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Long-term debt (Tables)
 6 Months Ended
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