Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of debt

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

	June 30,		December 31,
Description:	2020		2019
2016 Credit Agreement - Term loan A facility (1)	$	400,125	$	1,252,969
2016 Credit Agreement - Revolving credit facility (1), (2)	—		148,000
2025 Notes (3)	800,000		800,000
2028 Notes (4)	800,000		—
Other (5)	$	6,297	$	6,545
Principal amount outstanding (6)	2,006,422		2,207,514
Less: deferred financing fees (7)	$	(31,171)	$	(23,908)
Net balance sheet carrying amount	$	1,975,251	$	2,183,606

(1)The contractual annualized interest rate as of June 30, 2020 on the Term loan A facility and the revolving credit facility was 1.68%, which consisted of a floating Eurodollar base rate of 0.18% plus a margin of 1.50%. However, the Company has interest rate swap contracts that effectively convert the floating Eurodollar base rates on outstanding amounts to a fixed base rate.

(2)The Company had approximately $1.2 billion of available borrowing capacity on the revolver (not including the expansion feature) as of June 30, 2020.

(3)Consists of $800.0 million principal amount of 2025 Notes outstanding. The Senior Notes bear interest at a fixed rate of 5.125% and mature on April 1, 2025.

(4)Consists of $800.0 million principal amount of 2028 Notes outstanding. The Senior Notes bear interest at a fixed rate of 4.50% and mature on July 1, 2028.

(5)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 $1.3 million as of June 30, 2020 bears interest at a fixed rate of 3.00%. The second loan, originated in 2019, has a 10-year maturity and bears interest at a fixed rate of 1.75%. Both of these loans may be repaid at any time by the Company without penalty.

(6)The weighted average annual effective rate on the Company's outstanding debt for the three and six months ended June 30, 2020, including the effects of its interest rate swaps discussed below, was 4.28% and 4.35%, respectively.

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