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Long-term debt | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
Long-term debt | Long-term debt Long-term debt was comprised of the following:
| June 30, 2017 |  | December 31, 2016
Senior secured credit facilities: |  |  |
Term Loan A | $ | 825,000 |  |  | $ | 862,500 |
Term Loan B | 3,395,000 |  |  | 3,412,500 |
Senior notes | 4,500,000 |  |  | 4,500,000 |
Acquisition obligations and other notes payable | 139,371 |  |  | 117,547 |
Capital lease obligations | 305,643 |  |  | 299,682 |
Total debt principal outstanding | 9,165,014 |  |  | 9,192,229 |
Discount and deferred financing costs | (71,877 | ) |  | (79,861 | )
| 9,093,137 |  |  | 9,112,368 |
Less current portion | (182,323 | ) |  | (165,041 | )
| $ | 8,910,814 |  |  | $ | 8,947,327 |
Scheduled maturities of long-term debt at June 30, 2017 were as follows:
2017 (remainder of the year) | 96,454 |
2018 | 172,318 |
2019 | 746,464 |
2020 | 71,432 |
2021 | 3,303,146 |
2022 | 1,280,031 |
Thereafter | 3,495,169 |
During the first six months of 2017, the Company made mandatory principal payments under its senior secured credit facilities totaling $37,500 on Term Loan A and $17,500 on Term Loan B. As of June 30, 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 June 30, 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 June 30, 2017, the total fair value of these cap agreements was an asset of approximately $1. During the six months ended June 30, 2017, the Company recognized debt expense of $4,139 from these caps. During the six months ended June 30, 2017, the Company recorded a loss of $115 in other comprehensive income due to a decrease in unrealized fair value of these cap agreements. As of June 30, 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 June 30, 2017, the total fair value of these cap agreements was an asset of approximately $1,742. During the six months ended June 30, 2017, the Company recorded a loss of $8,071 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 June 30, 2017 and December 31, 2016:
|  | June 30, 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 |  | $ | 1,743 |  |  | 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 and six months ended June 30, 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 June 30, |  | Six months ended June 30, |  |  | Three months ended June 30, |  | Six months ended June 30,
Derivatives designated as cash flow hedges | 2017 |  | 2016 |  | 2017 |  | 2016 |  |  | 2017 |  | 2016 |  | 2017 |  | 2016
Interest rate swap agreements | $ | — |  |  | $ | (168 | ) |  | $ | — |  |  | $ | (860 | ) |  | Debt expense |  | $ | — |  |  | $ | 123 |  |  | $ | — |  |  | $ | 274 |
Interest rate cap agreements | (2,969 | ) |  | (4,115 | ) |  | (8,186 | ) |  | (12,374 | ) |  | Debt expense |  | 2,070 |  |  | 610 |  |  | 4,139 |  |  | 1,220 |
Tax benefit | 1,154 |  |  | 1,667 |  |  | 3,184 |  |  | 5,149 |  |  | Tax expense |  | (805 | ) |  | (285 | ) |  | (1,610 | ) |  | (581 | )
Total | $ | (1,815 | ) |  | $ | (2,616 | ) |  | $ | (5,002 | ) |  | $ | (8,085 | ) |  |  |  | $ | 1,265 |  |  | $ | 448 |  |  | $ | 2,529 |  |  | $ | 913 |
As of June 30, 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 $105,000 if LIBOR should rise above 3.50%. In addition, the uncapped portion of Term Loan A, which is subject to the variability of LIBOR, is $720,000. 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 4.20%, based on the current margins in effect of 2.00% for Term Loan A and 2.75% for Term Loan B, as of June 30, 2017. The Company’s overall weighted average effective interest rate during the quarter ended June 30, 2017 was 4.69% and as of June 30, 2017 was 4.76%. As of June 30, 2017, the Company’s interest rates are fixed on approximately 53.3% of its total debt. As of June 30, 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.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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