Long-term debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt was comprised of the following: 

								As of March 31, 2019
	March 31, 2019			December 31, 2018			Maturity date	Interest rate	Estimated fair value (2)
Senior Secured Credit Facilities:
Term Loan A(1)	$	650,000		$	675,000		12/24/2019	2.00% + LIBOR	$	649,155
Term Loan A-2(1)	995,000			995,000			12/24/2019	1.00% + LIBOR	$	999,975
Term Loan B	3,333,750			3,342,500			6/24/2021	2.75% + LIBOR(3)	$	3,350,419
Revolver(1)	575,000			175,000			12/24/2019	2.00% + LIBOR	$	575,000
Senior Notes:
5 3/4% Senior Notes	1,250,000			1,250,000			8/15/2022	5.75%	$	1,271,875
5 1/8% Senior Notes	1,750,000			1,750,000			7/15/2024	5.125%	$	1,729,175
5% Senior Notes	1,500,000			1,500,000			5/1/2025	5%	$	1,439,250
Acquisition obligations and other notes payable(4)	181,885			183,979			2019-2026	6.30%	$	181,885
Financing lease obligations(5)	276,564			282,737			2019-2036	4.84%	$	276,564
Total debt principal outstanding	10,512,199			10,154,216
Discount and deferred financing costs(6)	(48,495		)	(52,000		)
	10,463,704			10,102,216
Less current portion	(4,676,691		)	(1,929,369		)
	$	5,787,013		$	8,172,847

(1) On May 6, 2019, the Company entered into an agreement to extend the maturity dates of its Term Loan A, Term Loan A-2 and Revolver by six months, to December 24, 2019.

(2) Fair values are based upon quoted market prices for similar instruments, a level 2 input. The balances of acquisition obligations and other notes payable and financing lease obligations are presented in the condensed consolidated financial statements at March 31, 2019 at their approximate fair values due to the short-term nature of their settlements.

(3) Term Loan B is subject to a LIBOR component floor of 0.75%.

(4) The acquisition obligations and other notes payable interest rate is the weighted average interest rate based on the current interest rate in effect and assuming no changes to the LIBOR based interest rates.

(5) The interest rate presented for financing lease obligations is the weighted average discount rate.

(6)

The carrying amount of the Company’s senior secured credit facilities includes a discount of $5,487 and deferred financing costs of $11,319, and the carrying amount of the Company’s senior notes includes deferred financing costs of $31,689 as of March 31, 2019.

Scheduled Maturities of Long-term Debt

Scheduled maturities of long-term debt at March 31, 2019 were as follows: 

2019 (remainder of the year)(1)	4,654,038
2020	83,658
2021	940,050
2022	1,291,930
2023	52,538
2024	1,784,606
Thereafter	1,705,379

Schedule of Derivative Instruments

The following table summarizes the Company’s derivative instruments outstanding as of March 31, 2019 and December 31, 2018, which are classified in "Other long-term assets" on its consolidated balance sheet: 

						March 31, 2019				Fair value
	Notional amount		LIBOR maximum rate	Effective date	Expiration date	Debt expense		Recorded OCI loss		March 31, 2019		December 31, 2018
October 2015 caps	$	3,500,000	3.5%	6/29/2018	6/30/2020	$	2,163	$	781	$	70	$	851

Effects of Interest Rate Swap and Cap Agreements

The following table summarizes the effects of the Company’s interest rate cap agreements for the three months ended March 31, 2019 and 2018:

	Amount of unrecognized (losses) gains in OCI on interest rate cap agreements						Income statement location	Reclassification from accumulated other comprehensive income into net income
	Three months ended March 31,							Three months ended March 31,
Derivatives designated as cash flow hedges	2019			2018				2019			2018
Interest rate cap agreements	$	(781	)	$	1,414		Debt expense	$	2,163		$	2,070
Tax expense (benefit)	201			(364		)	Tax expense	(557		)	(533		)
Total	$	(580	)	$	1,050			$	1,606		$	1,537