Long-term debt

Long-term debt was comprised of the following:



	September 30, 2017			December 31, 2016
Senior secured credit facilities:
Term Loan A	$	800,000		$	862,500
Term Loan B	3,386,250			3,412,500
Senior notes	4,500,000			4,500,000
Acquisition obligations and other notes payable	149,734			117,547
Capital lease obligations	330,446			299,682
Total debt principal outstanding	9,166,430			9,192,229
Discount and deferred financing costs	(67,905		)	(79,861		)
	9,098,525			9,112,368
Less current portion	(189,822		)	(165,041		)
	$	8,908,703		$	8,947,327

Scheduled maturities of long-term debt at September 30, 2017 were as follows:



2017 (remainder of the year)	59,481
2018	171,825
2019	747,908
2020	72,346
2021	3,305,940
2022	1,282,115
Thereafter	3,526,815

During the first nine months of 2017, the Company made mandatory principal payments under its senior secured credit facilities totaling $62,500 on Term Loan A and $26,250 on Term Loan B.

As of September 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 September 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 September 30, 2017, these cap agreements had an immaterial fair value. During the nine months ended September 30, 2017, the Company recognized debt expense of $6,208 from these caps. During the nine months ended September 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 September 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 September 30, 2017, the total fair value of these cap agreements was an asset of approximately $962. During the nine months ended September 30, 2017, the Company recorded a loss of $8,852 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 September 30, 2017 and December 31, 2016:

September 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

962

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 nine months ended September 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 September 30,						Nine months ended September 30,							Three months ended September 30,						Nine months ended September 30,
Derivatives designated as cash flow hedges	2017			2016			2017			2016				2017			2016			2017			2016
Interest rate swap agreements	$	—		$	45		$	—		$	(815	)	Debt expense	$	—		$	25		$	—		$	299
Interest rate cap agreements	(782		)	(300		)	(8,967		)	(12,674		)	Debt expense	2,070			609			6,208			1,829
Tax benefit	304			102			3,488			5,251			Tax expense	(805		)	(246		)	(2,415		)	(827		)
Total	$	(478	)	$	(153	)	$	(5,479	)	$	(8,238	)		$	1,265		$	388		$	3,793		$	1,301

As of September 30, 2017, 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 $113,750 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 $686,250. 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 the end of the quarter was 4.22%, based on the current margins in effect of 2.00% for Term Loan A and 2.75% for Term Loan B, as of September 30, 2017.

The Company’s overall weighted average effective interest rate during the quarter ended September 30, 2017 was 4.77% and as of September 30, 2017 was 4.78%.

As of September 30, 2017, the Company’s interest rates are fixed on approximately 53.67% of its total debt.

As of September 30, 2017, the Company had undrawn revolving credit facilities totaling $1,000,000, of which approximately $94,568 was committed for outstanding letters of credit. The remaining amount is unencumbered. In addition, the Company has approximately $211 of committed letters of credit outstanding related to DMG, which is backed by a certificate of deposit.