XML 36 R21.htm IDEA: XBRL DOCUMENT v3.22.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-term debt
Long-term debt was comprised of the following: 
 December 31,As of December 31, 2021
 20212020Maturity dateInterest rate
Estimated fair value(1)
Senior Secured Credit Facilities:  
Term Loan A$1,596,875 $1,684,375 8/12/2024LIBOR + 1.50%$1,600,867 
Term Loan B-12,688,263 2,715,694 8/12/2026LIBOR + 1.75%2,681,542 
Revolving line of credit— 75,000 8/12/2024LIBOR + 1.50%$— 
Senior Notes:
4.625% Senior Notes2,750,000 1,750,000 6/1/20304.625 %$2,822,188 
3.75% Senior Notes1,500,000 1,500,000 2/15/20313.75 %$1,464,210 
Acquisition obligations and other notes
payable(2)
130,599 164,160 2022-20364.80 %$130,599 
Financing lease obligations(3)
299,128 274,292 2022-20384.54 %
Total debt principal outstanding8,964,865 8,163,521 
Discount and deferred financing costs(4)
(56,685)(77,717)
 8,908,180 8,085,804 
Less current portion(179,030)(168,541)
 $8,729,150 $7,917,263 
(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 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, 2021.
(3)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.
(4)As of December 31, 2021, the carrying amount of the Company's senior secured credit facilities have been reduced by a discount of $4,473 and deferred financing costs of $27,207 and the carrying amount of the Company's senior notes have been reduced by deferred financing costs of $40,914 and increased by a debt premium of $15,909. As of December 31, 2020, the carrying amount of the Company's senior secured credit facilities were reduced by a discount of $5,461 and deferred financing costs of $35,825, and the carrying amount of the Company's senior notes were reduced by deferred financing costs of $36,431.
Scheduled maturities of long-term debt at December 31, 2021 were as follows: 
2022$179,030 
2023$218,460 
2024$1,424,692 
2025$67,812 
2026$2,625,349 
Thereafter$4,449,522 
During the year ended December 31, 2021, the Company made regularly scheduled mandatory principal payments under its senior secured credit facilities totaling $87,500 on Term Loan A and $27,431 on Term Loan B-1.
On February 26, 2021, the Company completed an unregistered add-on offering of $1,000,000 aggregate principal amount to the existing 4.625% senior notes due June 1, 2030 (the Additional 2030 Notes) pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Additional 2030 Notes were issued at an offering price of 101.750% of face amount, plus an interest payment advance to the Company for interest that would have accrued from December 1, 2020 (the last interest payment date) through the closing date, and began bearing full six months' semi-annual coupon interest payments as of June 1, 2021. The terms of the Additional 2030 Notes, other than their issue date, offering price and first interest payment date, are identical to the terms of the $1,750,000 principal amount of the Company’s 4.625% senior notes due June 1, 2030 previously issued by the Company on June 9, 2020. The Additional 2030 Notes are unsecured senior obligations and rank equally in right of payment with the Company's existing and future unsecured senior indebtedness. During the year ended December 31, 2021 the Company incurred $9,091 in fees and other professional expenses associated with this transaction, which were capitalized and will amortize over the term of the Additional 2030 Notes.
As of December 31, 2021, the Company's 2019 interest rate cap agreements have the economic effect of capping the Company's maximum exposure to LIBOR variable interest rate changes on specific portions of the Company's floating rate debt, including all of Term Loan B-1 and a portion of Term Loan A. The remaining $785,138 outstanding principal balance of Term Loan A is subject to LIBOR-based interest rate volatility. The cap agreements are designated as cash flow hedges and, as a result, changes in their fair values are reported in other comprehensive income. The original premiums paid for the caps are amortized to debt expense on a straight-line basis over the term of each cap agreement starting from its effective date. These cap agreements do not contain credit-risk contingent features.
The following table summarizes the Company’s interest rate cap agreements outstanding as of December 31, 2021 and December 31, 2020, which are classified in other long-term assets on its consolidated balance sheet:
Year endedDecember 31,
December 31, 202120212020
 Notional amountLIBOR maximum rateEffective dateExpiration dateDebt expenseRecorded OCI gainFair value
2019 interest rate cap agreements$3,500,000 2.00%6/30/20206/30/2024$5,509 $9,532 $12,203 $2,671 
The following table summarizes the effects of the Company’s interest rate cap agreements for the years ended December 31, 2021, 2020 and 2019: 
 Amount of unrealized gains (losses) in OCI on interest rate cap agreementsLocation of losses Reclassification from accumulated other comprehensive income into net income
 Year ended December 31,Year ended December 31,
Derivatives designated as cash flow hedges202120202019202120202019
Interest rate cap agreements$9,532 $(21,781)$1,566 Debt expense$5,509 $7,081 $8,591 
Related income tax(2,377)5,435 (415)Related income tax(1,376)(1,768)(2,214)
Total$7,155 $(16,346)$1,151  $4,133 $5,313 $6,377 
See Note 20 for further details on amounts recorded and reclassified from accumulated other comprehensive (loss) income.
The Company’s weighted average effective interest rate on its senior secured credit facilities at the end of 2021 was 2.18%, based upon the current margins in effect for its senior secured credit facilities as of December 31, 2021.
The Company’s weighted average effective interest rate on all debt, including the effect of interest rate caps and amortization of debt discount, was 3.28% for the year ended December 31, 2021 and 3.35% as of December 31, 2021.
As of December 31, 2021, the Company’s interest rates were fixed on approximately 51.6% of its total debt.
As of December 31, 2021, the Company had an undrawn $1,000,000 revolving line of credit under its senior secured credit facilities. Credit available under this revolving line of credit is reduced by the amount of any letters of credit outstanding thereunder, of which there were none as of December 31, 2021. The Company also had approximately $69,277 of outstanding letters of credit under a separate bilateral secured letter of credit facility as of December 31, 2021.
Debt expense
Debt expense consisted of interest expense of $267,049, $282,932 and $419,639 and the amortization and accretion of debt discounts and premiums, amortization of deferred financing costs and the amortization of interest rate cap agreements of $18,205, $21,179 and $24,185 for 2021, 2020 and 2019, respectively. These interest expense amounts are net of capitalized interest.