NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

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

Notes payable, capital leases, and commercial bank financing (including capital leases to affiliates) consisted of the following as of December 31, 2018 and 2017 (in thousands):

	2018			2017
Bank credit agreement:
Term Loan A-1, due April 9, 2018	$	—		$	117,370
Term Loan A-2, due July 31, 2021	95,892			113,327
Term Loan B, due January 3, 2024	1,342,600			1,356,300
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	25,281			29,614
Debt of non-media subsidiaries	19,577			25,238
Capital leases	29,562			31,696
Capital leases - affiliate	12,524			14,152
Total outstanding principal	3,925,436			4,087,697
Less: Deferred financing costs and discount	(32,981		)	(39,047		)
Less: Current portion	(40,634		)	(159,382		)
Less: Capital leases - affiliate, current portion	(1,930		)	(1,667		)
Net carrying value of long-term debt	$	3,849,891		$	3,887,601

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, 2018 matures as follows (in thousands):

	Notes and Bank Credit  Agreement			Capital Leases			Capital Leases - Affiliate			Total
2019	$	38,065		$	5,110		$	2,978		$	46,153
2020	36,631			4,847			3,093			44,571
2021	682,363			4,861			3,046			690,270
2022	521,871			4,744			2,441			529,056
2023	14,663			4,819			2,319			21,801
2024 and thereafter	2,589,757			18,754			2,290			2,610,801
Total minimum payments	3,883,350			43,135			16,167			3,942,652
Less: Deferred financing costs and discount	(32,981		)	—			—			(32,981		)
Less: Amount representing future interest	—			(13,573		)	(3,643		)	(17,216		)
Net carrying value of debt	$	3,850,369		$	29,562		$	12,524		$	3,892,455

Schedule of debt

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

		Weighted Average Effective Rate
	Stated Rate	2018	2017
Bank credit agreement:
Term Loan A-2 (a)	LIBOR plus 2.25%	4.12%	3.30%
Term Loan B	LIBOR plus 2.25%	4.34%	3.32%
Revolver (b)	LIBOR plus 2.00%	—%	—%
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, 2018 and 2017, 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 $0.7 million and $0.8 million letters of credit under the revolver as of December 31, 2018 and 2017, respectively. There were no borrowings under the revolver during the years ended December 31, 2018 and 2017.