XML 65 R47.htm IDEA: XBRL DOCUMENT v3.22.4
Long-Term Debt (Tables)
 12 Months Ended
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
 20222021Maturity dateInterest rate
Estimated fair value(1)
Senior Secured Credit Facilities:  
Term Loan A$1,498,438 $1,596,875 8/12/2024LIBOR + 1.75%$1,468,469 
Term Loan B-12,660,831 2,688,263 8/12/2026LIBOR + 1.75%$2,587,658 
Revolving line of credit165,000 — 8/12/2024LIBOR + 1.75%$165,000 
Senior Notes:
4.625% Senior Notes2,750,000 2,750,000 6/1/20304.625 %$2,224,063 
3.75% Senior Notes1,500,000 1,500,000 2/15/20313.75 %$1,115,625 
Acquisition obligations and other notes
payable(2)
120,562 130,599 2023-20366.56 %$120,562 
Financing lease obligations(3)
273,688 299,128 2023-20384.51 %
Total debt principal outstanding8,968,519 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 endedDecember 31,
LIBOR maximum rateDecember 31, 202220222021
 Notional amountEffective dateExpiration dateDebt expenseRecorded OCI gainFair value
2019 interest rate cap agreements$3,500,000 2.00%6/30/20206/30/2024$(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 agreementsLocation of losses Reclassification from accumulated other comprehensive income into net income
 Year ended December 31,Year ended December 31,
Derivatives designated as cash flow hedges202220212020202220212020
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 tax2,926 (1,376)(1,768)
Total$108,669 $7,155 $(16,346) $(8,806)$4,133 $5,313