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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
 20232022Maturity dateInterest 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-12,603,786 2,660,831 8/12/2026SOFR+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 Notes2,750,000 2,750,000 6/1/20304.625 %$2,416,563 
3.75% Senior Notes1,500,000 1,500,000 2/15/20313.75 %$1,235,625 
Acquisition obligations and other notes payable(4)
102,328 120,562 2024-20366.69 %$102,328 
Financing lease obligations(5)
255,491 273,688 2024-20384.58 %
Total debt principal outstanding8,445,980 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 executedNotional amountSOFR maximum rateApproximate effective date
2024(1)
20252026
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 agreementsLocation in Consolidated Statements of IncomeReclassification from accumulated other comprehensive income into net income
 Year ended December 31,Year ended December 31,
Derivatives designated as cash flow hedges202320222021202320222021
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 tax25,840 2,926 (1,376)
Total$6,895 $108,669 $7,155  $(77,727)$(8,806)$4,133