Long-term debt

Long-term debt was comprised of the following:



	March 31, 2017			December 31, 2016
Senior secured credit facilities:
Term Loan A	$	843,750		$	862,500
Term Loan B	3,403,750			3,412,500
Senior notes	4,500,000			4,500,000
Acquisition obligations and other notes payable	120,952			117,547
Capital lease obligations	296,505			299,682
Total debt principal outstanding	9,164,957			9,192,229
Discount and deferred financing costs	(75,862		)	(79,861		)
	9,089,095			9,112,368
Less current portion	(170,217		)	(165,041		)
	$	8,918,878		$	8,947,327

Scheduled maturities of long-term debt at March 31, 2017 were as follows:



2017 (remainder of the year)	129,532
2018	167,855
2019	745,584
2020	70,157
2021	3,301,236
2022	1,277,759
Thereafter	3,472,834

During the first three months of 2017, the Company made mandatory principal payments under its senior secured credit facilities totaling $18,750 on Term Loan A and $8,750 on Term Loan B.

As of March 31, 2017, the Company maintains several active and forward interest rate cap agreements that 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, as described below. The cap agreements are designated as cash flow hedges and, as a result, changes in the fair values of these cap agreements are reported in other comprehensive income. The amortization of the original cap premium is recognized as a component of debt expense on a straight-line basis over the term of the cap agreements. The cap agreements do not contain credit-risk contingent features.

As of March 31, 2017, the Company maintains several interest rate cap agreements that were entered into in November 2014 with notional amounts totaling $3,500,000. These cap agreements became effective September 30, 2016 and have the economic effect of capping the LIBOR variable component of the Company’s interest rate at a maximum of 3.50% on an equivalent amount of the Company’s debt. The cap agreements expire on June 30, 2018. As of March 31, 2017, the total fair value of these cap agreements was an asset of approximately $14. During the three months ended March 31, 2017, the Company recognized debt expense of $2,070 from these caps. During the three months ended March 31, 2017, the Company recorded a loss of $102 in other comprehensive income due to a decrease in the unrealized fair value of these cap agreements.

As of March 31, 2017, the Company also maintains several forward interest rate cap agreements that were entered into in October 2015 with notional amounts totaling $3,500,000. These forward cap agreements will become effective June 29, 2018 and will have the economic effect of capping the LIBOR variable component of the Company’s interest rate at a maximum of 3.50% on an equivalent amount of its debt. These cap agreements expire on June 30, 2020. As of March 31, 2017, the total fair value of these cap agreements was an asset of approximately $4,698. During the three months ended March 31, 2017, the Company recorded a loss of $5,115 in other comprehensive income due to a decrease in the unrealized fair value of these forward cap agreements.

The following table summarizes the Company’s derivative instruments as of March 31, 2017 and December 31, 2016:



	March 31, 2017			December 31, 2016
Derivatives designated as hedging instruments	Balance sheet location	Fair value		Balance sheet location	Fair value
Interest rate cap agreements	Other long-term assets	$	4,712	Other long-term assets	$	9,929

The following table summarizes the effects of the Company’s interest rate cap and swap agreements for the three months ended March 31, 2017 and 2016:



	Amount of losses recognized in OCI on interest rate cap and swap agreements						Location of losses reclassified from accumulated OCI into income	Amount of losses reclassified from accumulated OCI into income
	Three months ended March 31,							Three months ended March 31,
Derivatives designated as cash flow hedges	2017			2016				2017			2016
Interest rate swap agreements	$	—		$	(692	)	Debt expense	$	—		$	151
Interest rate cap agreements	(5,217		)	(8,259		)	Debt expense	2,070			610
Tax benefit (expense)	2,029			3,482				(805		)	(296		)
Total	$	(3,188	)	$	(5,469	)		$	1,265		$	465

As of March 31, 2017, the interest rate on the Company’s Term Loan B debt bears interest at LIBOR plus an interest rate margin of 2.75%. Term Loan B is subject to interest rate caps if LIBOR should rise above 3.50%. Term Loan A bears interest at LIBOR plus an interest rate margin of 2.00%. The capped portion of Term Loan A is $96,250. In addition, the uncapped portion of Term Loan A, which is subject to the variability of LIBOR, is $747,500. Interest rates on the Company’s senior notes are fixed by their terms.

The Company’s weighted average effective interest rate on the senior secured credit facilities at end of the quarter was 3.95%, based on the current margins in effect of 2.00% for Term Loan A and 2.75% for Term Loan B, as of March 31, 2017.

The Company’s overall weighted average effective interest rate during the quarter ended March 31, 2017 was 4.55% and as of March 31, 2017 was 4.64%.

As of March 31, 2017, the Company’s interest rates are fixed on approximately 53.1% of its total debt.

As of March 31, 2017, the Company had undrawn revolving credit facilities totaling $1,000,000, of which approximately $94,623 was committed for outstanding letters of credit. The remaining amount is unencumbered. In addition, the Company has approximately $1,286 of committed letters of credit outstanding related to DMG, which is backed by a certificate of deposit.