| Debt Disclosure [Abstract] | Period [Axis] |
|---|
2015-01-01 - 2015-12-31 |
|---|
Debt Disclosure [Abstract] | |
Long-Term Debt Balances Outstanding |
We had the following
long-term debt balances outstanding (in thousands) as of
December 31, 2015 and 2014, respectively:
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2015 |
|
|
December 31,
2014 |
|
|
A term loans(1)
|
|
$ |
587,671 |
|
|
$ |
— |
|
|
B term loans(1)
|
|
|
971,180 |
|
|
|
— |
|
|
Prior credit facility—A term
loans(2)
|
|
|
— |
|
|
|
785,938 |
|
|
Prior credit facility—B term
loans(3)
|
|
|
— |
|
|
|
1,330,810 |
|
|
Prior credit facility—Revolving
loans
|
|
|
— |
|
|
|
127,000 |
|
|
7.25% Senior notes
|
|
|
450,000 |
|
|
|
450,000 |
|
|
6.5% Senior subordinated
notes
|
|
|
425,000 |
|
|
|
425,000 |
|
|
6.375% Senior subordinated
notes
|
|
|
425,000 |
|
|
|
— |
|
|
8.625% Senior subordinated
notes
|
|
|
— |
|
|
|
400,000 |
|
|
3% Convertible senior subordinated
notes(4)
|
|
|
150,000 |
|
|
|
150,000 |
|
|
Other lines of credit
|
|
|
136 |
|
|
|
684 |
|
|
Other
|
|
|
56,221 |
|
|
|
40,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,065,208 |
|
|
|
3,710,260 |
|
|
Less: Short-term debt and current
portion of long-term debt
|
|
|
(199,992 |
) |
|
|
(88,875 |
) |
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
$ |
2,865,216 |
|
|
$ |
3,621,385 |
|
|
|
|
|
|
|
|
|
|
| (1) |
Incurred under our secured credit facility entered into on
June 18, 2015. |
| (2) |
Included “A” term loans and “Delayed
Draw” term loans under our prior credit facility. |
| (3) |
Included term loans previously referred to as
“Incremental B-1” term loans and “Incremental
B-2” term loans under our prior credit facility, which term
loans had been converted into and consolidated with the
“B” term loans under our prior credit
facility. |
| (4) |
The principal amount of the 3% convertible senior
subordinated notes is included in the short-term debt and current
portion of long-term debt on our consolidated balance sheet as of
December 31, 2015, as these notes matured on May 15,
2016. |
|
Long-Term Debt Interest Expense |
In connection with our
significant long-term debt issuances, we recorded interest expense,
including amortization and write-offs of deferred financing costs
and original issue discounts, in our accompanying consolidated
statements of operations for 2015, 2014 and 2013, respectively, as
follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Secured credit facility(1)
|
|
$ |
38,335 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Prior credit facility(2)
|
|
|
49,437 |
|
|
|
99,399 |
|
|
|
104,159 |
|
|
7.25% Senior notes
|
|
|
34,103 |
|
|
|
34,098 |
|
|
|
33,906 |
|
|
6.375% Senior subordinated
notes
|
|
|
14,549 |
|
|
|
— |
|
|
|
— |
|
|
7.875% Senior notes
|
|
|
— |
|
|
|
— |
|
|
|
137 |
(4) |
|
6.5% Senior subordinated
notes
|
|
|
28,987 |
|
|
|
29,057 |
|
|
|
17,384 |
|
|
8.625% Senior subordinated
notes(3)
|
|
|
44,219 |
|
|
|
37,092 |
|
|
|
37,093 |
|
|
9% Senior subordinated
notes
|
|
|
— |
|
|
|
— |
|
|
|
54,043 |
(5) |
|
3% Convertible senior subordinated
notes
|
|
|
4,984 |
|
|
|
4,984 |
|
|
|
4,984 |
|
|
Other
|
|
|
2,383 |
|
|
|
4,561 |
|
|
|
3,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
216,997 |
|
|
$ |
209,191 |
|
|
$ |
255,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Includes “A” term loans, “B” term
loans, and revolving line of credit loans. |
| (2) |
Includes the following loans under our prior credit facility:
“A” term loans, including the
“Delayed-Draw” term loans; “B” term loans,
including the term loans previously referred to as
“Incremental B-1” term loans and “Incremental
B-2” term loans and later converted into and consolidated
into the “B” term loans; and revolving line of credit
loans. For 2015, 2014 and 2013, the amounts include $1.1 million,
$1.5 million and $2.6 million, respectively, related to the
amortization of fees paid for certain debt
modifications. |
| (3) |
Includes a $19.9 million loss on extinguishment of debt
associated with the redemption of our 8.625% senior subordinated
notes during 2015. Included in the $19.9 million is $8.6 million
related to a call premium which has been classified within cash
flow from financing activities in our consolidated statements of
cash flows. |
| (4) |
Amount includes an approximate $0.2 million loss recorded in
connection with the repurchase of our 7.875% senior
notes. |
| (5) |
Amount includes an approximate $35.6 million loss recorded in
connection with the repurchase of our 9% senior subordinated notes.
Included in the $35.6 million is $19.0 million related to tender
offer consideration and call premium which has been classified
within cash flow from financing activities in our consolidated
statement of cash flows. |
|
Summary of Maturities of Long-Term Debt Outstanding Including Current Portion |
The following is a
summary of the maturities of long-term debt, including the current
portions thereof, outstanding on December 31, 2015 (in
thousands):
|
|
|
|
|
|
2016
|
|
$ |
199,992 |
|
|
2017
|
|
|
81,369 |
|
|
2018
|
|
|
491,358 |
|
|
2019
|
|
|
41,329 |
|
|
2020
|
|
|
905,417 |
|
|
Thereafter
|
|
|
1,351,123 |
|
|
|
|
|
|
|
|
|
3,070,588 |
|
|
Less: Original issue
discounts
|
|
|
(5,380 |
) |
|
|
|
|
|
|
|
$ |
3,065,208 |
|
|
|
|
|
|
|