8.	Long-term debt

Long-term debt was comprised of the following:

	March 31,			December 31,
	2016			2015
Senior Secured Credit Facilities:
Term Loan A	$	912,500		$	925,000
Term Loan B		3,438,750			3,447,500
Senior notes		4,500,000			4,500,000
Acquisition obligations and other notes payable		70,738			70,645
Capital lease obligations		287,783			283,185
Total debt principal outstanding		9,209,771			9,226,330
Discount and deferred financing costs		(91,950	)		(95,985	)
		9,117,821			9,130,345
Less current portion		(137,966	)		(129,037	)
	$	8,979,855		$	9,001,308

Scheduled maturities of long-term debt at March 31, 2016 were as follows:

2016 (remainder of the year)			103,615
2017			154,525
2018			167,052
2019			741,960
2020			66,216
2021			3,297,308
Thereafter			4,679,095

During the first three months of 2016, the Company made mandatory principal payments under its Senior Secured Credit Facilities totaling $12,500 on the Term Loan A and $8,750 on the Term Loan B.

The Company has entered into several interest rate swap agreements as a means of hedging its exposure to and volatility from variable-based interest rate changes as part of its overall interest rate risk management strategy. These agreements are not held for trading or speculative purposes and have the economic effect of converting the LIBOR variable component of the Company’s interest rate to a fixed rate. These swap agreements are designated as cash flow hedges, and as a result, hedge-effective gains or losses resulting from changes in the fair values of these swaps are reported in other comprehensive income until such time as the hedged forecasted cash flows occur, at which time the amounts are reclassified into net income. Net amounts paid or received for each specific swap tranche that have settled have been reflected as adjustments to debt expense. In addition, the Company has entered into 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 also 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 swap and cap agreements do not contain credit-risk contingent features.

As of March 31, 2016, the Company maintains several interest rate swap agreements that were entered into in March 2013 with amortizing notional amounts totaling $724,375. These agreements have the economic effect of modifying the LIBOR variable component of the Company’s interest rate on an equivalent amount of the Company’s Term Loan A to fixed rates ranging from 0.49% to 0.52%, resulting in an overall weighted average effective interest rate of 2.26%, including the Term Loan A margin of 1.75%. The overall weighted average effective interest rate also includes the effects of $188,125 of unhedged Term Loan A debt that bears interest at LIBOR plus an interest rate margin of 1.75%. The swap agreements expire on September 30, 2016 and require monthly interest payments. During the three months ended March 31, 2016, the Company recognized debt expense of $151 from these swaps. As of March 31, 2016, the total fair value of these swap agreements was a net liability of approximately $25. During the three months ended March 31, 2016, the Company recorded a loss of $692 in other comprehensive income due to a decrease in the unrealized fair value of these swap agreements. The Company estimates that approximately $25 of existing unrealized pre-tax losses in other comprehensive income at March 31, 2016 will be reclassified into income over the next six months.

As of March 31, 2016, the Company 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 be 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, 2016, the total fair value of these cap agreements was an asset of approximately $6,545. During the three months ended March 31, 2016, the Company recorded a loss of $7,270 in other comprehensive income due to a decrease in the unrealized fair value of these cap agreements.

As of March 31, 2016, the Company maintains several forward interest rate cap agreements that were entered into in November 2014 with notional amounts totaling $3,500,000. These forward cap agreements will be effective September 30, 2016 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 the Company’s debt. The cap agreements expire on June 30, 2018. As of March 31, 2016, the total fair value of these cap agreements was an asset of approximately $323. During the three months ended March 31, 2016, the Company recorded a loss of $989 in other comprehensive income due to a decrease in the unrealized fair value of these cap agreements.

As of March 31, 2016, the Company maintains several interest rate cap agreements that were entered into in March 2013 with notional amounts totaling $2,735,000 on the Company’s Term Loan B debt. These agreements have the economic effect of capping the LIBOR variable component of the Company’s interest rate at a maximum of 2.50% on an equivalent amount of the Company’s Term Loan B. During the three months ended March 31, 2016, the Company recognized debt expense of $610 from these caps. The cap agreements expire on September 30, 2016. As of March 31, 2016, the total fair value of these cap agreements is immaterial.

The following table summarizes the Company’s derivative instruments as of March 31, 2016 and December 31, 2015:

March 31, 2016

December 31, 2015

Derivatives designated as hedging instruments

Balance sheet location

Fair value

Balance sheet location

Fair value

Interest rate swap agreements

Other short-term liabilities

Other short-term assets

516

Interest rate cap agreements

Other long-term assets

6,868

Other long-term assets

15,127

The following table summarizes the effects of the Company’s interest rate swap and cap agreements for the three months ended March 31, 2016 and 2015:

	Amount of (losses) gains							Amount of (losses) gains
	recognized in OCI on interest							reclassified from
	rate swap and cap agreements						Location of	accumulated OCI into income
	Three months ended						losses reclassified	Three months ended
	March 31,						from accumulated	March 31,
Derivatives designated as cash flow hedges	2016			2015			OCI into income	2016			2015
Interest rate swap agreements	$	(692	)	$	(2,694	)	Debt expense	$	(151	)	$	(722	)
Interest rate cap agreements		(8,259	)		(6,757	)	Debt expense		(610	)		(610	)
Tax benefit (expense)		3,482			3,691				296			520
Total	$	(5,469	)	$	(5,760	)		$	(465	)	$	(812	)

As of March 31, 2016, the interest rate on the Company’s Term Loan B debt is effectively fixed subject to an embedded LIBOR floor which is higher than actual LIBOR as of such date. The Term Loan B is also subject to interest rate caps if LIBOR should rise above 2.50%. See above for further details. Interest rates on the Company’s senior notes are fixed by their terms. The LIBOR variable component of the Company’s interest rate on the majority of the Company’s Term Loan A is economically fixed as a result of interest rate swaps.

As a result of embedded LIBOR floors on the Term Loan B debt agreement and the swap and cap agreements, the Company’s overall weighted average effective interest rate on the Senior Secured Credit Facilities was 3.46%, based on the current margins in effect of 1.75% for the Term Loan A and 2.75% for the Term Loan B, as of March 31, 2016.

The Company’s overall weighted average effective interest rate during the first quarter of 2016 was 4.40% and as of March 31, 2016 was also 4.40%.

As of March 31, 2016, the Company had undrawn revolving credit facilities totaling $1,000,000 of which approximately $91,178 was committed for outstanding letters of credit. In addition, the Company has approximately $1,286 of committed outstanding letters of credit related to HCP, which is backed by a certificate of deposit.