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Long-term debt (Tables) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt was comprised of the following:
|  |  |  |  |  |  | As of June 30, 2020
| June 30, 2020 |  | December 31, 2019 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A(2) | $ | 1,717,188 |  |  | $ | 1,739,063 |  |  | 8/12/2024 |  | LIBOR + 1.50% |  | $ | 1,669,965 |
Term Loan B-1(3) | 2,729,409 |  |  | — |  |  | 8/12/2026 |  | LIBOR + 1.75% |  | $ | 2,657,762 |
Term Loan B(3) | — |  |  | 2,743,125 |  |  | 8/12/2026 |  |  |  |
Revolving line of credit(2) | — |  |  | — |  |  | 8/12/2024 |  | LIBOR + 1.50% |  | $ | — |
Senior Notes: |  |  |  |  |  |  |  |  |
4 ⅝% Senior Notes | 1,750,000 |  |  | — |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 1,744,400 |
5 ⅛% Senior Notes(4) | 1,750,000 |  |  | 1,750,000 |  |  | 7/15/2024 |  | 5.125 | % |  | $ | 1,781,500 |
5% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 5/1/2025 |  | 5.00 | % |  | $ | 1,537,500 |
Acquisition obligations and other notes payable(5) | 163,207 |  |  | 180,352 |  |  | 2020-2036 |  | 4.93 | % |  | $ | 163,207 |
Financing lease obligations(6) | 276,510 |  |  | 268,534 |  |  | 2020-2038 |  | 5.25 | % |  |
Total debt principal outstanding | 9,886,314 |  |  | 8,181,074 |  |  |  |  |  |  |
Discount and deferred financing costs | (85,080 | ) |  | (72,840 | ) |  |  |  |  |  |
| 9,801,234 |  |  | 8,108,234 |  |  |  |  |  |  |
Less current portion | (1,906,560 | ) |  | (130,708 | ) |  |  |  |  |  |
| $ | 7,894,674 |  |  | $ | 7,977,526 |  |  |  |  |  |  |
(1) | For the Company's senior secured credit facilities and senior notes, fair value estimates are based upon bid and ask quotes, typically a level 2 input. For the acquisition obligations and other notes payable, the carrying values presented here approximate their estimated fair values, based on estimates of their present values using level 2 interest rate inputs.
(2) | The Company's interest rate on its Term Loan A and revolving line of credit is subject to adjustment depending upon the Company's leverage ratio under the credit agreement governing its senior secured credit facilities. Based on the Company's leverage ratio as of June 30, 2020, the Company’s interest rate effective in the third quarter of 2020 will be LIBOR plus 1.75% for its Term Loan A and revolving line of credit.
(3) | On February 13, 2020, the Company entered into an amendment to the credit agreement governing its senior secured credit facilities to refinance the senior secured Term Loan B with a $2,743,125 senior secured Term Loan B-1.
(4) | As described below, the Company redeemed in full all $1,750,000 in aggregate principal amount of its 5 ⅛% Senior Notes on July 15, 2020. These senior notes have therefore been classified in the current portion of long-term debt on the Company's balance sheet as of June 30, 2020.
(5) | The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current interest rates in effect and assuming no changes to the LIBOR based interest rates.
(6) Financing lease obligations are measured at their approximate present values at inception. The interest rate presented is the weighted average discount rate embedded in financing leases outstanding.
Scheduled Maturities of Long-term Debt | Scheduled maturities of long-term debt at June 30, 2020 were as follows:
2020 (remainder of the year) | $ | 1,832,231 |
2021 | $ | 150,069 |
2022 | $ | 171,395 |
2023 | $ | 229,132 |
2024 | $ | 1,421,882 |
2025 | $ | 1,562,704 |
Thereafter | $ | 4,518,901 |
Schedule of Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of June 30, 2020 and December 31, 2019, which are classified in "Other long-term assets" on its consolidated balance sheet:
|  |  |  |  |  |  |  |  | Six months ended June 30, 2020 |  | Fair value
| Notional amount |  | LIBOR maximum rate |  | Effective date |  | Expiration date |  | Debt expense |  | Recorded OCI loss |  | June 30, 2020 |  | December 31, 2019
2019 cap agreements | $ | 3,500,000 |  |  | 2.00% |  | 6/30/2020 |  | 6/30/2024 |  | $ | — |  |  | $ | 19,777 |  |  | $ | 4,675 |  |  | $ | 24,452 |
2015 cap agreements | $ | 3,500,000 |  |  | 3.50% |  | 6/29/2018 |  | 6/30/2020 |  | $ | 4,326 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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, 2020 and 2019:
|  | Amount of unrealized losses in OCI on interest rate cap agreements |  | Income statement location |  | Reclassification from accumulated other comprehensive loss 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 |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Interest rate cap agreements |  | $ | (2,431 | ) |  | $ | (42 | ) |  | $ | (19,777 | ) |  | $ | (823 | ) |  | Debt expense |  | $ | 2,163 |  |  | $ | 2,163 |  |  | $ | 4,326 |  |  | $ | 4,326 |
Related income tax |  | 607 |  |  | 11 |  |  | 4,935 |  |  | 212 |  |  | Related income tax |  | (540 | ) |  | (557 | ) |  | (1,080 | ) |  | (1,114 | )
Total |  | $ | (1,824 | ) |  | $ | (31 | ) |  | $ | (14,842 | ) |  | $ | (611 | ) |  |  |  | $ | 1,623 |  |  | $ | 1,606 |  |  | $ | 3,246 |  |  | $ | 3,212 |

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