Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s total outstanding borrowings are summarized in the table below (in thousands).

	December 31,
Description	2020		2019
2020 Credit Agreement - Term loan facility (1)	$	395,000	$	—
2020 Credit Agreement - Revolving credit facility (1), (2)	5,000		—
2016 Credit Agreement - Term Loan A facility	—		1,252,969
2016 Credit Agreement - Revolving credit facility	—		148,000
2025 Notes	—		800,000
2028 Notes (3)	800,000		—
2030 Notes (4)	800,000		—
Other (5)	6,046		6,545
Principal amount outstanding (6)	2,006,046		2,207,514
Less: deferred financing fees (7)	(27,245)		(23,908)
Net balance sheet carrying amount	$	1,978,801	$	2,183,606

(1)The contractual annualized interest rate as of December 31, 2020 on the 2020 Credit Agreement Term loan facility and the revolving credit facility was 1.56%, which consisted of a floating Eurodollar base rate of 0.1875% plus a margin of

1.375%. 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 $1.0 billion of available borrowing capacity on the 2020 Credit Agreement revolver (not including the expansion feature) as of December 31, 2020.

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

(4)Consists of 800.0 million principal amount of 2030 Notes outstanding. The 2030 Notes bear interest at a fixed rate of 3.75% and mature on October 1, 2030.

(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 $1.0 million as of December 31, 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 2020, including the effects of its interest rate swaps discussed below, was 4.75%.

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