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Long-term debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt comprised the following:
|  |  |  |  |  |  | As of March 31, 2024
| March 31, 2024 |  | December 31, 2023 |  | Maturity date |  | Interest rate |  | Estimated fair value(1)
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A-1 | $ | 1,226,563 |  |  | $ | 1,234,375 |  |  | (2) |  | SOFR+CSA+1.75%(3) |  | $ | 1,214,297 |
Term Loan B-1 | 2,596,928 |  |  | 2,603,786 |  |  | 8/12/2026 |  | SOFR+CSA+1.75%(3) |  | $ | 2,596,928 |
Revolving line of credit | 765,000 |  |  | — |  |  | (2) |  | SOFR+CSA+1.75%(3) |  | $ | 765,000 |
Senior Notes: |  |  |  |  |  |  |  |  |
4.625% Senior Notes | 2,750,000 |  |  | 2,750,000 |  |  | 6/1/2030 |  | 4.625 | % |  | $ | 2,464,688 |
3.75% Senior Notes | 1,500,000 |  |  | 1,500,000 |  |  | 2/15/2031 |  | 3.75 | % |  | $ | 1,256,250 |
Acquisition obligations and other notes payable(4) | 94,758 |  |  | 102,328 |  |  | 2024-2036 |  | 6.65 | % |  | $ | 94,758 |
Financing lease obligations(5) | 246,227 |  |  | 255,491 |  |  | 2024-2038 |  | 4.59 | % |  |
Total debt principal outstanding | 9,179,476 |  |  | 8,445,980 |  |  |  |  |  |  |
Discount, premium and deferred financing costs(6) | (51,266) |  |  | (54,347) |  |  |  |  |  |  |
| 9,128,210 |  |  | 8,391,633 |  |  |  |  |  |  |
Less current portion | (127,616) |  |  | (123,299) |  |  |  |  |  |  |
| $ | 9,000,594 |  |  | $ | 8,268,334 |  |  |  |  |  |  |
(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 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 Revolving line of credit balances become due at that 91 day date (May 13, 2026). (3)The Company's senior secured credit facilities bear interest at Term SOFR, plus a CSA and an interest rate margin, as detailed in the table above. The Term Loan A-1 and revolving line of credit bear a CSA of 0.10%. As of March 31, 2024, the CSA for all tranches outstanding on the Company's Term Loan B-1 was 0.11%. (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 March 31, 2024. (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 March 31, 2024, the carrying amount of the Company's senior secured credit facilities has been reduced by a discount of $2,251 and deferred financing costs of $30,358, and the carrying amount of the Company's senior notes has been reduced by deferred financing costs of $30,313 and increased by a debt premium of $11,656. As of December 31, 2023, the carrying amount of the Company's senior secured credit facilities was reduced by a discount of $2,487 and deferred financing costs of $32,498, and the carrying amount of the Company's senior notes was reduced by deferred financing costs of $31,491 and increased by a debt premium of $12,129.
Schedule of Derivative Instruments | The following table summarizes the Company’s interest rate cap agreements outstanding as of March 31, 2024:
Year cap agreements executed | Notional amount |  | SOFR maximum rate |  | Approximate effective date |  | Notional reduction or contractual maturity date At December 31 unless noted
|  |  | 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.

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