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Long-Term Debt | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT The Company carries its long-term debt at face value, net of applicable discounts and capitalized debt issuance costs. Long-term debt consisted of the following:
|  | March 31, 2018 |  | December 31, 2017
|  | (in thousands)
5.00% Senior Notes (aggregate principal of $550,000 at March 31, 2018 and December 31, 2017) |  | $ | 542,474 |  |  | $ | 542,063 |
5.25% Senior Notes (aggregate principal of $300,000 at March 31, 2018 and December 31, 2017) |  | 296,295 |  |  | 296,151 |
Acquisition Line |  | 28,035 |  |  | 26,988 |
Real Estate Related and Other Long-Term Debt |  | 500,716 |  |  | 440,845 |
Capital lease obligations related to real estate, maturing in varying amounts through December 2037 with a weighted average interest rate of 8.7% and 10.4%, respectively |  | 67,445 |  |  | 51,665 |
|  | 1,434,965 |  |  | 1,357,712 |
Less current maturities of long-term debt |  | 58,195 |  |  | 39,528 |
|  | $ | 1,376,770 |  |  | $ | 1,318,184 |
Included in current maturities of long-term debt and short-term financing in the Company's Consolidated Balance Sheets, as of December 31, 2017, were two short-term revolving working capital loan agreements with third-party financial institutions in the U.K. that totaled $13.4 million and an unsecured loan agreement with a third-party financial institution in the U.S. that totaled $24.7 million. During the three months ended March 31, 2018, the Company repaid the entire balance under all of the short-term financing arrangements. Real Estate Related and Other Long-Term Debt The mortgage loans in the U.S. consist of 60 term loans for an aggregate principal amount of $442.9 million. As of March 31, 2018, borrowings outstanding under these notes totaled $379.7 million, with $41.4 million classified as a current maturity of long-term debt. For the three months ended March 31, 2018, the Company made additional net borrowings and principal payments of $34.8 million and $5.1 million, respectively. The Company has entered into 18 separate term mortgage loans in the U.K. with other third-party financial institutions which are secured by the Company’s U.K. properties. These mortgage loans (collectively, “U.K. Notes”) are denominated in British pound sterling and are being repaid in monthly installments that will mature by September 2034. As of March 31, 2018, borrowings under the U.K. mortgage loans totaled $87.6 million, with $8.4 million classified as a current maturity of long-term debt in the accompanying Consolidated Balance Sheets. For the three months ended March 31, 2018, the Company made additional borrowings and principal payments of $12.1 million and $6.6 million, respectively, associated with the U.K. Notes. Additionally, during the three months ended March 31, 2018, the Company entered into an unsecured loan agreement in the U.K. with a third-party financial institution that matures in March 2028. As of March 31, 2018, borrowings under the agreement totaled $22.0 million, with $2.2 million classified as a current maturity of long-term debt in the accompanying Consolidated Balance Sheets. As of March 31, 2018, borrowings under the Brazil mortgage totaled $3.1 million, with $0.4 million classified as a current maturity of long-term debt in the accompanying Consolidated Balance Sheets. For the three months ended March 31, 2018, the Company made no additional borrowings and made principal payments of $0.1 million associated with the Brazil mortgage. The Company also has a working capital loan agreement with a third-party financial institution in Brazil. As of March 31, 2018, borrowings under the Brazilian third-party loan totaled $6.7 million. For the three months ended March 31, 2018, the Company made no additional borrowings or principal payments. Fair Value of Long-Term Debt The Company's outstanding 5.00% Notes had a fair value of $555.7 million and $567.9 million as of March 31, 2018 and December 31, 2017, respectively. The Company's outstanding 5.25% Notes had a fair value of $300.0 million and $310.9 million as of March 31, 2018 and December 31, 2017, respectively. The carrying value of the Company's fixed interest rate borrowings included in real estate related and other long-term debt totaled $85.0 million and $86.8 million as of March 31, 2018 and December 31, 2017, respectively. The fair value of such fixed interest rate borrowings was $91.0 million and $92.9 million as of March 31, 2018 and December 31, 2017, respectively. The fair value estimates are based on Level 2 inputs of the fair value hierarchy available as of March 31, 2018 and December 31, 2017. The Company determined the estimated fair value of its long-term debt using available market information and commonly accepted valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, these estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The use of different assumptions and/or estimation methodologies could have a material effect on estimated fair values. The carrying value of the Company’s variable rate debt approximates fair value due to the short-term nature of the interest rates.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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- References No definition available. + Details
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