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Debt | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt | Long-term debt is as follows:
|  | September 30, 2020 |  |  | December 31, 2019
|  | 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) |  | $ | 172,603 |  |  | $ | (9,482) |  |  | $ | 163,121 |  |  | $ | 172,603 |  |  |  | $ | 348,808 |  |  | $ | (12,053) |  |  | $ | 336,755 |  |  | $ | 348,808 |
Term Loan A(1) |  | 218,750 |  |  | — |  |  | 218,750 |  |  | 218,750 |  |  |  | 228,125 |  |  | — |  |  | 228,125 |  |  | 228,125 |
Term Loan B |  | 681,315 |  |  | (6,557) |  |  | 674,758 |  |  | 682,500 |  |  |  | 686,395 |  |  | (7,493) |  |  | 678,902 |  |  | 686,890 |
Australian Dollar Term Loan (the "AUD Term Loan") |  | 226,690 |  |  | (1,731) |  |  | 224,959 |  |  | 227,602 |  |  |  | 226,924 |  |  | (2,313) |  |  | 224,611 |  |  | 228,156 |
UK Bilateral Revolving Credit Facility (the "UK Bilateral Facility") |  | 180,204 |  |  | (1,393) |  |  | 178,811 |  |  | 180,204 |  |  |  | 184,601 |  |  | (1,801) |  |  | 182,800 |  |  | 184,601 |
4 3/8% Senior Notes due 2021 (the "4 3/8% Notes")(2) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 500,000 |  |  | (2,436) |  |  | 497,564 |  |  | 503,450 |
6% Senior Notes due 2023 (the "6% Notes due 2023")(2) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 600,000 |  |  | (4,027) |  |  | 595,973 |  |  | 613,500 |
5 3/8% CAD Senior Notes due 2023 (the "CAD Notes") |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 192,058 |  |  | (2,071) |  |  | 189,987 |  |  | 199,380 |
5 3/4% Senior Subordinated Notes due 2024 (the "5 3/4% Notes")(2) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1,000,000 |  |  | (6,409) |  |  | 993,591 |  |  | 1,010,625 |
3% Euro Senior Notes due 2025 (the "Euro Notes")(2) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 336,468 |  |  | (3,462) |  |  | 333,006 |  |  | 345,660 |
3 7/8% GBP Senior Notes due 2025 (the "GBP Notes") |  | 514,867 |  |  | (4,942) |  |  | 509,925 |  |  | 519,027 |  |  |  | 527,432 |  |  | (5,809) |  |  | 521,623 |  |  | 539,892 |
5 3/8% Senior Notes due 2026 (the "5 3/8% Notes") |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 250,000 |  |  | (2,756) |  |  | 247,244 |  |  | 261,641 |
4 7/8% Senior Notes due 2027 (the "4 7/8% Notes due 2027")(2) |  | 1,000,000 |  |  | (9,954) |  |  | 990,046 |  |  | 1,012,500 |  |  |  | 1,000,000 |  |  | (11,020) |  |  | 988,980 |  |  | 1,029,475 |
5 1/4% Senior Notes due 2028 (the "5 1/4% Notes due 2028")(2) |  | 825,000 |  |  | (8,857) |  |  | 816,143 |  |  | 851,813 |  |  |  | 825,000 |  |  | (9,742) |  |  | 815,258 |  |  | 859,598 |
5% Senior Notes due 2028 (the "5% Notes")(2) |  | 500,000 |  |  | (5,667) |  |  | 494,333 |  |  | 507,500 |  |  |  | — |  |  | — |  |  | — |  |  | — |
4 7/8% Senior Notes due 2029 (the "4 7/8% Notes due 2029")(2) |  | 1,000,000 |  |  | (13,019) |  |  | 986,981 |  |  | 1,012,500 |  |  |  | 1,000,000 |  |  | (14,104) |  |  | 985,896 |  |  | 1,015,640 |
5 1/4% Senior Notes due 2030 (the "5 1/4 Notes due 2030")(2) |  | 1,300,000 |  |  | (14,792) |  |  | 1,285,208 |  |  | 1,352,000 |  |  |  | — |  |  | — |  |  | — |  |  | — |
4 1/2% Senior Notes due 2031 (the "4 1/2% Notes")(2) |  | 1,100,000 |  |  | (12,970) |  |  | 1,087,030 |  |  | 1,102,750 |  |  |  | — |  |  | — |  |  | — |  |  | — |
5 5/8% Senior Notes due 2032 (the "5 5/8% Notes")(2) |  | 600,000 |  |  | (6,873) |  |  | 593,127 |  |  | 630,000 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Real Estate Mortgages, Financing Lease Liabilities and Other |  | 468,906 |  |  | (215) |  |  | 468,691 |  |  | 468,906 |  |  |  | 523,671 |  |  | (406) |  |  | 523,265 |  |  | 523,671 |
Accounts Receivable Securitization Program |  | 270,600 |  |  | (168) |  |  | 270,432 |  |  | 270,600 |  |  |  | 272,062 |  |  | (81) |  |  | 271,981 |  |  | 272,062 |
Mortgage Securitization Program |  | 50,000 |  |  | (873) |  |  | 49,127 |  |  | 50,000 |  |  |  | 50,000 |  |  | (982) |  |  | 49,018 |  |  | 50,000 |
Total Long-term Debt |  | 9,108,935 |  |  | (97,493) |  |  | 9,011,442 |  |  |  |  |  | 8,751,544 |  |  | (86,965) |  |  | 8,664,579 |  |  |
Less Current Portion |  | (392,586) |  |  | — |  |  | (392,586) |  |  |  |  |  | (389,013) |  |  | — |  |  | (389,013) |  |  |
Long-term Debt, Net of Current Portion |  | $ | 8,716,349 |  |  | $ | (97,493) |  |  | $ | 8,618,856 |  |  |  |  |  | $ | 8,362,531 |  |  | $ | (86,965) |  |  | $ | 8,275,566 |  |  |
_______________________________________________________________ (1)Collectively, the credit agreement (the "Credit Agreement"). The Credit Agreement consists of a revolving credit facility (the "Revolving Credit Facility") and a term loan (the "Term Loan A"). The Credit Agreement is scheduled to mature on June 3, 2023. Of the $172,603 of outstanding borrowings under the Revolving Credit Facility as of September 30, 2020, $128,000 was denominated in United States dollars, 3,200 was denominated in Canadian dollars and 36,000 was denominated in Euros. In addition, we also had various outstanding letters of credit totaling $3,202. The remaining amount available for borrowing under the Revolving Credit Facility as of September 30, 2020 was $1,574,195 (which amount represents the maximum availability as of such date). The average interest rate in effect under the Credit Agreement was 2.3% as of September 30, 2020 and the average interest rate in effect under the Revolving Credit Facility as of September 30, 2020 was 2.9%. (2)Collectively, the "Parent Notes". See Note 4 to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the Credit Agreement and our other long-term debt, including the direct obligors of each of our debt instruments as well as information regarding the fair value of our debt instruments (including the levels of the fair value hierarchy used to determine the fair value of our debt instruments). The levels of the fair value hierarchy used to determine the fair value of our debt as of September 30, 2020 are consistent with the levels of the fair value hierarchy used to determine the fair value of our debt as of December 31, 2019 (which are disclosed in our Annual Report). June 2020 Offerings On June 22, 2020, IMI completed private offerings of (i) $500,000 in aggregate principal amount of the 5% Notes, (ii) $1,300,000 in aggregate principal amount of the 5 1/4% Notes due 2030 and (iii) $600,000 in aggregate principal amount of the 5 5/8% Notes (collectively, the "June 2020 Offerings"). The 5% Notes, the 5 1/4% Notes due 2030 and the 5 5/8% Notes were issued at 100.000% of par. The total net proceeds of approximately $2,376,000 from the June 2020 Offerings, after deducting the initial purchasers' commissions, were used to redeem all of the 4 3/8% Notes, the 6% Notes due 2023 and the 5 3/4% Notes and to repay a portion of the outstanding borrowings under the Revolving Credit Facility. On June 29, 2020, we redeemed all of the $500,000 in aggregate principal outstanding of the 4 3/8% Notes at 100.000% of par and all of the $600,000 in aggregate principal outstanding of the 6% Notes due 2023 at 102.000% of par, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date. We recorded a charge of $17,040 to Other expense (income), net during the second quarter of 2020 related to the early extinguishment of this debt, representing the call premium associated with the early redemption of the 6% Notes due 2023, as well as a write-off of unamortized deferred financing costs associated with the early redemption of the 4 3/8% Notes and the 6% Notes due 2023. On July 2, 2020, we redeemed all of the $1,000,000 in aggregate principal outstanding of the 5 3/4% Notes at 100.958% of par, plus accrued and unpaid interest to, but excluding, the redemption date. We recorded a charge of $15,310 to Other expense (income), net during the third quarter of 2020 related to the early extinguishment of this debt, representing the call premium and write-off of unamortized deferred financing fees. August 2020 Offering On August 18, 2020, IMI completed a private offering of $1,100,000 in aggregate principal amount of the 4 1/2% Notes. The 4 1/2% Notes were issued at 100.000% of par. The total net proceeds of approximately $1,089,000 from the issuance of the 4 1/2% Notes, after deducting the initial purchasers' commissions, were used to redeem all of the CAD Notes, the Euro Notes, and the 5 3/8% Notes and to repay a portion of the outstanding borrowings under the Revolving Credit Facility. On August 21, 2020, we redeemed all of the 250,000 CAD in aggregate principal outstanding of the CAD Notes at 104.031% of par, 300,000 Euro in aggregate principal outstanding of the Euro Notes at 101.500% of par and $250,000 in aggregate principal outstanding of the 5 3/8% Notes at 106.628% of par, plus, in each case accrued and unpaid interest to, but excluding, the redemption date. We recorded a charge of $35,950 to Other expense (income), net during the third quarter of 2020 related to the early extinguishment of the CAD Notes, the Euro Notes and the 5 3/8% Notes, representing the call premiums and write off unamortized deferred financing costs associated with the early redemption of these debt instruments. Accounts Receivable Securitization Program On March 31, 2020, we amended the Accounts Receivable Securitization Program to (i) increase the maximum amount available from $275,000 to $300,000 and (ii) extend the maturity date from July 30, 2020 to July 30, 2021, at which point all obligations become due. The full amount outstanding under the Accounts Receivable Securitization Program is classified within the current portion of long-term debt in our Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019. Cash Pooling We currently utilize two separate cash pooling arrangements, one of which we utilize to manage global liquidity requirements for our qualified REIT subsidiaries (the "QRS Cash Pool") and the other for our taxable REIT subsidiaries (the "TRS Cash Pool"). The approximate amount of the net cash position for our QRS Cash Pool and the TRS Cash Pool and the approximate amount of the gross position and outstanding debit balances for each of these pools as of September 30, 2020 and December 31, 2019 are as follows:
| September 30, 2020 |  | December 31, 2019
| Gross Cash Position |  | Outstanding Debit Balances |  | Net Cash Position |  | Gross Cash Position |  | Outstanding Debit Balances |  | Net Cash Position
QRS Cash Pool | $ | 573,600 |  |  | $ | (573,000) |  |  | $ | 600 |  |  | $ | 372,100 |  |  | $ | (369,000) |  |  | $ | 3,100 |
TRS Cash Pool | 363,800 |  |  | (362,600) |  |  | 1,200 |  |  | 319,800 |  |  | (301,300) |  |  | 18,500 |
The net cash position balances as of September 30, 2020 and December 31, 2019 are reflected as cash and cash equivalents in our Condensed Consolidated Balance Sheets. Letters of Credit As of September 30, 2020, we had outstanding letters of credit totaling $34,761, of which $3,202 reduce our borrowing capacity under the Revolving Credit Facility (as described above). The letters of credit expire at various dates between October 2020 and January 2033. Debt Covenants The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take certain other corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a fixed charge coverage ratio, a net total lease adjusted leverage ratio and a net secured debt lease adjusted leverage ratio on a quarterly basis and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted), as a condition to taking actions such as paying dividends and incurring indebtedness. The Credit Agreement uses EBITDAR-based calculations and the bond indentures use EBITDA-based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The bond indenture EBITDA-based calculations include our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in the bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance for purposes of those calculations under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of September 30, 2020 and December 31, 2019. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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