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Long-Term and Other Debt | 6 Months Ended
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Jun. 30, 2016
Debt Disclosure [Abstract] |
Long-Term and Other Debt | Long-Term and Other Debt Outstanding Debt and Capital Leases The following reflects our outstanding debt as of the dates indicated below:
|  | Principal |  | Unamortized debt discount |  | Unamortized deferred financing costs |  | Book value June 30, 2016
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |
Revolver, varying interest rate, due 2018 |  | $ | 80.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 80.0 |
Term Loan, varying interest rate, due 2020 |  | 2,242.5 |  |  | (6.9 | ) |  | (47.0 | ) |  | 2,188.6 |
Term Loan, varying interest rate, due 2021 |  | 1,970.0 |  |  | (15.2 | ) |  | (44.8 | ) |  | 1,910.0 |
2018 Notes |  | 250.0 |  |  | — |  |  | (1.6 | ) |  | 248.4 |
2020 Notes |  | 243.5 |  |  | — |  |  | (2.6 | ) |  | 240.9 |
2021 Notes |  | 340.6 |  |  | (1.6 | ) |  | (5.1 | ) |  | 333.9 |
Secured Notes |  | 950.0 |  |  | — |  |  | (15.1 | ) |  | 934.9 |
Unsecured Notes |  | 2,200.0 |  |  | — |  |  | (39.1 | ) |  | 2,160.9 |
Capital lease obligations, 3.9% interest as of June 30, 2016 payable monthly through 2019 |  | 19.7 |  |  | — |  |  | — |  |  | 19.7 |
Total long-term debt outstanding |  | $ | 8,296.3 |  |  | $ | (23.7 | ) |  | $ | (155.3 | ) |  | $ | 8,117.3 |
Less: current portion of long-term debt |  |  |  |  |  |  |  | (49.7 | )
Long-term debt, excluding current portion |  |  |  |  |  |  |  |  | $ | 8,067.6 |
|  | Principal |  | Unamortized debt discount |  | Unamortized deferred financing costs |  | Book value December 31, 2015
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |
Revolver, varying interest rate, due 2018 |  | $ | 95.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 95.0 |
Term Loan, varying interest rate, due 2020 |  | 2,254.0 |  |  | (7.8 | ) |  | (52.5 | ) |  | 2,193.7 |
Term Loan, varying interest rate, due 2021 |  | 1,980.0 |  |  | (16.7 | ) |  | (49.2 | ) |  | 1,914.1 |
2018 Notes |  | 250.0 |  |  | — |  |  | (2.0 | ) |  | 248.0 |
2020 Notes |  | 300.0 |  |  | — |  |  | (3.6 | ) |  | 296.4 |
2021 Notes |  | 350.0 |  |  | (1.8 | ) |  | (5.6 | ) |  | 342.6 |
Secured Notes |  | 950.0 |  |  | — |  |  | (16.4 | ) |  | 933.6 |
Unsecured Notes |  | 2,200.0 |  |  | — |  |  | (42.1 | ) |  | 2,157.9 |
Capital lease obligations, 3.9% interest as of December 31, 2015 payable monthly through 2019 |  | 25.7 |  |  | — |  |  | — |  |  | 25.7 |
Total long-term debt outstanding |  | $ | 8,404.7 |  |  | $ | (26.3 | ) |  | $ | (171.4 | ) |  | $ | 8,207.0 |
Less: current portion of long-term debt |  |  |  |  |  |  |  | (50.3 | )
Long-term debt, excluding current portion |  |  |  |  |  |  |  |  | $ | 8,156.7 |
Senior Secured Credit Facilities We and certain of our subsidiaries are party to a credit agreement dated as of October 18, 2013, by and among SGI, as the borrower, us, as a guarantor, Bank of America, N.A., as administrative agent, and the lenders and other agents party thereto. Prior to the increase in the revolving credit facility and the assumption of the incremental term loans referred to below, the credit agreement provided for senior secured credit facilities in an aggregate principal amount of $2,600.0 million, including a $300.0 million revolving credit facility, which has USD and multi-currency tranches, and a $2,300.0 million term B-1 loan facility. On October 1, 2014, in connection with the Bally acquisition, we amended our existing credit agreement pursuant to which our $300.0 million revolving credit facility was increased by $267.6 million effective upon the consummation of the Bally acquisition. In addition, we entered into an escrow credit agreement providing for a $2.0 billion senior secured incremental term B-2 loan facility (which became an incremental term B-2 loan facility under our existing credit agreement upon the consummation of the Bally acquisition). On February 11, 2015, SGI entered into a lender joinder agreement to the credit agreement with an additional commitment lender. Pursuant to the joinder agreement, the amount of the revolving credit facility under the credit agreement was increased by $25.0 million to $592.6 million. Up to $350.0 million of the revolving credit facility is available for issuances of letters of credit. All of the debt incurred under the Credit Agreement is subject to accelerated maturity depending on our liquidity at the time our 2018 Notes, 2020 Notes and 2021 Notes become due. During the second quarter of 2016, we repurchased and cancelled $56.5 million and $9.4 million of principal amount of the 2020 Notes and 2021 Notes, respectively, for $34.2 million and $5.7 million in cash, respectively, through separate open market purchases. In connection with this transaction, we recorded a $25.2 million gain on early extinguishment of debt, net of a $0.8 million charge related to the write-off of unamortized debt discount and deferred financing costs associated with the extinguished debt. For additional information regarding our senior secured credit facilities, 2018 Notes, 2020 Notes, 2021 Notes, Secured Notes, Unsecured Notes and capital lease obligations, see Note 15 (Long-Term and Other Debt) in our 2015 Annual Report on Form 10-K. Fair Value of Debt The estimated fair value of our long-term debt as of June 30, 2016 and December 31, 2015 was approximately $7,532.3 million and $6,931.6 million, respectively. We estimate the fair value of debt based on quoted market prices of our securities, if available, and indicative pricing derived from market information. We categorize inputs used to measure the fair value of debt as Level 2 in the fair value hierarchy due to the low volume and frequency of transactions in the market.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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