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Long-Term Debt | 3 Months Ended
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Mar. 31, 2019
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 (in thousands):
|  | March 31, 2019 |  | December 31, 2018
5.00% Senior Notes (aggregate principal of $550,000) |  | $ | 544,158 |  |  | $ | 543,730 |
5.25% Senior Notes (aggregate principal of $300,000) |  | 296,884 |  |  | 296,735 |
Acquisition Line |  | 29,342 |  |  | 31,842 |
Real estate related and other long-term debt |  | 422,396 |  |  | 445,248 |
Finance leases related to real estate(1) |  | 47,339 |  |  | 48,612 |
Total debt |  | 1,340,119 |  |  | 1,366,167 |
Less: current maturities of long-term debt |  | 77,537 |  |  | 84,678 |
Long-term debt, net of current maturities |  | $ | 1,262,582 |  |  | $ | 1,281,489 |
(1) Balances as of December 31, 2018 were unchanged under the optional transition method applied as part of the implementation of Topic 842. See Note 1, “Interim Financial Information” and Note 13, “Leases” for further information. Short-Term Financing The Company includes short-term financing loans within Current maturities of long-term debt and short-term financing, in the Company’s Consolidated Balance Sheets. As of March 31, 2019 and December 31, 2018, the Company had a short-term financing arrangement in Brazil that totaled $0.2 million and $0.7 million, respectively. During the three months ended March 31, 2019, the Company made no additional borrowings and made repayments of $0.5 million on the short-term financing arrangement in Brazil. As of March 31, 2019 and December 31, 2018, the Company had working capital loans with third-party financial institutions in the U.K. that totaled $13.0 million and $7.6 million, respectively. During the three months ended March 31, 2019, the Company had borrowings of $13.0 million and made principal payments of $7.6 million on these U.K. third-party loans. Real Estate Related and Other Long-Term Debt The mortgage loans in the U.S. consist of 57 term loans with an aggregate principal amount of $402.8 million (collectively, “U.S. Notes”), which are being repaid in monthly installments and will mature between April 2019 and November 2032. As of March 31, 2019 and December 31, 2018, aggregate borrowings outstanding under these notes totaled $326.9 million and $343.8 million, respectively, with $60.7 million and $67.9 million, respectively, classified as Current maturities of long-term debt and short-term financing in the accompanying Consolidated Balance Sheets. During the three months ended March 31, 2019, the Company made no additional borrowings and principal payments of $16.9 million associated with the U.S. Notes. 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, 2019 and December 31, 2018, borrowings under the U.K. mortgage loans totaled $73.8 million and $73.8 million, respectively, with $7.8 million and $7.6 million, respectively, classified as Current maturities of long-term debt and short-term financing in the accompanying Consolidated Balance Sheets. During the three months ended March 31, 2019, the Company made no additional borrowings and made principal payments of $2.0 million, associated with the U.K. Notes. The Company has also 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, 2019 and December 31, 2018, borrowings under the agreement totaled $18.6 million and $18.5 million, respectively, with $2.0 million and $2.0 million, respectively, classified as Current maturities of long-term debt and short-term financing in the accompanying Consolidated Balance Sheets. During the three months ended March 31, 2019, the Company made no additional borrowings and made principal payments of $0.3 million associated with the unsecured loan agreement in the U.K. The Company has a separate term mortgage loan in Brazil with a third-party financial institution (the “Brazil Note”). The Brazil Note is denominated in Brazilian real and is secured by one of the Company’s Brazilian properties, as well as a guarantee from the Company. The Brazil Note is being repaid in monthly installments that will mature by April 2025. As of March 31, 2019 and December 31, 2018, borrowings under the Brazil Note totaled $2.4 million and $2.5 million, respectively, with $0.4 million and $0.3 million, respectively, classified as Current maturities of long-term debt and short-term financing in the accompanying Consolidated Balance Sheets. During the three months ended March 31, 2019, the Company made no additional borrowings and made principal payments of $0.1 million associated with the Brazil Note. The Company also has a working capital loan agreement with a third-party financial institution in Brazil. The principal balance on the loan is due by February 2020 with interest-only payments being made until the due date. As of March 31, 2019 and December 31, 2018, borrowings under the Brazilian third-party loan totaled $5.6 million and $5.7 million, respectively. During the three months ended March 31, 2019, the Company made no additional borrowings or principal payments. Fair Value of Long-Term Debt The Company’s outstanding 5.00% Senior Notes due 2022 (“5.00% Notes”) had a fair value of $556.0 million and $521.6 million as of March 31, 2019 and December 31, 2018, respectively. The Company’s outstanding 5.25% Senior Notes due 2023 (“5.25% Senior Notes”) had a fair value of $303.0 million and $286.5 million as of March 31, 2019 and December 31, 2018, respectively. The carrying value of the Company’s fixed interest rate borrowings included in Real estate related and other long-term debt totaled $74.3 million and $79.5 million as of March 31, 2019 and December 31, 2018, respectively. The fair value of such fixed interest rate borrowings was $73.8 million and $76.2 million as of March 31, 2019 and December 31, 2018, respectively. The fair value estimates of the Company’s long-term debt are based on Level 2 inputs of the fair value hierarchy available as of March 31, 2019 and December 31, 2018. 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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