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Long-term debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt was comprised of the following:
|  |  |  |  |  |  | As of September 30, 2021
| September 30, 2021 |  | December 31, 2020 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A | $ | 1,618,750 |  |  | $ | 1,684,375 |  |  | 8/12/2024 |  | LIBOR+1.50% |  | $ | 1,618,750 |
Term Loan B-1 | 2,695,120 |  |  | 2,715,694 |  |  | 8/12/2026 |  | LIBOR+1.75% |  | $ | 2,688,383 |
Revolving line of credit | — |  |  | 75,000 |  |  | 8/12/2024 |  | LIBOR+1.50% |  |
Senior Notes: |  |  |  |  |  |  |  |  |
4.625% Senior Notes | 2,750,000 |  |  | 1,750,000 |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 2,825,625 |
3.75% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 2/15/2031 |  | 3.750 | % |  | $ | 1,460,625 |
Acquisition obligations and other notes payable(2) | 133,260 |  |  | 164,160 |  |  | 2021-2036 |  | 4.78 | % |  | $ | 133,260 |
Financing lease obligations(3) | 300,340 |  |  | 274,292 |  |  | 2022-2038 |  | 4.62 | % |  |
Total debt principal outstanding | 8,997,470 |  |  | 8,163,521 |  |  |  |  |  |  |
Discount, premium and deferred financing costs(4) | (59,769) |  |  | (77,717) |  |  |  |  |  |  |
| 8,937,701 |  |  | 8,085,804 |  |  |  |  |  |  |
Less current portion | (166,818) |  |  | (168,541) |  |  |  |  |  |  |
| $ | 8,770,883 |  |  | $ | 7,917,263 |  |  |  |  |  |  |
(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 acquisition obligations and other notes payable, the carrying values presented approximate their estimated fair values, based on estimates of their present values using level 2 interest rate inputs. (2)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and LIBOR interest rate components in effect as of September 30, 2021. (3)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. (4)As of September 30, 2021, the carrying amount of the Company's senior secured credit facilities is reduced by a discount of $4,719 and deferred financing costs of $29,340, and the carrying amount of the Company's senior notes is reduced by deferred financing costs of $42,091 and increased by a debt premium of $16,381. As of December 31, 2020, the carrying amount of the Company's senior secured credit facilities is reduced by a discount of $5,461 and deferred financing costs of $35,825, and the carrying amount of the Company's senior notes is reduced by deferred financing costs of $36,431.
Schedule of Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of September 30, 2021 and December 31, 2020, which are classified in "Other long-term assets" on its consolidated balance sheet:
|  |  |  |  |  |  |  |  | Nine months ended September 30, 2021 |  | Fair value
| Notional amount |  | LIBOR maximum rate |  | Effective date |  | Expiration date |  | Debt expense |  | Recorded OCI gain |  | September 30, 2021 |  | December 31, 2020
2019 cap agreements | $ | 3,500,000 |  |  | 2.00% |  | 6/30/2020 |  | 6/30/2024 |  | $ | 4,132 |  |  | $ | 3,284 |  |  | $ | 5,955 |  |  | $ | 2,671 |

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