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Debt | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
Debt | Debt Long-term Debt and Capital and Financing Lease Obligations Long-term debt and capital and financing lease obligations consist of the following (in thousands):
| June 30, 2017 |  | December 31, 2016
Mortgage notes payable due 2017 through 2047; weighted average interest rate of 4.63% for the six months ended June 30, 2017, less debt discount and deferred financing costs of $7.8 million and $4.5 million at June 30, 2017 and December 31, 2016, respectively (weighted average interest rate of 4.50% in 2016) | $ | 3,206,593 |  |  | $ | 3,184,229 |
Capital and financing lease obligations payable through 2032; weighted average interest rate of 7.96% for the six months ended June 30, 2017 (weighted average interest rate of 8.08% in 2016) | 1,591,264 |  |  | 2,485,520 |
Convertible notes payable in aggregate principal amount of $316.3 million, less debt discount and deferred financing costs of $13.7 million and $20.9 million at June 30, 2017 and December 31, 2016, respectively, interest at 2.75% per annum, due June 15, 2018 | 302,501 |  |  | 295,397 |
Construction financing (weighted average interest rate of 8.00% in 2016) | — |  |  | 3,644 |
Notes payable issued to finance insurance premiums, weighted average interest rate of 2.94% for the six months ended June 30, 2017, due 2017 | 10,828 |  |  | — |
Other notes payable, weighted average interest rate of 5.80% for the six months ended June 30, 2017 (weighted average interest rate of 5.33% in 2016) and maturity dates ranging from 2018 to 2021 | 77,886 |  |  | 76,377 |
Total long-term debt and capital and financing lease obligations | 5,189,072 |  |  | 6,045,167 |
Less current portion | 615,404 |  |  | 215,255 |
Total long-term debt and capital and financing lease obligations, less current portion | $ | 4,573,668 |  |  | $ | 5,829,912 |
Credit Facilities On December 19, 2014, the Company entered into a Fourth Amended and Restated Credit Agreement with General Electric Capital Corporation (which has since assigned its interest to Capital One Financial Corporation), as administrative agent, lender and swingline lender, and the other lenders from time to time parties thereto. The agreement currently provides for a total commitment amount of $400.0 million, comprised of a $400.0 million revolving credit facility (with a $50.0 million sublimit for letters of credit and a $50.0 million swingline feature to permit same day borrowing) and an option to increase the revolving credit facility by an additional $250.0 million, subject to obtaining commitments for the amount of such increase from acceptable lenders. The maturity date is January 3, 2020, and amounts drawn under the facility bear interest at 90-day LIBOR plus an applicable margin from a range of 2.50% to 3.50%. The applicable margin varies based on the percentage of the total commitment drawn, with a 2.50% margin at utilization equal to or lower than 35%, a 3.25% margin at utilization greater than 35% but less than or equal to 50%, and a 3.50% margin at utilization greater than 50%. The quarterly commitment fee on the unused portion of the facility is 0.25% per annum when the outstanding amount of obligations (including revolving credit, swingline and term loans and letter of credit obligations) is greater than or equal to 50% of the total commitment amount or 0.35% per annum when such outstanding amount is less than 50% of the total commitment amount. Amounts drawn on the facility may be used to finance acquisitions, fund working capital and capital expenditures and for other general corporate purposes. The facility is secured by a first priority mortgage on certain of the Company's communities. In addition, the agreement permits the Company to pledge the equity interests in subsidiaries that own other communities (rather than mortgaging such communities), provided that loan availability from pledged assets cannot exceed 10% of loan availability from mortgaged assets. The availability under the line will vary from time to time as it is based on borrowing base calculations related to the appraised value and performance of the communities securing the facility. The agreement contains typical affirmative and negative covenants, including financial covenants with respect to minimum consolidated fixed charge coverage and minimum consolidated tangible net worth. A violation of any of these covenants could result in a default under the credit agreement, which would result in termination of all commitments under the agreement and all amounts owing under the agreement becoming immediately due and payable and/or could trigger cross default provisions in our other outstanding debt and lease agreements. As of June 30, 2017, there was no outstanding balance under this credit facility and there were $35.3 million of letters of credit outstanding under this credit facility. In addition to the sublimit for letters of credit on this credit facility, the Company also had separate letter of credit facilities of up to $64.5 million in the aggregate as of June 30, 2017. Letters of credit totaling $64.4 million had been issued under these separate facilities as of that date. 2017 Financings In June 2017, the Company obtained a $54.7 million non-recourse supplemental loan, secured by first mortgages on seven communities. The loan bears interest at a fixed rate of 4.69% and matures on March 1, 2022. Proceeds from the loan added to the Company's liquidity. In July 2017, the Company completed the refinancing of two existing loan portfolios secured by the non-recourse first mortgages on 22 communities. The $221.3 million of proceeds from the refinancing were primarily utilized to pay off $188.1 million and $13.6 million of mortgage debt maturing in April 2018 and January 2021, respectively. The mortgage facility has a 10 year term, and 70% of the principal amount bears interest at a fixed rate of 4.81% and the remaining 30% of the principal amount bears interest at a variable rate of 30-day LIBOR plus a margin of 244 basis points. The Company plans to repay debt maturing in the upcoming year through current liquidity, future operating cash flows, and both normal-course refinancings and future refinancing of under-levered assets. Convertible Debt In June 2011, the Company completed a registered offering of $316.3 million aggregate principal amount of 2.75% convertible senior notes due June 15, 2018 (the "Notes"). As of June 30, 2017, the $302.5 million carrying value of the Notes was included in the current portion of long-term debt within the condensed consolidated balance sheet. It is the Company’s current intent and policy to settle the principal amount of the Notes (or, if less, the amount of the conversion obligation) in cash upon conversion. As of June 30, 2017, the Company is in compliance with the financial covenants of its outstanding debt and lease agreements.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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