			December 31,
Description:	2019			2018
2016 Credit Agreement - Term loan A facility (1)	$	1,336,500		$	1,355,062
2016 Credit Agreement - Revolving credit facility (1), (2)	185,000			155,000
Senior Notes (3)	800,000			800,000
Other (4)	6,910			2,030
Principal amount outstanding (5)	2,328,410			2,312,092
Less: deferred financing fees (6)	(28,789		)	(30,405		)
Net balance sheet carrying amount	$	2,299,621		$	2,281,687

(1) The contractual annualized interest rate as of March 31, 2019 on the Term loan A facility and the revolving credit facility was 4.00%, which consisted of a floating eurodollar base rate of 2.50% 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 Company had approximately $1.0 billion of available borrowing capacity on the revolver (not including the expansion feature) as of March 31, 2019.

(3) 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.

(4) Consists of two State of Connecticut economic development loans. One of the loans originated in 2012, has a 10-year maturity and the outstanding balance of $1.9 million at March 31, 2019 bears interest at a fixed rate of 3.00%. In connection with an expansion project at its Stamford, Connecticut headquarters, the Company borrowed $5.0 million during the three months ended March 31, 2019 under a financial assistance program offered by the State of Connecticut. This second loan has a 10-year maturity and bears interest at a fixed rate of 1.75%. Principal and interest payments are deferred for the first seven years. The loan has a provision whereby some or all of the $5.0 million principal may be forgiven if the Company meets certain employment targets in the State of Connecticut during the first five years of the loan. Both of these loans may be repaid at any time by the Company without penalty.

(5) The weighted average annual effective rate on the Company's total debt outstanding for the three months ended March 31, 2019, including the effects of its interest rate swaps discussed below, was 3.99%.

(6) Deferred financing fees are being amortized to Interest expense, net over the term of the related debt obligation.