Long-Term Debt (Tables)

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
	2021		2020		Maturity date	Interest rate		Estimated fair value(1)
Senior Secured Credit Facilities:
Term Loan A	$	1,596,875	$	1,684,375	8/12/2024	LIBOR + 1.50%		$	1,600,867
Term Loan B-1	2,688,263		2,715,694		8/12/2026	LIBOR + 1.75%		2,681,542
Revolving line of credit	—		75,000		8/12/2024	LIBOR + 1.50%		$	—
Senior Notes:
4.625% Senior Notes	2,750,000		1,750,000		6/1/2030	4.625	%	$	2,822,188
3.75% Senior Notes	1,500,000		1,500,000		2/15/2031	3.75	%	$	1,464,210
Acquisition obligations and other notes payable(2)	130,599		164,160		2022-2036	4.80	%	$	130,599
Financing lease obligations(3)	299,128		274,292		2022-2038	4.54	%
Total debt principal outstanding	8,964,865		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

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

Derivative Instruments

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 ended				December 31,
						December 31, 2021				2021		2020
	Notional amount		LIBOR maximum rate	Effective date	Expiration date	Debt expense		Recorded OCI gain		Fair value
2019 interest rate cap agreements	$	3,500,000	2.00%	6/30/2020	6/30/2024	$	5,509	$	9,532	$	12,203	$	2,671

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, 2021, 2020 and 2019: 

	Amount of unrealized gains (losses) 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	2021		2020		2019			2021		2020		2019
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