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Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table sets forth the face values of our outstanding debt as of December 31, 2020 and 2019 (in thousands):

															December 31,
			Rate						Maturity						2020						2019
Senior secured credit facilities:
Term Loan A(1)			L+2.75%						August 2023						$	—					$	484,500
Term Loan B			L+2.00%						February 2024						1,824,616						1,843,427
Other Term Loan B			L+4.00%						December 2027						637,000						—
Revolver, $400 million(2)			L+2.75%						November 2023						375,000						—
5.375% senior secured notes due 2023(3)			5.375%						April 2023						—						530,000
5.25% senior secured notes due 2023(1)			5.25%						November 2023						—						500,000
9.25% senior secured notes due 2025			9.25%						April 2025						775,000						—
7.375% senior secured notes due 2025			7.375%						September 2025						850,000						—
4.00% senior exchangeable notes due 2025			4.00%						April 2025						345,000						—
Finance lease obligations															889						5,882
Face value of total debt outstanding															4,807,505						3,363,809
Less current portion of debt outstanding															(26,068)						(81,614)
Face value of long-term debt outstanding															$	4,781,437					$	3,282,195

_____________________________

(1)Extinguished on December 17, 2020 using proceeds from the Other Term Loan B.

(2)Pursuant to the August 27, 2020 refinancing, the interest rate on the Revolver was increased from L+2.50% to L+2.75% and the maturity was extended from July 2022 to November 2023. Subject to certain "springing" maturity conditions, the maturity may extend to February 2024 at the latest.

(3)Extinguished on August 27, 2020 using proceeds from the 7.375% senior secured notes due 2025.

Schedule of Debt Interest

			Eurocurrency borrowings						Base rate borrowings
			Applicable Margin(1)(2)						Applicable Margin
Term Loan B			2.00%						1.00%
Other Term Loan B			4.00%						3.00%
Revolver, $400 million			2.75%						1.75%

_____________________________

(1)Applicable margins do not reflect potential step ups and downs of Other Term Loan B and Revolver, $400 million, which are determined by the Senior Secured Leverage Ratio. See below for additional information.

(2)Term Loan B, and the Revolver, $400 million, are subject to a 0% floor, while the Other Term Loan B is subject to a 0.75% floor.

Our effective interest rates on borrowings under the Amended and Restated Credit Agreement for the years ended December 31, 2020, 2019 and 2018, inclusive of amounts charged to interest expense, are as follows:

			Year Ended December 31,
			2020						2019						2018
Including the impact of interest rate swaps			4.03		%				4.64		%				4.57		%
Excluding the impact of interest rate swaps			3.26		%				4.63		%				4.36		%

Carrying Value of the Exchangeable Notes

The following table sets forth the carrying value of the Exchangeable Notes as of December 31, 2020 (in thousands):

			Year Ended December 31, 2020
Liability Component:
Principal			$	345,000
Less: Unamortized debt discount			80,446
Net carrying value(1)			$	264,554
Equity component:
Conversion feature			$	90,500
Less: Equity portion of debt issuance costs			3,167
Less: Deferred tax liability			19,457
Net carrying value			$	67,876

_____________________________

(1)Excludes net unamortized debt issuance costs of $8 million as of December 31, 2020.

Schedule of Interest Expense

The following table sets forth interest expense recognized related to the Exchangeable Notes for year ended December 31, 2020 (in thousands):

			Year Ended December 31, 2020
Contractual interest expense			$	9,698
Amortization of debt discount and issuance costs			10,834

Aggregate Maturities of Long-Term Debt

As of December 31, 2020, aggregate maturities of our long-term debt were as follows (in thousands):

			Amount
Years Ending December 31,
2021			$	26,068
2022			25,180
2023			400,180
2024			1,774,555
2025			1,976,370
Thereafter			605,152
Total			$	4,807,505

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