Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):

	September 30,			December 31,
Description:	2018			2017
2016 Credit Agreement - Term loan A facility (1)	$	1,373,625		$	1,429,312
2016 Credit Agreement - Term loan B facility (2)	—			496,250
2016 Credit Agreement - Revolving credit facility (1), (3)	27,000			595,000
Senior Notes (4)	800,000			800,000
Other (5)	2,148			2,500
Principal amount outstanding (6)	2,202,773			3,323,062
Less: deferred financing fees (7)	(32,013		)	(44,217		)
Net balance sheet carrying amount	$	2,170,760		$	3,278,845

(1) The contractual annualized interest rate as of September 30, 2018 on the Term loan A facility and the revolving credit facility was 3.99%, which consisted of a floating eurodollar base rate of 2.24% plus a margin of 1.75%. However, the Company has interest rate swap contracts that effectively convert the floating eurodollar base rates on amounts outstanding to a fixed base rate.

(2) The Term loan B facility was completely repaid in 2018.

(3) The Company had $1,149 million of available borrowing capacity on the revolver (not including the expansion feature) as of September 30, 2018.

(4) Consists of $800.0 million principal amount of Senior Notes outstanding. The Senior Notes pay a fixed rate of 5.125% and mature on April 1, 2025.

(5) Consists of a State of Connecticut economic development loan with a 3.00% fixed rate of interest. The loan was originated in 2012 and has a 10 year maturity. The loan may be repaid at any time by the Company without penalty.

(6) The weighted average annual effective rates on the Company's total debt outstanding for the three and nine months ended September 30, 2018, including the effect of its interest rate swaps discussed below, were 4.24% and 4.21%, respectively.

(7) Deferred financing fees are being amortized to Interest expense, net over the term of the related debt obligation. The Company wrote off approximately $6.9 million of deferred financing fees during the nine months ended September 30, 2018 related to the repayment of the Term loan B facility.