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Long-term debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Long-term Debt
Long-term debt was comprised of the following:
As of June 30, 2023
June 30,
2023		December 31, 2022Maturity dateInterest rate
Estimated fair value(1)
Senior Secured Credit Facilities:  
Term Loan A-1$1,250,000 $— 
(2)
SOFR+CSA+2.00%$1,237,500 
Term Loan B-12,617,501 2,660,831 8/12/2026SOFR+CSA+1.75%$2,578,239 
New Revolving line of credit285,000 — 
(2)
SOFR+CSA+2.00%$285,000 
Prior Term Loan A— 1,498,438 8/12/2024
(3)
$— 
Prior Revolving line of credit— 165,000 8/12/2024
(3)
$— 
Senior Notes:
4.625% Senior Notes2,750,000 2,750,000 6/1/20304.625 %$2,358,125 
3.75% Senior Notes1,500,000 1,500,000 2/15/20313.75 %$1,201,875 
Acquisition obligations and other notes payable(4)
99,904 120,562 2023-20366.81 %$99,904 
Financing lease obligations(5)
257,423 273,688 2024-20394.50 %
Total debt principal outstanding8,759,828 8,968,519 
Discount, premium and deferred financing costs(6)
(60,553)(44,498)
 8,699,275 8,924,021 
Less current portion(101,113)(231,404)
 $8,598,162 $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)Outstanding Term Loan A-1 and the new Revolving line of credit balances are due on April 28, 2028, unless any of Term Loan B-1 remains outstanding 91 days prior to the Term Loan B-1 maturity date, in which case the outstanding Term Loan A-1 and the new Revolving line of credit balances become due at that 91 day date (May 13, 2026).
(3)At March 31, 2023, the interest rate on the Company's then-existing credit facilities was LIBOR plus an interest rate margin in effect of 1.75% for the prior Term Loan A and prior revolving line of credit.
(4)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 June 30, 2023.
(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.
(6)As of June 30, 2023, the carrying amount of the Company's senior secured credit facilities have been reduced by a discount of $2,961 and deferred financing costs of $36,819, and the carrying amount of the Company's senior notes have been reduced by deferred financing costs of $33,847 and increased by a debt premium of $13,074. 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.
Scheduled Maturities of Long-term Debt
Scheduled maturities of long-term debt at June 30, 2023 were as follows:
2023 (remainder of the year)$52,244 
2024$115,626 
2025$129,805 
2026$2,660,615 
2027$113,373 
2028$1,298,981 
Thereafter$4,389,184 
Schedule of Derivative Instruments
The following table summarizes the Company’s interest rate cap agreements outstanding as of June 30, 2023 and December 31, 2022, which are classified in other long-term assets on its consolidated balance sheet: 
 Six months ended
June 30, 2023		Fair value
Notional amount
Variable rate maximum(1)
Effective dateExpiration dateDebt expense (offset)Recorded OCI gainJune 30,
2023		December 31, 2022
2019 cap agreements$3,500,000 2.00%6/30/20206/30/2024$(46,232)$24,215 $114,983 $139,755 
2023 cap agreements$200,000 3.75%6/28/202412/31/2025$671 $1,862 
2023 cap agreements$1,000,000 
4.00%(2)
6/28/202412/31/2025$1,119 $10,356 
2023 cap agreements$800,000 3.75%6/30/202412/31/2025$2,388 $7,353 
(1)The Company's cap agreements have the effect of capping SOFR-based variable rate payments made by the Company.
(2)Effective January 1, 2025, the maximum rate of 4.00% decreases to 3.75% for these interest rate caps.