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Long-term debt (Tables) | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt was comprised of the following:
|  |  |  |  |  |  | As of June 30, 2019
| June 30, 2019 |  | December 31, 2018 |  | Maturity date |  | Interest rate |  | Estimated fair value (2)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A(1) | $ | 64,383 |  |  | $ | 675,000 |  |  | 12/24/2019 |  | 2.00% + LIBOR |  | $ | 64,300 |
Term Loan A-2(1) | 102,498 |  |  | 995,000 |  |  | 12/24/2019 |  | 1.00% + LIBOR |  | $ | 103,011 |
Term Loan B | 3,325,000 |  |  | 3,342,500 |  |  | 6/24/2021 |  | 2.75% + LIBOR(3) |  | $ | 3,333,313 |
Revolving line of credit(1) | 550,000 |  |  | 175,000 |  |  | 12/24/2019 |  | 2.00% + LIBOR |  | $ | 550,000 |
Senior Notes: |  |  |  |  |  |  |  |  |
5 3/4% Senior Notes | 1,250,000 |  |  | 1,250,000 |  |  | 8/15/2022 |  | 5.75% |  | $ | 1,264,000 |
5 1/8% Senior Notes | 1,750,000 |  |  | 1,750,000 |  |  | 7/15/2024 |  | 5.125% |  | $ | 1,748,250 |
5% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 5/1/2025 |  | 5.00% |  | $ | 1,479,000 |
Acquisition obligations and other notes payable(4) | 184,170 |  |  | 183,979 |  |  | 2019-2027 |  | 5.70% |  | $ | 184,170 |
Financing lease obligations(5) | 277,580 |  |  | 282,737 |  |  | 2019-2036 |  | 5.43% |  | $ | 277,580 |
Total debt principal outstanding | 9,003,631 |  |  | 10,154,216 |  |  |  |  |  |  |
Discount and deferred financing costs(6) | (34,502 | ) |  | (52,000 | ) |  |  |  |  |  |
| 8,969,129 |  |  | 10,102,216 |  |  |  |  |  |  |
Less current portion | (3,591,331 | ) |  | (1,929,369 | ) |  |  |  |  |  |
| $ | 5,377,798 |  |  | $ | 8,172,847 |  |  |  |  |  |  |
(1) | On May 6, 2019, the Company entered into an agreement to extend the maturity dates of its Term Loan A, Term Loan A-2 and revolving line of credit under its senior secured credit facilities by six months, to December 24, 2019.
(2) | Fair values are based upon quoted market prices for similar instruments, a level 2 input. The balances of acquisition obligations and other notes payable and financing lease obligations are presented in the condensed consolidated financial statements at June 30, 2019 at their approximate fair values due to the short-term nature of their settlements.
(3) | Term Loan B is subject to a LIBOR component floor of 0.75%.
(4) | The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current interest rate in effect and assuming no changes to the LIBOR based interest rates.
(5) | The interest rate presented for financing lease obligations is their weighted average discount rate.
(6) The carrying amount of the Company’s senior secured credit facilities includes a discount of $696 and deferred financing costs of $3,744, and the carrying amount of the Company’s senior notes includes deferred financing costs of $30,062 as of June 30, 2019. The carrying amount of the Company’s senior secured credit facilities included a discount of $6,104 and deferred financing costs of $12,580, and the carrying amount of the Company’s senior notes included deferred financing costs of $33,316 as of December 31, 2018.
Scheduled Maturities of Long-term Debt | Scheduled maturities of long-term debt at June 30, 2019 were as follows:
2019 (remainder of the year)(1) | 3,564,562 |
2020 | 53,182 |
2021 | 533,377 |
2022 | 1,292,979 |
2023 | 54,372 |
2024 | 1,785,765 |
Thereafter | 1,719,394 |
(1) Includes $2,990,328 of senior secured credit facility debt paid after June 30, 2019 from proceeds of the DMG sale, as described below.
Schedule of Derivative Instruments | The following table summarizes the Company’s derivative instruments outstanding as of June 30, 2019 and December 31, 2018, which are classified in "Other long-term assets" on its consolidated balance sheet:
|  |  |  |  |  |  |  |  | Six months ended June 30, 2019 |  | Fair value
| Notional amount |  | LIBOR maximum rate |  | Effective date |  | Expiration date |  | Debt expense |  | Recorded OCI loss |  | June 30, 2019 |  | December 31, 2018
October 2015 caps | $ | 3,500,000 |  |  | 3.5% |  | 6/29/2018 |  | 6/30/2020 |  | $ | 4,326 |  |  | $ | 823 |  |  | $ | 28 |  |  | $ | 851 |
Effects of Interest Rate Swap and Cap Agreements | The following table summarizes the effects of the Company’s interest rate cap agreements for the three and six months ended June 30, 2019 and 2018:
|  | Amount of unrecognized (losses) gains in OCI on interest rate cap agreements |  | Income statement location |  | Reclassification from accumulated other comprehensive income into net 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 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  |  | 2019 |  | 2018 |  | 2019 |  | 2018
Interest rate cap agreements |  | $ | (42 | ) |  | $ | (361 | ) |  | $ | (823 | ) |  | $ | 1,053 |  |  | Debt expense |  | $ | 2,163 |  |  | $ | 2,070 |  |  | $ | 4,326 |  |  | $ | 4,140 |
Related income tax |  | 11 |  |  | 93 |  |  | 212 |  |  | (271 | ) |  | Related income tax |  | (557 | ) |  | (533 | ) |  | (1,114 | ) |  | (1,066 | )
Total |  | $ | (31 | ) |  | $ | (268 | ) |  | $ | (611 | ) |  | $ | 782 |  |  |  |  | $ | 1,606 |  |  | $ | 1,537 |  |  | $ | 3,212 |  |  | $ | 3,074 |

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