Long-Term and Other Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table reflects our outstanding debt:

	As of
	March 31, 2018											December 31, 2017
	Final Maturity	Rate(s)		Face value		Unamortized debt discount/premium and deferred financing costs, net			Book value			Book value
Senior Secured Credit Facilities:
2018 Revolver, varying interest rate	2018	variable		$	14.9	$	—		$	14.9		$	100.5
2020 Revolver, varying interest rate	2020	variable		40.1		—			40.1			249.5
Term Loan B-4	2024	variable		—		—			—			3,193.6
Term Loan B-5	2024	variable		4,174.6		(80.9		)	4,093.7			—
Senior Notes:
2022 Secured Notes	2022	7.000	%	—		—			—			2,130.7
2025 Secured Notes(2)	2025	5.000	%	1,250.0		(18.9		)	1,231.1			343.7
2026 Secured Euro Notes(3)	2026	3.375	%	403.3		(5.7		)	397.6			—
Unsecured Notes	2022	10.000	%	2,200.0		(28.4		)	2,171.6			2,170.1
2026 Unsecured Euro Notes(3)	2026	5.500	%	310.3		(4.4		)	305.9			—
Subordinated Notes:
2020 Notes	2020	6.250	%	243.5		(1.5		)	242.0			241.8
2021 Notes	2021	6.625	%	340.6		(4.4		)	336.2			336.0
Capital lease obligations, 3.9% as of March 31, 2018 payable monthly through 2019	2019	3.900	%	11.3		—			11.3			10.7
Total long-term debt outstanding				$	8,988.6	$	(144.2	)	$	8,844.4		$	8,776.6
Less: current portion of long-term debt									(50.4		)	(40.3		)
Long-term debt, excluding current portion									$	8,794.0		$	8,736.3
Fair value of debt (1)				$	9,130.0

(1) Fair value of our fixed rate and variable interest rate debt is classified within level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.

(2) In connection with the February 2018 Refinancing, we entered into certain cross-currency interest rate swap agreements to achieve more attractive interest rates by effectively converting a portion of the fixed-rate, $460.0 million U.S. Dollar-denominated 2025 Secured Notes, including the semi-annual interest payments through October 2023, to a fixed-rate Euro-denominated debt, with a fixed annual weighted average interest rate of approximately 2.946%. These cross-currency swaps have been designated as a hedge of our net investment in certain subsidiaries.

(3) We designated a portion of our 2026 Secured Euro Notes as a net investment non-derivative hedge of our investments in certain of our international subsidiaries that use the Euro as their functional currency in order to reduce the volatility in our operating results caused by the change in foreign currency exchange rates of the Euro relative to the U.S. Dollar (see Note 12 for additional information).

Schedule of Components of Extinguishment and Modification of Debt

The following are components of the loss on debt financing transactions resulting from debt extinguishment and modification accounting for the three months ended March 31, 2018 and 2017:

	Three Months Ended March 31,
	2018			2017
Repayment and cancellation of principal balance at premium	$	110.3		$	—
Unamortized debt (premium) discount and deferred financing costs, net	(29.8		)	25.8
Third party debt issuance fees	12.7			3.9
Total loss on debt financing transactions	$	93.2		$	29.7