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Long-term debt (Tables)

9 Months Ended

Sep. 30, 2020

Long-term debt was comprised of the following:



								As of September 30, 2020
	September 30, 2020			December 31, 2019			Maturity date	Interest rate		Estimated fair value⁽¹⁾
Senior Secured Credit Facilities:
Term Loan A⁽²⁾	$	1,706,250		$	1,739,063		8/12/2024	LIBOR + 1.75%		$	1,689,188
Term Loan B-1⁽³⁾	2,722,552			—			8/12/2026	LIBOR + 1.75%		$	2,681,713
Term Loan B⁽³⁾	—			2,743,125			8/12/2026
Revolving line of credit⁽²⁾	—			—			8/12/2024	LIBOR + 1.75%
Senior Notes:
4 ⅝% Senior Notes	1,750,000			—			6/1/2030	4.625	%	$	1,799,018
3 ¾% Senior Notes	1,500,000			—			2/15/2031	3.750	%	$	1,445,625
5 ⅛% Senior Notes	—			1,750,000			7/15/2024
5% Senior Notes	—			1,500,000			5/1/2025
Acquisition obligations and other notes payable⁽⁴⁾	157,864			180,352			2020-2036	5.01	%	$	157,864
Financing lease obligations⁽⁵⁾	274,611			268,534			2021-2038	5.16	%
Total debt principal outstanding	8,111,277			8,181,074
Discount and deferred financing costs	(80,945		)	(72,840		)
	8,030,332			8,108,234
Less current portion	(163,787		)	(130,708		)
	$	7,866,545		$	7,977,526


(1)	For the Company's senior secured credit facilities and senior notes, fair value estimates are based upon bid and ask quotes, typically a level 2 input. For the acquisition obligations and other notes payable, the carrying values presented here approximate their estimated fair values, based on estimates of their present values using level 2 interest rate inputs.

(2)

The Company's interest rate on its Term Loan A and revolving line of credit is subject to adjustment depending upon the Company's leverage ratio under the credit agreement governing its senior secured credit facilities. Based on the Company's leverage ratio as of September 30, 2020, the Company’s interest rate will be adjusted in the fourth quarter of 2020 to be LIBOR plus 1.50% for its Term Loan A and revolving line of credit.


(3)	On February 13, 2020, the Company entered into an amendment to the credit agreement governing its senior secured credit facilities to refinance the senior secured Term Loan B with a $2,743,125 senior secured Term Loan B-1.


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

(5)

Financing lease obligations are measured at their approximate present values at inception. The interest rate presented is the weighted average discount rate embedded in financing leases outstanding. The term of one ground lease runs to 2070, in addition to the other lease maturity dates presented in the table above.

Scheduled Maturities of Long-term Debt

Scheduled maturities of long-term debt at September 30, 2020 were as follows:



2020 (remainder of the year)	$	52,092
2021	$	148,821
2022	$	170,566
2023	$	228,303
2024	$	1,421,461
2025	$	63,571
Thereafter	$	6,026,463

Schedule of Derivative Instruments

The following table summarizes the Company’s interest rate cap agreements outstanding as of September 30, 2020 and December 31, 2019, which are classified in "Other long-term assets" on its consolidated balance sheet:



						Nine months ended September 30, 2020				Fair value
	Notional amount		LIBOR maximum rate	Effective date	Expiration date	Debt expense		Recorded OCI loss		September 30, 2020		December 31, 2019
2019 cap agreements	$	3,500,000	2.00%	6/30/2020	6/30/2024	$	1,378	$	21,946	$	2,506	$	24,452
2015 cap agreements	$	3,500,000	3.50%	6/29/2018	6/30/2020	$	4,326	$	—	$	—	$	—

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 nine months ended September 30, 2020 and 2019:



	Amount of unrealized losses in OCI on interest rate cap agreements												Income statement location	Reclassification from accumulated other comprehensive loss into net income
	Three months ended September 30,						Nine months ended September 30,							Three months ended September 30,						Nine months ended September 30,
Derivatives designated as cash flow hedges	2020			2019			2020			2019				2020			2019			2020			2019
Interest rate cap agreements	$	(2,169	)	$	(1,420	)	$	(21,946	)	$	(2,244	)	Debt expense	$	1,378		$	2,101		$	5,704		$	6,428
Related income tax	541			360			5,476			572			Related income tax	(344		)	(532		)	(1,424		)	(1,646		)
Total	$	(1,628	)	$	(1,060	)	$	(16,470	)	$	(1,672	)		$	1,034		$	1,569		$	4,280		$	4,782

- 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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