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Long-term debt (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt comprised the following:
|  |  |  |  |  |  | As of September 30, 2023
| September 30, 2023 |  | December 31, 2022 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A-1(2) | $ | 1,242,188 |  |  |  |  | (3) |  | SOFR+CSA+2.00% |  | $ | 1,220,449 |
Term Loan B-1 | 2,610,643 |  |  | $ | 2,660,831 |  |  | 8/12/2026 |  | SOFR+CSA+1.75% |  | $ | 2,578,010 |
New Revolving line of credit(2) | — |  |  |  |  | (3) |  | SOFR+CSA+2.00% |  | $ | — |
Prior Term Loan A | — |  |  | 1,498,438 |  |  | 8/12/2024 |  | (4) |  | $ | — |
Prior Revolving line of credit | — |  |  | 165,000 |  |  | 8/12/2024 |  | (4) |  | $ | — |
Senior Notes: |  |  |  |  |  |  |  |  |
4.625% Senior Notes | 2,750,000 |  |  | 2,750,000 |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 2,258,438 |
3.75% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 2/15/2031 |  | 3.75 | % |  | $ | 1,143,750 |
Acquisition obligations and other notes payable(5) | 97,657 |  |  | 120,562 |  |  | 2023-2036 |  | 6.89 | % |  | $ | 97,657 |
Financing lease obligations(6) | 250,695 |  |  | 273,688 |  |  | 2024-2039 |  | 4.48 | % |  |
Total debt principal outstanding | 8,451,183 |  |  | 8,968,519 |  |  |  |  |  |  |
Discount, premium and deferred financing costs(7) | (57,479) |  |  | (44,498) |  |  |  |  |  |  |
| 8,393,704 |  |  | 8,924,021 |  |  |  |  |  |  |
Less current portion | (108,558) |  |  | (231,404) |  |  |  |  |  |  |
| $ | 8,285,146 |  |  | $ | 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)The Company's interest rate in its Term Loan A-1 and new revolving line of credit is subject to adjustment depending upon the Company's leverage ratio under the credit agreement governing its senior secured credit facilities. Based on the Company's leverage ratio as of September 30, 2023, the Company's interest rate effective in the fourth quarter of 2023 will be SOFR plus CSA plus 1.75% for its Term Loan A-1 and new revolving line of credit. (3)Outstanding Term Loan A-1 and 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). (4)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. (5)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 September 30, 2023. (6)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. (7)As of September 30, 2023, the carrying amount of the Company's senior secured credit facilities have been reduced by a discount of $2,724 and deferred financing costs of $34,688, and the carrying amount of the Company's senior notes have been reduced by deferred financing costs of $32,668 and increased by a debt premium of $12,601. 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 September 30, 2023 were as follows:
2023 (remainder of the year) | $ | 29,877 |
2024 | $ | 110,271 |
2025 | $ | 129,871 |
2026 | $ | 2,660,604 |
2027 | $ | 113,551 |
2028 | $ | 1,014,649 |
Thereafter | $ | 4,392,360 |
Schedule of Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of September 30, 2023 and December 31, 2022, which are classified in other long-term assets on its consolidated balance sheet:
|  |  |  |  |  |  |  |  | Nine months ended September 30, 2023 |  | Fair value
| Notional amount |  | SOFR rate maximum |  | Effective date |  | Expiration date |  | Debt expense (offset) |  | Recorded OCI gain |  | September 30, 2023 |  | December 31, 2022
2019 cap agreements | $ | 3,500,000 |  |  | 2.00% |  | 6/30/2020 |  | 6/30/2024 |  | $ | (74,475) |  |  | $ | 28,901 |  |  | $ | 90,048 |  |  | $ | 139,755 |
2023 cap agreements | $ | 200,000 |  |  | 3.75% |  | 6/28/2024 |  | 12/31/2025 |  |  |  | $ | 1,047 |  |  | $ | 2,238 |  |  |
2023 cap agreements | $ | 1,000,000 |  |  | 4.00%(1) |  | 6/28/2024 |  | 12/31/2025 |  |  |  | $ | 3,142 |  |  | $ | 12,379 |  |  |
2023 cap agreements | $ | 1,000,000 |  |  | 4.75%(2) |  | 6/28/2024 |  | 12/31/2025 |  |  |  | $ | 751 |  |  | $ | 9,056 |  |  |
2023 cap agreements | $ | 800,000 |  |  | 3.75% |  | 6/30/2024 |  | 12/31/2025 |  |  |  | $ | 3,871 |  |  | $ | 8,836 |  |  |
(1)Effective January 1, 2025, the maximum rate of 4.00% decreases to 3.75% for these interest rate caps. (2)Effective January 1, 2025, the maximum rate of 4.75% decreases to 4.00% for these interest rate caps.

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