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Long-term debt (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Long-term Debt
Long-term debt was comprised of the following: 
 
 
 
 
 
 
 
As of September 30, 2019
 
September 30, 2019
 
December 31, 2018
 
Maturity date
 
Interest rate
 
Estimated fair value(4)
Senior Secured Credit Facilities(1):
 
 
 
 
 
 
 
 
 
New Term Loan A
$
1,750,000

 
$
 
8/12/2024
 
LIBOR + 1.50%
 
$
1,750,000

New Term Loan B
2,750,000

 


 
8/12/2026
 
LIBOR + 2.25%
 
$
2,770,625

Prior Term Loan A(2)


 
675,000

 
12/24/2019
 
(3) 

 
$
—

Prior Term Loan A-2(2)


 
995,000

 
12/24/2019
 
(3) 

 
$
—

Prior Term Loan B


 
3,342,500

 
6/24/2021
 
(3) 

 
$
—

Prior revolving line of credit(2)


 
175,000

 
12/24/2019
 
(3) 

 
$
—

Senior Notes:
 
 
 
 
 
 
 
 
 
5 1/8% Senior Notes
1,750,000

 
1,750,000

 
7/15/2024
 
5.125
%
 
$
1,776,250

5% Senior Notes
1,500,000

 
1,500,000

 
5/1/2025
 
5.00
%
 
$
1,492,200

5 3/4% Senior Notes
—

 
1,250,000

 
8/15/2022
 


 
$
—

Acquisition obligations and other notes payable(5)
181,757

 
183,979

 
2019-2027
 
5.50
%
 
$
181,757

Financing lease obligations(6)
280,138

 
282,737

 
2020-2037
 
5.36
%
 
$
280,138

Total debt principal outstanding
8,211,895

 
10,154,216

 
 
 
 
 
 
Discount and deferred financing costs(7)
(75,979
)
 
(52,000
)
 
 
 
 
 
 
 
8,135,916

 
10,102,216

 
 
 
 
 
 
Less current portion
(121,441
)
 
(1,929,369
)
 
 
 
 
 
 
 
$
8,014,475

 
$
8,172,847

 
 
 
 
 
 

 
(1)
As of September 30, 2019, the Company has an undrawn new revolving line of credit under its new senior secured credit facilities of $1,000,000. The new revolving line of credit interest rate in effect at September 30, 2019 was 1.50% plus London Interbank Offered Rate (LIBOR) and it matures on August 12, 2024.
(2)
On May 6, 2019, the Company entered into an agreement to extend the maturity dates of its then existing Term Loan A, Term Loan A-2 and revolving line of credit under its prior senior secured credit facilities by six months, to December 24, 2019.
(3)
At June 30, 2019, the interest rate on the Company's then existing term loan debt was LIBOR plus interest rate margins in effect of 2.00% for the prior Term Loan A and prior revolving line of credit, 1.00% for the prior Term Loan A-2 and 2.75% for the prior Term Loan B.
(4)
Fair value estimates are based upon bid and ask quotes for these instruments, typically a level 2 input. The balances of acquisition obligations and other notes payable, and financing lease obligations are presented in the condensed consolidated financial statements as of September 30, 2019 at their approximate fair values due to the short-term nature of their settlements.
(5)
The interest rate presented for acquisition obligations and other notes payable is their weighted average interest rate based on the current interest rate in effect and assuming no changes to the LIBOR based interest rates.
(6)
The interest rate presented for financing lease obligations is their weighted average discount rate.
(7)
As of September 30, 2019, the carrying amount of the Company’s current senior secured credit facilities includes a discount of $6,708 and deferred financing costs of $47,255, and the carrying amount of the Company’s senior notes includes deferred financing costs of $22,016. As of December 31, 2018, the carrying amount of the Company’s then existing senior secured credit facilities included a discount of $6,104 and deferred financing costs of $12,580, and the carrying amount of the Company’s senior notes included deferred financing costs of $33,316.
Scheduled Maturities of Long-term Debt
Scheduled maturities of long-term debt at September 30, 2019 were as follows:
2019 (remainder of the year)
29,841

2020
129,082

2021
153,120

2022
168,824

2023
224,455

2024
3,171,804

Thereafter
4,334,769
Schedule of Derivative Instruments
The following table summarizes the Company’s interest rate cap agreements outstanding as of September 30, 2019 and December 31, 2018, which are classified in "Other long-term assets" on its consolidated balance sheet: 
 
 
 
 
 
 
 
 
 
Nine months ended September 30, 2019
 
Fair value
 
Notional amount
 
LIBOR maximum rate
 
Effective date
 
Expiration date
 
Debt expense
 
Recorded OCI loss
 
September 30, 2019
 
December 31, 2018
2015 cap agreements
$
3,500,000

 
3.50%
 
6/29/2018
 
6/30/2020
 
$
6,428

 
$
851

 
$
—

 
$
851

2019 cap agreements
$
3,500,000

 
2.00%
 
6/30/2020
 
6/30/2024
 

 
$
1,393

 
$
20,642

 
Effects of Interest Rate Swap and Cap Agreements The following table summarizes the effects of the Company’s interest rate cap agreements for the three and nine months ended September 30, 2019 and 2018:
 
 
Amount of unrecognized (losses) gains in OCI on interest rate cap agreements
 
Income statement location
 
Reclassification from accumulated other comprehensive income into net income
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
Derivatives designated as cash flow hedges
 
2019
 
2018
 
2019
 
2018
 
 
2019
 
2018
 
2019
 
2018
Interest rate cap agreements
 
$
(1,420
)
 
$
50

 
$
(2,244
)
 
$
1,103

 
Debt expense
 
$
2,101

 
$
2,163

 
$
6,428

 
$
6,303

Related income tax
 
360

 
(13
)
 
572

 
(284
)
 
Related income tax
 
(532
)
 
(557
)
 
(1,646
)
 
(1,623
)
Total
 
$
(1,060
)
 
$
37

 
$
(1,672
)
 
$
819

 
 
 
$
1,569

 
$
1,606

 
$
4,782

 
$
4,680