Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Long-term debt was comprised of the following:



	December 31,							As of December 31, 2019
	2019			2018			Maturity date	Interest rate		Estimated fair value⁽⁵⁾
Senior Secured Credit Facilities⁽¹⁾:
New Term Loan A	$	1,739,063		$	—		8/12/2024	LIBOR + 1.50%		$	1,739,063
New Term Loan B⁽²⁾	2,743,125			—			8/12/2026	LIBOR + 2.25%		$	2,770,556
Prior Term Loan A⁽³⁾	—			675,000			12/24/2019	⁽⁴⁾		$	—
Prior Term Loan A-2⁽³⁾	—			995,000			12/24/2019	⁽⁴⁾		$	—
Prior Term Loan B	—			3,342,500			6/24/2021	⁽⁴⁾		$	—
Prior revolving line of credit⁽³⁾	—			175,000			12/24/2019	⁽⁴⁾		$	—
Senior Notes:
5 1/8% Senior Notes	1,750,000			1,750,000			7/15/2024	5.125	%	$	1,789,375
5% Senior Notes	1,500,000			1,500,000			5/1/2025	5.00	%	$	1,538,700
5 3/4% Senior Notes	—			1,250,000			8/15/2022
Acquisition obligations and other notes payable⁽⁶⁾	180,352			183,979			2019-2027	5.35	%	$	180,352
Financing lease obligations⁽⁷⁾	268,534			282,737			2019-2036	5.39	%	$	268,534
Total debt principal outstanding	8,181,074			10,154,216
Discount and deferred financing costs⁽⁸⁾	(72,840		)	(52,000		)
	8,108,234			10,102,216
Less current portion	(130,708		)	(1,929,369		)
	$	7,977,526		$	8,172,847


(1)	As of December 31, 2019, the Company has an undrawn new revolving line of credit under its new senior secured credit facilities of $1,000,000. The new revolving line of credit interest rate in effect at December 31, 2019 was 1.50% plus London Interbank Offered Rate (LIBOR) and it matures on August 12, 2024.


(2)	On February 13, 2020, the Company entered into an amendment to its credit agreement governing its senior secured credit facilities to refinance the new Term Loan B with a $2,743,125 secured Term Loan B-1 that bears interest at a rate equal to LIBOR plus an applicable margin of 1.75% and matures on August 12, 2026.


(3)	On May 6, 2019, the Company entered into an agreement to extend the maturity dates of its then existing Term Loan A, Term Loan A-2 and revolving line of credit under its prior senior secured credit facilities by six months, to December 24, 2019.


(4)	At June 30, 2019, the interest rate on the Company's then existing term loan debt was LIBOR plus interest rate margins in effect of 2.00% for the prior Term Loan A and prior revolving line of credit, 1.00% for the prior Term Loan A-2 and 2.75% for the prior Term Loan B.


(5)	Fair value estimates are based upon quoted bid and ask prices for these instruments, typically a level 2 input. The balances of acquisition obligations and other notes payable and financing lease obligations are presented in the consolidated financial statements as of December 31, 2019 at their approximate fair values due to the short-term nature of their settlements.


(6)	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.


(7)	The interest rate presented for financing lease obligations is their weighted average discount rate.

(8)

As of December 31, 2019, the carrying amount of the Company’s current senior secured credit facilities includes a discount of $6,457 and deferred financing costs of $45,444, and the carrying amount of the Company’s senior notes includes deferred financing costs of $20,939. As of December 31, 2018, the carrying amount of the Company’s then existing 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.

Scheduled Maturities of Long-term Debt

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



2020	$	130,708
2021	$	153,110
2022	$	168,951
2023	$	224,437
2024	$	3,172,298
Thereafter	$	4,331,570

Derivative Instruments

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



						Year ended					December 31,
						December 31, 2019					2019		2018
	Notional amount		LIBOR maximum rate	Effective date	Expiration date	Debt expense		Recorded OCI (loss) gain			Fair value
2015 cap agreements	$	3,500,000	3.50%	6/29/2018	6/30/2020	$	8,654	$	(851	)	$	—	$	851
2019 cap agreements	$	3,500,000	2.00%	6/30/2020	6/30/2024			$	2,417		$	24,452

Effects of Interest Rate Swap and Cap Agreements

The following table summarizes the effects of the Company’s interest rate cap and swap agreements for the years ended December 31, 2019, 2018 and 2017:



	Amount of unrealized gains (losses) in OCI on interest rate cap and swap agreements									Location of losses	Reclassification from accumulated other comprehensive income into net income
	Year ended December 31,										Year ended December 31,
Derivatives designated as cash flow hedges	2019			2018			2017				2019			2018			2017
Interest rate cap agreements	$	1,566		$	(181	)	$	(8,897	)	Debt expense	$	8,591		$	8,466		$	8,278
Tax (expense) benefit	(415		)	48			3,460			Tax expense	(2,214		)	(2,180		)	(3,220		)
Total	$	1,151		$	(133	)	$	(5,437	)		$	6,377		$	6,286		$	5,058

- 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.

+ References

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+ Details