XML 48 R35.htm IDEA: XBRL DOCUMENT
v3.20.2

Long-term debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt was comprised of the following:
|  |  |  |  |  |  | As of September 30, 2020
| September 30, 2020 |  | December 31, 2019 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A(2) | $ | 1,706,250 |  |  | $ | 1,739,063 |  |  | 8/12/2024 |  | LIBOR + 1.75% |  | $ | 1,689,188 |
Term Loan B-1(3) | 2,722,552 |  |  | — |  |  | 8/12/2026 |  | LIBOR + 1.75% |  | $ | 2,681,713 |
Term Loan B(3) | — |  |  | 2,743,125 |  |  | 8/12/2026 |  |  |  |
Revolving line of credit(2) | — |  |  | — |  |  | 8/12/2024 |  | LIBOR + 1.75% |  |
Senior Notes: |  |  |  |  |  |  |  |  |
4 ⅝% Senior Notes | 1,750,000 |  |  | — |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 1,799,018 |
3 ¾% Senior Notes | 1,500,000 |  |  | — |  |  | 2/15/2031 |  | 3.750 | % |  | $ | 1,445,625 |
5 ⅛% Senior Notes | — |  |  | 1,750,000 |  |  | 7/15/2024 |  |  |  |
5% Senior Notes | — |  |  | 1,500,000 |  |  | 5/1/2025 |  |  |  |
Acquisition obligations and other notes payable(4) | 157,864 |  |  | 180,352 |  |  | 2020-2036 |  | 5.01 | % |  | $ | 157,864 |
Financing lease obligations(5) | 274,611 |  |  | 268,534 |  |  | 2021-2038 |  | 5.16 | % |  |
Total debt principal outstanding | 8,111,277 |  |  | 8,181,074 |  |  |  |  |  |  |
Discount and deferred financing costs | (80,945 | ) |  | (72,840 | ) |  |  |  |  |  |
| 8,030,332 |  |  | 8,108,234 |  |  |  |  |  |  |
Less current portion | (163,787 | ) |  | (130,708 | ) |  |  |  |  |  |
| $ | 7,866,545 |  |  | $ | 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 September 30, 2020, the Company’s interest rate will be adjusted in the fourth quarter of 2020 to be LIBOR plus 1.50% 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) | 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.
(5) 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. The term of one ground lease runs to 2070, in addition to the other lease maturity dates presented in the table above.
Scheduled Maturities of Long-term Debt | Scheduled maturities of long-term debt at September 30, 2020 were as follows:
2020 (remainder of the year) | $ | 52,092 |
2021 | $ | 148,821 |
2022 | $ | 170,566 |
2023 | $ | 228,303 |
2024 | $ | 1,421,461 |
2025 | $ | 63,571 |
Thereafter | $ | 6,026,463 |
Schedule of Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of September 30, 2020 and December 31, 2019, which are classified in "Other long-term assets" on its consolidated balance sheet:
|  |  |  |  |  |  |  |  | Nine months ended September 30, 2020 |  | Fair value
| Notional amount |  | LIBOR maximum rate |  | Effective date |  | Expiration date |  | Debt expense |  | Recorded OCI loss |  | September 30, 2020 |  | December 31, 2019
2019 cap agreements | $ | 3,500,000 |  |  | 2.00% |  | 6/30/2020 |  | 6/30/2024 |  | $ | 1,378 |  |  | $ | 21,946 |  |  | $ | 2,506 |  |  | $ | 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 nine months ended September 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 September 30, |  | Nine months ended September 30, |  |  | Three months ended September 30, |  | Nine months ended September 30,
Derivatives designated as cash flow hedges |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Interest rate cap agreements |  | $ | (2,169 | ) |  | $ | (1,420 | ) |  | $ | (21,946 | ) |  | $ | (2,244 | ) |  | Debt expense |  | $ | 1,378 |  |  | $ | 2,101 |  |  | $ | 5,704 |  |  | $ | 6,428 |
Related income tax |  | 541 |  |  | 360 |  |  | 5,476 |  |  | 572 |  |  | Related income tax |  | (344 | ) |  | (532 | ) |  | (1,424 | ) |  | (1,646 | )
Total |  | $ | (1,628 | ) |  | $ | (1,060 | ) |  | $ | (16,470 | ) |  | $ | (1,672 | ) |  |  |  | $ | 1,034 |  |  | $ | 1,569 |  |  | $ | 4,280 |  |  | $ | 4,782 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration