Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt

Long-term debt was comprised of the following: 

	December 31,					As of December 31, 2020
	2020		2019		Maturity date	Interest rate		Estimated fair value(1)
Senior Secured Credit Facilities:
Term Loan A	$	1,684,375	$	1,739,063	8/12/2024	LIBOR + 1.50%		$	1,675,953
Term Loan B-1	2,715,694		—		8/12/2026	LIBOR + 1.75%		2,702,115
Term Loan B	—		2,743,125		8/12/2026
Revolving line of credit(2)	75,000		—		8/12/2024	ABR + 0.50%		$	75,000
Senior Notes:
4.625% Senior Notes	1,750,000		—		6/1/2030	4.625	%	$	1,859,375
3.75% Senior Notes	1,500,000		—		2/15/2031	3.75	%	$	1,522,500
5.125% Senior Notes	—		1,750,000		7/15/2024
5.0% Senior Notes	—		1,500,000		5/1/2025
Acquisition obligations and other notes  payable(3)	164,160		180,352		2021-2036	4.88	%	$	164,160
Financing lease obligations(4)	274,292		268,534		2021-2038	5.1	%
Total debt principal outstanding	8,163,521		8,181,074
Discount and deferred financing costs(5)	(77,717)		(72,840)
	8,085,804		8,108,234
Less current portion	(168,541)		(130,708)
	$	7,917,263	$	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 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 for its revolving line of credit as of December 31, 2020 was based on an Alternate Base Rate (ABR or Prime Rate) plus 0.50%, or 3.75%. Effective January 6, 2021 this was converted to a LIBOR-based rate of LIBOR plus 1.50%.

(3)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and LIBOR interest rate components in effect as of December 31, 2020.

(4)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.

(5)As of December 31, 2020, the carrying amount of the Company's senior secured credit facilities includes a discount of $5,461 and deferred financing costs of $35,825 and the carrying amount of the Company's senior notes includes deferred financing costs of $36,431. As of December 31, 2019, the carrying amount of the Company's senior secured credit facilities included a discount of $6,457 and deferred financing costs of $45,444, and the carrying amount of the Company's senior notes included deferred financing costs of $20,939.

Scheduled Maturities of Long-term Debt

Scheduled maturities of long-term debt at December 31, 2020 were as follows: 

2021	$	168,541
2022	$	169,782
2023	$	227,062
2024	$	1,496,892
2025	$	69,440
Thereafter	$	6,031,804

Derivative Instruments

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

						Year ended				December 31,
						December 31, 2020				2020		2019
	Notional amount		LIBOR maximum rate	Effective date	Expiration date	Debt expense		Recorded OCI loss		Fair value
2019 cap agreements	$	3,500,000	2.00%	6/30/2020	6/30/2024	$	2,755	$	(21,781)	$	2,671	$	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 years ended December 31, 2020, 2019 and 2018: 

	Amount of unrealized (losses) gains in OCI on interest rate cap 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	2020		2019		2018			2020		2019		2018
Interest rate cap agreements	$	(21,781)	$	1,566	$	(181)	Debt expense	$	7,081	$	8,591	$	8,466
Related income tax	5,435		(415)		48		Related income tax	(1,768)		(2,214)		(2,180)
Total	$	(16,346)	$	1,151	$	(133)		$	5,313	$	6,377	$	6,286