Long-Term and Other Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following reflects outstanding debt as of the dates indicated below:

	As of December 31,
	2018											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		$	—	$	—		$	—		$	100.5
2020 Revolver, varying interest rate	2020	variable		325.0		—			325.0			249.5
Term Loan B-4	2024	variable		—		—			—			3,193.6
Term Loan B-5	2024	variable		4,143.3		(72.3		)	4,071.0			—
Senior Notes:
2022 Secured Notes	2022	7.000	%	—		—			—			2,130.7
2025 Secured Notes(1)	2025	5.000	%	1,250.0		(17.5		)	1,232.5			343.7
2026 Secured Euro Notes(2)	2026	3.375	%	371.9		(5.4		)	366.5			—
Unsecured Notes	2022	10.000	%	2,200.0		(23.8		)	2,176.2			2,170.1
2026 Unsecured Euro Notes(2)	2026	5.500	%	286.1		(4.2		)	281.9			—
Subordinated Notes:
2020 Notes	2020	6.250	%	243.5		(1.0		)	242.5			241.8
2021 Notes	2021	6.625	%	340.6		(3.3		)	337.3			336.0
Capital lease obligations, 3.9% as of December 31, 2018 payable monthly through 2020	2020	3.900	%	4.0		—			4.0			10.7
Total long-term debt outstanding				$	9,164.4	$	(127.5	)	$	9,036.9		$	8,776.6
Less: current portion of long-term debt									(45.0		)	(40.3		)
Long-term debt, excluding current portion									$	8,991.9		$	8,736.3
Fair value of debt(3)				$	8,773.3

(1) 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 $460.0 million of the fixed-rate, 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.

(2) 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 17 for additional information). The total change in the face value of the 2026 Secured Euro Notes and 2026 Unsecured Euro Notes due to changes in foreign currency exchange rates since the issuance was a reduction of $54.4 million, of which a $43.4 million gain was recognized on remeasurement of debt in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2018.

(3) 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.

Schedule of debt and capital lease payments due over the next five years and beyond

The following reflects the principal amount of debt and capital lease payments due over the next five years and beyond as of December 31, 2018:

	Total			2019		2020		2021		2022		2023		After 2023
Senior Secured Credit Facilities	$	4,468.3		$	41.7	$	366.7	$	41.7	$	41.7	$	41.7	$	3,934.8
Senior Notes	4,108.0			—		—		—		2,200.0		—		1,908.0
Subordinated Notes	584.1			—		243.5		340.6		—		—		—
Capital lease obligations	4.0			3.3		0.7		—		—		—		—
Total long-term debt outstanding	$	9,164.4		$	45.0	$	610.9	$	382.3	$	2,241.7	$	41.7	$	5,842.8
Unamortized deferred financing costs and discount/premium	(127.5		)
Total debt book value	$	9,036.9

Schedule of components of extinguishment and modification of debt

The following are components of the loss (gain) on debt financing transactions resulting from debt extinguishment and modification accounting:

	Years Ended December 31,
	2018			2017		2016
Repurchase and cancellation of principal balance at premium (discount)	$	110.3		$	—	$	(26.0	)
Unamortized debt (premium) discount and deferred financing costs. net	(29.8		)	26.4		0.8
Third party debt issuance fees	12.7			11.7		—
Total loss (gain) on debt financing transactions	$	93.2		$	38.1	$	(25.2	)