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Long-term debt (Tables)
12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Long Term Debt

Long-term debt was comprised of the following:

 

 

 

December 31,

 

 

 

2014

 

 

2013

 

Senior Secured Credit Facilities:

 

 

 

 

 

 

 

 

Term Loan A

 

$

975,000

 

 

$

800,000

 

Term Loan A-3

 

 

 

 

 

1,282,500

 

Term Loan B

 

 

3,482,500

 

 

 

1,697,500

 

Term Loan B-2

 

 

 

 

 

1,633,500

 

Senior notes

 

 

3,775,000

 

 

 

2,800,000

 

Acquisition obligations and other notes payable

 

 

69,045

 

 

 

67,352

 

Capital lease obligations

 

 

218,097

 

 

 

152,751

 

Total debt principal outstanding

 

 

8,519,642

 

 

 

8,433,603

 

Discount on long-term debt

 

 

(16,208

)

 

 

(17,675

)

 

 

 

8,503,434

 

 

 

8,415,928

 

Less current portion

 

 

(120,154

)

 

 

(274,697

)

 

 

$

8,383,280

 

 

$

8,141,231

 

 

Scheduled Maturities of Long-term Debt

Scheduled maturities of long-term debt at December 31, 2014 were as follows:

 

2015

 

 

120,154

 

2016

 

 

117,193

 

2017

 

 

144,161

 

2018

 

 

155,750

 

2019

 

 

730,084

 

Thereafter

 

 

7,252,300

 

 

Derivative Instruments

The following table summarizes the Company’s derivative instruments as of December 31, 2014 and 2013:

 

 

 

Interest rate swap and cap agreements (liabilities and  assets)

 

 

 

December 31, 2014

 

 

December 31, 2013

 

Derivatives designated as hedging instruments

 

Balance sheet

location

 

Fair value

 

 

Balance sheet

location

 

Fair value

 

Interest rate swap agreements

 

Other short-

term liabilities

 

$

1,457

 

 

Other short-

term liabilities

 

$

12,069

 

Interest rate swap agreements

 

Other long-

term assets

 

$

3,281

 

 

Other long-

term assets

 

$

10,004

 

Interest rate cap agreements

 

Other long-

term assets

 

$

13,934

 

 

Other long-

term assets

 

$

7,567

 

 

Effects of Interest Rate Swap Agreements

The following table summarizes the effects of the Company’s interest rate swap and cap agreements for the years ended December 31, 2014, 2013 and 2012:

 

 

 

Amount of gains (losses)

recognized in OCI

on interest rate swap

and cap agreements

 

 

Location of (losses) gains reclassified from

 

Amount of gains (losses)

reclassified from accumulated

OCI into income

 

 

 

Years ended December 31,

 

 

accumulated

 

Years ended December 31,

 

Derivatives designated as cash flow hedges

 

2014

 

 

2013

 

 

2012

 

 

OCI into

income

 

2014

 

 

2013

 

 

2012

 

Interest rate swap agreements

 

$

(8,390

)

 

$

1,251

 

 

$

(8,838

)

 

Debt expense

 

$

12,279

 

 

$

15,678

 

 

$

(12,989

)

Interest rate cap agreements

 

 

(8,119

)

 

 

(974

)

 

 

(1,316

)

 

Debt expense

 

 

5,130

 

 

 

5,418

 

 

 

(3,589

)

Tax (expense) benefit

 

 

6,450

 

 

 

(108

)

 

 

3,950

 

 

 

 

 

(6,801

)

 

 

(8,207

)

 

 

6,448

 

Total

 

$

(10,059

)

 

$

169

 

 

$

(6,204

)

 

 

 

$

10,608

 

 

$

12,889

 

 

$

(10,130

)