NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of notes payable, capital leases and the Bank Credit Agreement

Notes payable, capital leases, and commercial bank financing consisted of the following as of December 31, 2017 and 2016 (in thousands):

	2017			2016
Bank credit agreement:
Term Loan A-1, due April 9, 2018	$	117,370		$	141,436
Term Loan A-2, due July 31, 2021	113,327			130,762
Term Loan B, due January 3, 2024	1,356,300			1,365,625
Senior unsecured notes:
5.375% Notes, due April 1, 2021	600,000			600,000
6.125% Notes, due October 1, 2022	500,000			500,000
5.625% Notes, due August 1, 2024	550,000			550,000
5.875% Notes, due March 15, 2026	350,000			350,000
5.125% Notes, due February 15, 2027	400,000			400,000
Debt of variable interest entities	29,614			23,198
Debt of other non-media subsidiaries	25,238			135,211
Capital leases	31,696			33,280
Total outstanding principal	4,073,545			4,229,512
Less: Deferred financing costs and discount	(39,047		)	(43,449		)
Less: Current portion	(159,382		)	(171,131		)
Net carrying value of long-term debt	$	3,875,116		$	4,014,932

Schedule of maturity of indebtedness under the notes payable, capital leases and the Bank Credit Agreement

Indebtedness under the Bank Credit Agreement, notes payable, and capital leases as of December 31, 2017 matures as follows (in thousands):

	Notes and Bank Credit Agreement			Capital Leases			Total
2018	$	157,132		$	5,010		$	162,142
2019	35,576			5,116			40,692
2020	41,687			4,877			46,564
2021	681,927			4,875			686,802
2022	521,435			4,752			526,187
2023 and thereafter	2,604,092			23,646			2,627,738
Total minimum payments	4,041,849			48,276			4,090,125
Less: Deferred financing costs and discount	(39,047		)	—			(39,047		)
Less: Amount representing future interest	—			(16,580		)	(16,580		)
Net carrying value of debt	$	4,002,802		$	31,696		$	4,034,498

Schedule of debt

The stated and weighted average effective interest rated on the above obligations are as follows:

		Weighted Average Effective Rate
	Stated Rate	2017	2016
Bank credit agreement:
Term Loan A-1	LIBOR plus 2.25%	3.29%	2.74%
Term Loan A-2 (a)	LIBOR plus 2.25%	3.30%	2.82%
Term Loan B	LIBOR plus 2.25%	3.32%	3.53%
Revolver (b)	LIBOR plus 2.00%	—%	2.98%
Senior unsecured notes:
5.375% Notes	5.38%	5.58%	5.58%
6.125% Notes	6.13%	6.31%	6.31%
5.625% Notes	5.63%	5.83%	5.83%
5.875% Notes	5.88%	6.09%	6.09%
5.125% Notes	5.13%	5.33%	5.33%

(a) LIBOR plus 2.0% if our first lien indebtedness ratio is less than 1.5x.

(b) As of December 31, 2017 and 2016, we had a $485.2 million revolving credit facility (Revolver). We incur a commitment fee on undrawn capacity of 0.25% or 0.50% if our first lien indebtedness ratio is less than or greater than 3.0x, respectively. There were no outstanding borrowings and $0.8 million and $1.9 million letters of credit under the revolver as of December 31, 2017 and 2016, respectively. There were no outstanding borrowings under the revolver during the year ended December 31, 2017.