XML 63 R47.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Long-Term Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt Long-term debt comprised the following:
| December 31, |  |  |  | As of December 31, 2023
| 2023 |  | 2022 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A-1 | $ | 1,234,375 |  |  | $ |  | (2) |  | SOFR+CSA+1.75% |  | $ | 1,209,688 |
Term Loan B-1 | 2,603,786 |  |  | 2,660,831 |  |  | 8/12/2026 |  | SOFR+CSA+1.75% |  | $ | 2,600,531 |
New Revolving line of credit | — |  |  |  |  | (2) |  | SOFR+CSA+1.75% |  | $ | — |
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 Notes | 2,750,000 |  |  | 2,750,000 |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 2,416,563 |
3.75% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 2/15/2031 |  | 3.75 | % |  | $ | 1,235,625 |
Acquisition obligations and other notes payable(4) | 102,328 |  |  | 120,562 |  |  | 2024-2036 |  | 6.69 | % |  | $ | 102,328 |
Financing lease obligations(5) | 255,491 |  |  | 273,688 |  |  | 2024-2038 |  | 4.58 | % |  |
Total debt principal outstanding | 8,445,980 |  |  | 8,968,519 |  |  |  |  |  |  |
Discount, premium and deferred financing costs(6) | (54,347) |  |  | (44,498) |  |  |  |  |  |  |
| 8,391,633 |  |  | 8,924,021 |  |  |  |  |  |  |
Less current portion | (123,299) |  |  | (231,404) |  |  |  |  |  |  |
| $ | 8,268,334 |  |  | $ | 8,692,617 |  |  |  |  |  |  |
(1)For the Company's senior secured credit facilities, fair value estimates are based upon bid and ask quotes, a level 2 input. For our senior notes, fair value estimates are based on market level 1 inputs. For acquisition obligations and other notes payable, the carrying values presented here approximate their estimated fair values, based on estimates of their present values typically 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 December 31, 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 December 31, 2023, the carrying amount of the Company's senior secured credit facilities have been reduced by a discount of $2,487 and deferred financing costs of $32,498 and the carrying amount of the Company's senior notes have been reduced by deferred financing costs of $31,491 and increased by a debt premium of $12,129. As of December 31, 2022, the carrying amount of the Company's senior secured credit facilities was reduced by a discount of $3,497 and deferred financing costs of $18,816, and the carrying amounts 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 December 31, 2023 were as follows:
2024 | $ | 123,299 |
2025 | $ | 132,878 |
2026 | $ | 2,663,669 |
2027 | $ | 116,712 |
2028 | $ | 1,017,856 |
Thereafter | $ | 4,391,566 |
Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of December 31, 2023:
|  |  |  |  |  |  |  | Notional reduction or contractual maturity date At December 31 unless noted
Year cap agreements executed |  | Notional amount |  | SOFR maximum rate |  | Approximate effective date |
|  |  |  | 2024(1) |  | 2025 |  | 2026
2019 |  | $ | 3,500,000 |  |  | 2.00% |  | 6/30/2020 |  | $ | 3,500,000 |  |  |  |  |
2023 |  | $ | 1,000,000 |  |  | 3.75% |  | 6/30/2024 |  | $ | 500,000 |  |  | $ | 500,000 |  |  |
2023 |  | $ | 1,000,000 |  |  | 4.00%(2) |  | 6/30/2024 |  | $ | 250,000 |  |  | $ | 750,000 |  |  |
2023 |  | $ | 1,000,000 |  |  | 4.75%(3) |  | 6/30/2024 |  | $ | 250,000 |  |  | $ | 750,000 |  |  |
2023 |  | $ | 500,000 |  |  | 5.00%(4) |  | 6/30/2024 |  |  |  |  |  | $ | 500,000 |
2023 |  | $ | 250,000 |  |  | 4.50% |  | 12/31/2024 |  |  |  | $ | 250,000 |  |  |
2023 |  | $ | 750,000 |  |  | 4.00% |  | 12/31/2024 |  |  |  | $ | 250,000 |  |  | $ | 500,000 |
(1)The Company's 2019 cap agreements mature on June 30, 2024. (2)Effective January 1, 2025, the maximum rate of 4.00% decreases to 3.75% for these interest rate caps. (3)Effective January 1, 2025, the maximum rate of 4.75% decreases to 4.00% for these interest rate caps. (4)Effective January 1, 2025, the maximum rate of 5.00% decreases to 4.50% for these interest rate caps.
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, 2023, 2022 and 2021:
|  | Amount of unrealized gains (losses) in OCI on interest rate cap agreements |  | Location in Consolidated Statements of Income |  | Reclassification from accumulated other comprehensive income into net income
|  | Year ended December 31, |  |  | Year ended December 31,
Derivatives designated as cash flow hedges |  | 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021
Interest rate cap agreements |  | $ | 9,186 |  |  | $ | 144,793 |  |  | $ | 9,532 |  |  | Debt expense |  | $ | (103,567) |  |  | $ | (11,732) |  |  | $ | 5,509 |
Related income tax |  | (2,291) |  |  | (36,124) |  |  | (2,377) |  |  | Related income tax |  | 25,840 |  |  | 2,926 |  |  | (1,376) |
Total |  | $ | 6,895 |  |  | $ | 108,669 |  |  | $ | 7,155 |  |  |  |  | $ | (77,727) |  |  | $ | (8,806) |  |  | $ | 4,133 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration