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Debt (Tables)
 6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Schedule of carrying amount and fair value of long-term debt instruments
Long-term debt is as follows:
 
 
December 31, 2017
 
 
June 30, 2018
 
 
Debt (inclusive of discount)
 
Unamortized Deferred Financing Costs
 
Carrying Amount
 
Fair
Value
 
 
Debt (inclusive of discount)
 
Unamortized Deferred Financing Costs
 
Carrying Amount
 
Fair
Value
Revolving Credit Facility(1)
 
$
466,593

 
$
(14,407
)
 
$
452,186

 
$
466,593

 
 
$
828,567



$
(15,617
)

$
812,950

 
$
828,567

Term Loan A(1)
 
243,750

 
—

 
243,750

 
243,750

 
 
246,875



—


246,875

 
246,875

Term Loan B(2)
 
—

 
—

 
—

 
—

 
 
696,556

 
(9,367
)
 
687,189

 
686,031

Australian Dollar Term Loan (the "AUD Term Loan")(3)
 
187,504

 
(3,382
)
 
184,122

 
189,049

 
 
248,670



(3,433
)

245,237

 
250,681

43/8% Senior Notes due 2021 (the "43/8% Notes")(4)(5)
 
500,000

 
(5,874
)
 
494,126

 
507,500

 
 
500,000



(5,015
)

494,985

 
496,250

6% Senior Notes due 2023 (the "6% Notes due 2023")(4)
 
600,000

 
(6,224
)
 
593,776

 
625,500

 
 
600,000



(5,675
)

594,325

 
613,500

53/8% CAD Senior Notes due 2023 (the "CAD Notes due 2023")(5)(6)
 
199,171

 
(3,295
)
 
195,876

 
208,631

 
 
190,330



(2,875
)

187,455

 
191,519

53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(4)
 
1,000,000

 
(9,156
)
 
990,844

 
1,012,500

 
 
1,000,000



(8,469
)

991,531

 
980,000

3% Euro Senior Notes due 2025 (the "Euro Notes")(4)(5)
 
359,386

 
(4,691
)
 
354,695

 
364,776

 
 
350,508



(4,419
)

346,089

 
346,582

37/8% GBP Senior Notes due 2025 (the "GBP Notes due 2025")(5)
 
539,702

 
(7,718
)
 
531,984

 
527,559

 
 
528,296



(7,104
)

521,192

 
499,240

53/8% Senior Notes due 2026 (the "53/8% Notes")(5)
 
250,000

 
(3,615
)
 
246,385

 
256,875

 
 
250,000



(3,400
)

246,600

 
238,125

47/8% Senior Notes due 2027 (the "47/8% Notes")(4)(5)
 
1,000,000

 
(13,866
)
 
986,134

 
1,000,000

 
 
1,000,000



(13,153
)

986,847

 
921,250

51/4% Senior Notes due 2028 (the "51/4% Notes")(4)(5)
 
825,000

 
(11,817
)
 
813,183

 
826,031

 
 
825,000



(11,511
)

813,489

 
767,250

Real Estate Mortgages, Capital Leases and Other
 
649,432

 
(566
)
 
648,866

 
649,432

 
 
614,145



(316
)

613,829

 
614,145

Accounts Receivable Securitization Program(7)
 
258,973

 
(356
)
 
258,617

 
258,973

 
 
248,473



(287
)

248,186

 
248,473

Mortgage Securitization Program(8)
 
50,000

 
(1,273
)
 
48,727

 
50,000

 
 
50,000

 
(1,200
)
 
48,800

 
50,000

Total Long-term Debt
 
7,129,511

 
(86,240
)
 
7,043,271

 
 

 
 
8,177,420

—

(91,841
)
 
8,085,579

 
 
Less Current Portion
 
(146,300
)
 
—

 
(146,300
)
 
 

 
 
(123,818
)

—


(123,818
)
 
 

Long-term Debt, Net of Current Portion
 
$
6,983,211

 
$
(86,240
)
 
$
6,896,971

 
 

 
 
$
8,053,602



$
(91,841
)
 
$
7,961,761

 
 

______________________________________________________________
(1)
Collectively, as amended as described below, the "Credit Agreement". Of the $828,567 of outstanding borrowings under the Revolving Credit Facility, 618,300 was denominated in United States dollars, 135,000 was denominated in Canadian dollars and 92,000 was denominated in Euros. In addition, we also had various outstanding letters of credit totaling $54,638. The remaining amount available for borrowing under the Revolving Credit Facility as of June 30, 2018 was $866,795 (which amount represents the maximum availability as of such date). The average interest rate in effect under the Credit Agreement was 3.5% as of June 30, 2018. The average interest rate in effect under the Revolving Credit Facility as of June 30, 2018 was 3.5% and ranged from 1.8% to 5.8% and the interest rate in effect under the Term Loan A as of June 30, 2018 was 3.8%.
(2)
Interest rate in effect as of June 30, 2018 was 3.8%. The amount of debt for the Term Loan B (as defined below) reflects an unamortized original issue discount of $1,694 as of June 30, 2018.
(3)
Interest rate in effect as of June 30, 2018 was 6.0%. We had 338,438 Australian dollars outstanding on the AUD Term Loan as of June 30, 2018. The amount of debt for the AUD Term Loan reflects an unamortized original issue discount of $1,545 and $2,011 as of December 31, 2017 and June 30, 2018, respectively.
(4)
Collectively, the "Parent Notes".
(5)
Collectively, the "Unregistered Notes".
(6)
Together, with our previously outstanding 61/8% CAD Senior Notes due 2021 (the "CAD Notes due 2021"), the "CAD Notes".
(7)
Interest rate in effect as of June 30, 2018 was 3.0%.
(8)
Interest rate in effect as of June 30, 2018 was 3.5%.
Schedule of Leverage and Fixed Charge Ratios
Our leverage and fixed charge coverage ratios under the Credit Agreement as of December 31, 2017 and June 30, 2018, as well as our leverage ratio under our indentures as of December 31, 2017 and June 30, 2018 are as follows:
 
December 31, 2017
 
June 30, 2018
 
Maximum/Minimum Allowable
Net total lease adjusted leverage ratio
5.0

 
5.6

 
Maximum allowable of 6.5
Net secured debt lease adjusted leverage ratio
1.6

 
2.5

 
Maximum allowable of 4.0
Bond leverage ratio (not lease adjusted)
5.8

 
5.7

 
Maximum allowable of 6.5-7.0(1)(2)
Fixed charge coverage ratio
2.1

 
2.3

 
Minimum allowable of 1.5
______________________________________________________________
(1)
The maximum allowable leverage ratio under our indentures for the 47/8% Notes, the GBP Notes due 2025 and the 51/4% Notes is 7.0, while the maximum allowable leverage ratio under the indentures pertaining to our remaining senior and senior subordinated notes is 6.5. In certain instances as provided in our indentures, we have the ability to incur additional indebtedness that would result in our bond leverage ratio exceeding the maximum allowable ratio under our indentures and still remain in compliance with the covenant.

(2)
At December 31, 2017, a portion of the net proceeds from the 51/4% Notes, together with a portion of the net proceeds of the Equity Offering (as defined in Note 9), were used to temporarily repay approximately $807,000 of outstanding indebtedness under our Revolving Credit Facility until the closing of the IODC Transaction, which occurred on January 10, 2018. The bond leverage ratio at December 31, 2017 is calculated based on our outstanding indebtedness at this date, which reflects the temporary payment of the Revolving Credit Facility.