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Long-term debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt was comprised of the following:
|  |  |  |  |  |  | As of March 31, 2023
| March 31, 2023 |  | December 31, 2022 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities(2): |  |  |  |  |  |  |  |  |
Term Loan A | $ | 1,444,427 |  |  | $ | 1,498,438 |  |  | 8/12/2024 |  | LIBOR+1.75% |  | $ | 1,433,594 |
Term Loan B-1 | 2,624,359 |  |  | 2,660,831 |  |  | 8/12/2026 |  | LIBOR+1.75% |  | $ | 2,584,994 |
Revolving line of credit | — |  |  | 165,000 |  |  | 8/12/2024 |  | LIBOR+1.75% |  | $ | — |
Senior Notes: |  |  |  |  |  |  |  |  |
4.625% Senior Notes | 2,750,000 |  |  | 2,750,000 |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 2,344,375 |
3.75% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 2/15/2031 |  | 3.75 | % |  | $ | 1,183,125 |
Acquisition obligations and other notes payable(3) | 117,856 |  |  | 120,562 |  |  | 2023-2036 |  | 6.82 | % |  | $ | 117,856 |
Financing lease obligations(4) | 264,612 |  |  | 273,688 |  |  | 2024-2039 |  | 4.53 | % |  |
Total debt principal outstanding | 8,701,254 |  |  | 8,968,519 |  |  |  |  |  |  |
Discount, premium and deferred financing costs(5) | (41,529) |  |  | (44,498) |  |  |  |  |  |  |
| 8,659,725 |  |  | 8,924,021 |  |  |  |  |  |  |
Less current portion | (242,193) |  |  | (231,404) |  |  |  |  |  |  |
| $ | 8,417,532 |  |  | $ | 8,692,617 |  |  |  |  |  |  |
(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)Term Loan A, Term Loan B-1 and the revolving line of credit have each been amended subsequent to March 31, 2023. See Note 14 for more information on these amendments. (3)The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current fixed and variable interest rate components in effect as of March 31, 2023. (4)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. (5)As of March 31, 2023, the carrying amount of the Company's senior secured credit facilities have been reduced by a discount of $3,254 and deferred financing costs of $16,797, and the carrying amount of the Company's senior notes have been reduced by deferred financing costs of $35,024 and increased by a debt premium of $13,546. As of December 31, 2022, the carrying amount of the Company's senior secured credit facilities were reduced by a discount of $3,497 and deferred financing costs of $18,816, and the carrying amount of the Company's senior notes were reduced by deferred financing costs of $36,203 and increased by a debt premium of $14,018.
Schedule of Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of March 31, 2023 and December 31, 2022, which are classified in other long-term assets on its consolidated balance sheet:
|  |  |  |  |  |  |  |  | Three months ended March 31, 2023 |  | Fair value
| Notional amount |  | LIBOR maximum rate |  | Effective date |  | Expiration date |  | Debt expense (offset) |  | Recorded OCI loss |  | March 31, 2023 |  | December 31, 2022
2019 cap agreements | $ | 3,500,000 |  |  | 2.00% |  | 6/30/2020 |  | 6/30/2024 |  | $ | (20,975) |  |  | $ | 4,716 |  |  | $ | 112,687 |  |  | $ | 139,755 |

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