|
Long-term debt (Tables)
|
3 Months Ended |
|
Mar. 31, 2015
|
| Debt Disclosure [Abstract] |
|
| Long Term Debt |
Long-term debt was comprised of the following:
|
|
|
March 31, |
|
|
December 31, |
|
|
|
|
2015 |
|
|
2014 |
|
|
Senior Secured Credit Facilities: |
|
|
|
|
|
|
|
|
|
Term Loan A |
|
$ |
962,500 |
|
|
$ |
975,000 |
|
|
Term Loan B |
|
|
3,473,750 |
|
|
|
3,482,500 |
|
|
Senior notes |
|
|
3,775,000 |
|
|
|
3,775,000 |
|
|
Acquisition obligations and other notes payable |
|
|
63,102 |
|
|
|
69,045 |
|
|
Capital lease obligations |
|
|
239,439 |
|
|
|
218,097 |
|
|
Total debt principal outstanding |
|
|
8,513,791 |
|
|
|
8,519,642 |
|
|
Discount on long-term debt |
|
|
(15,562 |
) |
|
|
(16,208 |
) |
|
|
|
|
8,498,229 |
|
|
|
8,503,434 |
|
|
Less current portion |
|
|
(118,076 |
) |
|
|
(120,154 |
) |
|
|
|
$ |
8,380,153 |
|
|
$ |
8,383,280 |
|
|
| Scheduled Maturities of Long-term Debt |
Scheduled maturities of long-term debt at March 31, 2015 were as follows:
|
2015 (remainder of the year) |
|
|
92,475 |
|
|
2016 |
|
|
117,586 |
|
|
2017 |
|
|
145,940 |
|
|
2018 |
|
|
156,733 |
|
|
2019 |
|
|
730,811 |
|
|
2020 |
|
|
55,617 |
|
|
Thereafter |
|
|
7,214,629 |
|
|
| Derivative Instruments |
The following table summarizes the Company’s derivative instruments as of March 31, 2015 and December 31, 2014:
|
|
|
March 31, 2015 |
|
|
December 31, 2014 |
|
|
Derivatives designated as hedging |
|
Balance sheet |
|
|
|
|
|
Balance sheet |
|
|
|
|
|
instruments |
|
location |
|
Fair value |
|
|
location |
|
Fair value |
|
|
Interest rate swap agreements |
|
Other short-term liabilities |
|
$ |
1,439 |
|
|
Other short-term liabilities |
|
$ |
1,457 |
|
|
Interest rate swap agreements |
|
Other long-term assets |
|
$ |
1,291 |
|
|
Other long-term assets |
|
$ |
3,281 |
|
|
Interest rate cap agreements |
|
Other long-term assets |
|
$ |
7,177 |
|
|
Other long-term assets |
|
$ |
13,934 |
|
|
| Effects of Interest Rate Swap Agreements |
The following table summarizes the effects of the Company’s interest rate swap and cap agreements for the three months ended March 31, 2015 and 2014:
|
|
|
Amount of gains |
|
|
|
|
Amount of |
|
|
|
|
(losses) recognized in |
|
|
|
|
losses reclassified |
|
|
|
|
OCI on interest rate swap |
|
|
|
|
from accumulated |
|
|
|
|
and cap agreements |
|
|
Location of |
|
OCI into income |
|
|
|
|
Three months ended |
|
|
losses reclassified |
|
Three months ended |
|
|
Derivatives designated |
|
March 31, |
|
|
from accumulated |
|
March 31, |
|
|
as cash flow hedges |
|
2015 |
|
|
2014 |
|
|
OCI into income |
|
2015 |
|
|
2014 |
|
|
Interest rate swap agreements |
|
$ |
(2,694 |
) |
|
$ |
(2,764 |
) |
|
Debt expense
(including
refinancing
charges) |
|
$ |
(722 |
) |
|
$ |
(4,006 |
) |
|
Interest rate cap agreements |
|
|
(6,757 |
) |
|
|
(1,347 |
) |
|
Debt expense
(including
refinancing
charges) |
|
|
(610 |
) |
|
|
(1,507 |
) |
|
Tax benefit |
|
|
3,691 |
|
|
|
1,606 |
|
|
|
|
|
520 |
|
|
|
2,154 |
|
|
Total |
|
$ |
(5,760 |
) |
|
$ |
(2,505 |
) |
|
|
|
$ |
(812 |
) |
|
$ |
(3,359 |
) |
|