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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt Long-term debt was comprised of the following:
| December 31, |  |  |  | As of December 31, 2022
| 2022 |  | 2021 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A | $ | 1,498,438 |  |  | $ | 1,596,875 |  |  | 8/12/2024 |  | LIBOR + 1.75% |  | $ | 1,468,469 |
Term Loan B-1 | 2,660,831 |  |  | 2,688,263 |  |  | 8/12/2026 |  | LIBOR + 1.75% |  | $ | 2,587,658 |
Revolving line of credit | 165,000 |  |  | — |  |  | 8/12/2024 |  | LIBOR + 1.75% |  | $ | 165,000 |
Senior Notes: |  |  |  |  |  |  |  |  |
4.625% Senior Notes | 2,750,000 |  |  | 2,750,000 |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 2,224,063 |
3.75% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 2/15/2031 |  | 3.75 | % |  | $ | 1,115,625 |
Acquisition obligations and other notes payable(2) | 120,562 |  |  | 130,599 |  |  | 2023-2036 |  | 6.56 | % |  | $ | 120,562 |
Financing lease obligations(3) | 273,688 |  |  | 299,128 |  |  | 2023-2038 |  | 4.51 | % |  |
Total debt principal outstanding | 8,968,519 |  |  | 8,964,865 |  |  |  |  |  |  |
Discount and deferred financing costs(4) | (44,498) |  |  | (56,685) |  |  |  |  |  |  |
| 8,924,021 |  |  | 8,908,180 |  |  |  |  |  |  |
Less current portion | (231,404) |  |  | (179,030) |  |  |  |  |  |  |
| $ | 8,692,617 |  |  | $ | 8,729,150 |  |  |  |  |  |  |
(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 here 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 December 31, 2022. (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. (4)As of December 31, 2022, the carrying amount of the Company's senior secured credit facilities have been reduced by a discount of $3,497 and deferred financing costs of $18,816 and the carrying amount of the Company's senior notes have been reduced by deferred financing costs of $36,203 and increased by a debt premium of $14,018. As of December 31, 2021, the carrying amount of the Company's senior secured credit facilities was reduced by a discount of $4,473 and deferred financing costs of $27,207, and the carrying amount of the Company's senior notes was reduced by deferred financing costs of $40,914 and increased by a debt premium of $15,909.
Scheduled Maturities of Long-term Debt | Scheduled maturities of long-term debt at December 31, 2022 were as follows:
2023 | $ | 231,404 |
2024 | $ | 1,587,867 |
2025 | $ | 67,112 |
2026 | $ | 2,627,310 |
2027 | $ | 35,176 |
Thereafter | $ | 4,419,650 |
Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of December 31, 2022 and December 31, 2021, which are classified in other long-term assets on its consolidated balance sheet:
|  |  |  |  |  |  |  |  | Year ended |  | December 31,
|  |  | LIBOR maximum rate |  |  |  |  |  | December 31, 2022 |  | 2022 |  | 2021
| Notional amount |  |  | Effective date |  | Expiration date |  | Debt expense |  | Recorded OCI gain |  | Fair value
2019 interest rate cap agreements | $ | 3,500,000 |  |  | 2.00% |  | 6/30/2020 |  | 6/30/2024 |  | $ | (11,732) |  |  | $ | 144,793 |  |  | $ | 139,755 |  |  | $ | 12,203 |
Effects of Interest Rate Swap and Cap Agreements | The following table summarizes the effects of the Company’s interest rate cap agreements for the years ended December 31, 2022, 2021 and 2020:
|  | Amount of unrealized gains (losses) in OCI on interest rate cap agreements |  | Location of losses |  | Reclassification from accumulated other comprehensive income into net income
|  | Year ended December 31, |  |  | Year ended December 31,
Derivatives designated as cash flow hedges |  | 2022 |  | 2021 |  | 2020 |  |  | 2022 |  | 2021 |  | 2020
Interest rate cap agreements |  | $ | 144,793 |  |  | $ | 9,532 |  |  | $ | (21,781) |  |  | Debt expense |  | $ | (11,732) |  |  | $ | 5,509 |  |  | $ | 7,081 |
Related income tax |  | (36,124) |  |  | (2,377) |  |  | 5,435 |  |  | Related income tax |  | 2,926 |  |  | (1,376) |  |  | (1,768) |
Total |  | $ | 108,669 |  |  | $ | 7,155 |  |  | $ | (16,346) |  |  |  |  | $ | (8,806) |  |  | $ | 4,133 |  |  | $ | 5,313 |

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