Long-term debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt was comprised of the following:

						As of March 31, 2023
	March 31, 2023		December 31, 2022		Maturity date	Interest rate		Estimated fair value(1)
Senior Secured Credit Facilities(2):
Term Loan A	$	1,444,427	$	1,498,438	8/12/2024	LIBOR+1.75%		$	1,433,594
Term Loan B-1	2,624,359		2,660,831		8/12/2026	LIBOR+1.75%		$	2,584,994
Revolving line of credit	—		165,000		8/12/2024	LIBOR+1.75%		$	—
Senior Notes:
4.625% Senior Notes	2,750,000		2,750,000		6/1/2030	4.625	%	$	2,344,375
3.75% Senior Notes	1,500,000		1,500,000		2/15/2031	3.75	%	$	1,183,125
Acquisition obligations and other notes payable(3)	117,856		120,562		2023-2036	6.82	%	$	117,856
Financing lease obligations(4)	264,612		273,688		2024-2039	4.53	%
Total debt principal outstanding	8,701,254		8,968,519
Discount, premium and deferred financing costs(5)	(41,529)		(44,498)
	8,659,725		8,924,021
Less current portion	(242,193)		(231,404)
	$	8,417,532	$	8,692,617

(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 approximate their estimated fair values, based on estimates of their present values using level 2 interest rate inputs.

(2)Term Loan A, Term Loan B-1 and the revolving line of credit have each been amended subsequent to March 31, 2023. See Note 14 for more information on these amendments.

(3)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and variable interest rate components in effect as of March 31, 2023.

(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.

(5)As of March 31, 2023, the carrying amount of the Company's senior secured credit facilities have been reduced by a discount of $3,254 and deferred financing costs of $16,797, and the carrying amount of the Company's senior notes have been reduced by deferred financing costs of $35,024 and increased by a debt premium of $13,546. As of December 31, 2022, the carrying amount of the Company's senior secured credit facilities were reduced by a discount of $3,497 and deferred financing costs of $18,816, and the carrying amount of the Company's senior notes were reduced by deferred financing costs of $36,203 and increased by a debt premium of $14,018.

Schedule of Derivative Instruments

The following table summarizes the Company’s interest rate cap agreements outstanding as of March 31, 2023 and December 31, 2022, which are classified in other long-term assets on its consolidated balance sheet: 

						Three months ended March 31, 2023				Fair value
	Notional amount		LIBOR maximum rate	Effective date	Expiration date	Debt expense (offset)		Recorded OCI loss		March 31, 2023		December 31, 2022
2019 cap agreements	$	3,500,000	2.00%	6/30/2020	6/30/2024	$	(20,975)	$	4,716	$	112,687	$	139,755