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Debt (Tables)
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Long Term Debt

Long-term debt consisted of the following (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Term loans, net of financing costs and discount of $46,097 and $57,547, respectively

 

$

2,574,596

 

 

$

2,791,875

 

Revolving loans

 

 

5,628

 

 

 

3,000

 

6.125% Senior unsecured notes due 2022, net of financing costs of $1,667 and $1,992,

  respectively

 

 

273,333

 

 

 

273,008

 

5.875% Senior unsecured notes due 2022, plus premium of $6,689 and $8,102, respectively

 

 

406,689

 

 

 

408,102

 

5.625% Senior unsecured notes due 2024, net of financing costs of $12,235 and $13,525,

  respectively

 

 

887,765

 

 

 

886,475

 

 

 

 

4,148,011

 

 

 

4,362,460

 

Less: current portion

 

 

(42,089

)

 

 

(92,808

)

 

 

$

4,105,922

 

 

$

4,269,652

 

 

Fair Value of Debt

The aggregate carrying amounts and estimated fair values of the Company’s debt were as follows (in thousands):

 

 

 

September 30, 2018

 

 

December 31, 2017

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

 

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Term loans(1)

 

$

2,574,596

 

 

$

2,623,723

 

 

$

2,791,875

 

 

$

2,852,199

 

Revolving loans(1)

 

 

5,628

 

 

 

5,602

 

 

 

3,000

 

 

 

2,985

 

6.125% Senior unsecured notes(2)

 

 

273,333

 

 

 

279,469

 

 

 

273,008

 

 

 

284,625

 

5.875% Senior unsecured notes(2)

 

 

406,689

 

 

 

406,500

 

 

 

408,102

 

 

 

415,500

 

5.625% Senior unsecured notes(2)

 

 

887,765

 

 

 

878,625

 

 

 

886,475

 

 

 

925,875

 

 

(1)

The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.

(2)

The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.