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Long-term debt (Tables)

6 Months Ended

Jun. 30, 2019

Long-term debt was comprised of the following:



								As of June 30, 2019
	June 30, 2019			December 31, 2018			Maturity date	Interest rate	Estimated fair value ⁽²⁾
Senior Secured Credit Facilities:
Term Loan A⁽¹⁾	$	64,383		$	675,000		12/24/2019	2.00% + LIBOR	$	64,300
Term Loan A-2⁽¹⁾	102,498			995,000			12/24/2019	1.00% + LIBOR	$	103,011
Term Loan B	3,325,000			3,342,500			6/24/2021	2.75% + LIBOR⁽³⁾	$	3,333,313
Revolving line of credit⁽¹⁾	550,000			175,000			12/24/2019	2.00% + LIBOR	$	550,000
Senior Notes:
5 3/4% Senior Notes	1,250,000			1,250,000			8/15/2022	5.75%	$	1,264,000
5 1/8% Senior Notes	1,750,000			1,750,000			7/15/2024	5.125%	$	1,748,250
5% Senior Notes	1,500,000			1,500,000			5/1/2025	5.00%	$	1,479,000
Acquisition obligations and other notes payable⁽⁴⁾	184,170			183,979			2019-2027	5.70%	$	184,170
Financing lease obligations⁽⁵⁾	277,580			282,737			2019-2036	5.43%	$	277,580
Total debt principal outstanding	9,003,631			10,154,216
Discount and deferred financing costs⁽⁶⁾	(34,502		)	(52,000		)
	8,969,129			10,102,216
Less current portion	(3,591,331		)	(1,929,369		)
	$	5,377,798		$	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 revolving line of credit under its senior secured credit facilities 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 June 30, 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 interest rate presented for acquisition obligations and other notes payable is their 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 their weighted average discount rate.

(6)

The carrying amount of the Company’s senior secured credit facilities includes a discount of $696 and deferred financing costs of $3,744, and the carrying amount of the Company’s senior notes includes deferred financing costs of $30,062 as of June 30, 2019. The carrying amount of the Company’s senior secured credit facilities included a discount of $6,104 and deferred financing costs of $12,580, and the carrying amount of the Company’s senior notes included deferred financing costs of $33,316 as of December 31, 2018.

Scheduled Maturities of Long-term Debt

Scheduled maturities of long-term debt at June 30, 2019 were as follows:



2019 (remainder of the year)⁽¹⁾	3,564,562
2020	53,182
2021	533,377
2022	1,292,979
2023	54,372
2024	1,785,765
Thereafter	1,719,394

(1)

Includes $2,990,328 of senior secured credit facility debt paid after June 30, 2019 from proceeds of the DMG sale, as described below.

Schedule of Derivative Instruments

The following table summarizes the Company’s derivative instruments outstanding as of June 30, 2019 and December 31, 2018, which are classified in "Other long-term assets" on its consolidated balance sheet:



						Six months ended June 30, 2019				Fair value
	Notional amount		LIBOR maximum rate	Effective date	Expiration date	Debt expense		Recorded OCI loss		June 30, 2019		December 31, 2018
October 2015 caps	$	3,500,000	3.5%	6/29/2018	6/30/2020	$	4,326	$	823	$	28	$	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 and six months ended June 30, 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 June 30,						Six months ended June 30,							Three months ended June 30,						Six months ended June 30,
Derivatives designated as cash flow hedges	2019			2018			2019			2018				2019			2018			2019			2018
Interest rate cap agreements	$	(42	)	$	(361	)	$	(823	)	$	1,053		Debt expense	$	2,163		$	2,070		$	4,326		$	4,140
Related income tax	11			93			212			(271		)	Related income tax	(557		)	(533		)	(1,114		)	(1,066		)
Total	$	(31	)	$	(268	)	$	(611	)	$	782			$	1,606		$	1,537		$	3,212		$	3,074

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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- Definition

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