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Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Summary of Debt Instruments | The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands):
|  | 2020 |  | 2019
Term Loan A note payable (a), net of discounts |  | $ | 2,922,042 |  |  | $ | 3,080,789 |
Term Loan B note payable (a), net of discounts |  | 337,347 |  |  | 340,481 |
Revolving line of credit A Facility(a) |  | 280,000 |  |  | 325,000 |
Revolving line of credit B Facility(a) |  | 13,650 |  |  | 225,477 |
Revolving line of credit B Facility —foreign swing line(a) |  | 50,028 |  |  | 52,038 |
Other obligations(c) |  | 29,556 |  |  | 42,027 |
Total notes payable, credit agreements, and other obligations |  | 3,632,623 |  |  | 4,065,812 |
Securitization Facility(b) |  | 700,000 |  |  | 970,973 |
Total debt |  | $ | 4,332,623 |  |  | $ | 5,036,785 |
Current portion |  | $ | 1,205,697 |  |  | $ | 1,746,838 |
Long-term portion |  | 3,126,926 |  |  | 3,289,947 |
Total debt |  | $ | 4,332,623 |  |  | $ | 5,036,785 |
_____________________ (a)The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $3.225 billion and a term loan B facility in the amount of $350 million as of December 31, 2020. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $800 million with sublimits for letters of credit and swing line loans, (b) a revolving B facility in the amount of $450 million with borrowings in U.S. Dollars, Euros, British Pounds, Japanese Yen or other currency as agreed in advance and a sublimit for foreign swing line loans and, (c) a revolving C facility in the amount of $35 million with borrowings in U.S. Dollars, Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolver A or revolver B debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. On April 24, 2020, the Company entered into the eighth amendment to the Credit Agreement to add a $250 million revolving D facility. On August 20, 2020, the Company terminated the revolving D facility. The maturity date for the term loan A and revolving credit facilities A, B and C is December 19, 2023. The maturity date for the term loan B is August 2, 2024. Interest on amounts outstanding under the Credit Agreement (other than the term loan B) accrues based on the British Bankers Association LIBOR Rate (the Eurocurrency Rate), plus a margin based on a leverage ratio, or our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00%) plus a margin based on a leverage ratio. Interest on the term loan B facility accrues based on the Eurocurrency Rate plus 1.75% for Eurocurrency Loans and at the Base Rate plus 0.75% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the credit facility. At December 31, 2020, the interest rate on the term loan A and revolving A facility was 1.65%, the interest rate on the revolving B facility GBP Borrowings was 1.52%, the interest rate on the term loan B was 1.90% and the interest rate on the foreign swing line was 1.53%. The unused credit facility fee was 0.30% for all revolving facilities at December 31, 2020. The term loans are payable in quarterly installments due on the last business day of each March, June, September, and December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of credit are repayable at the option of one, two, three or six months after borrowing, depending on the term of the borrowing on the facility. Borrowings on the foreign swing line of credit are due no later than twenty business days after such loan is made. The Company has unamortized debt issuance costs of $5.0 million related to the revolving credit facility at December 31, 2020. The Company has unamortized debt discounts of $5.4 million related to the term A facility and $0.4 million related to the term B facility and deferred financing costs of $1.3 million related to the term A facility and $0.9 million related to the term B facility at December 31, 2020. The effective interest rate incurred on term loans was 2.30% during 2020 related to the discount on debt. Principal payments of $164.8 million were made on the term loans during 2020. (b)The Company is party to a $1 billion receivables purchase agreement (Securitization Facility). On April 24, 2020, the Company reduced the Securitization Facility commitment from $1.2 billion to $1.0 billion. There is a program fee equal to one month LIBOR plus 1.25% or the Commercial Paper Rate plus 1.15% as of December 31, 2020 and one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80% as December 31, 2019. There is a LIBOR floor of 0.375% as of December 31, 2020 and no LIBOR floor as of December 31, 2019. The program fee was 0.34% plus 1.23% as of December 31, 2020 and 1.80% plus 0.88% as of December 31, 2019. The unused facility fee is payable at a rate of 0.40% as of December 31, 2020 and 2019. The Company has unamortized debt issuance costs of $1.4 million and $0.7 million related to the Securitization Facility as of December 31, 2020 and December 31, 2019, respectively, recorded in other assets within the Consolidated Balance Sheets. On November 13, 2020, the Company entered into the seventh amendment to the Securitization Facility. This amendment extended the Securitization Facility termination date to November 12, 2021, added an uncommitted accordion to increase the purchase limit by up to $500 million, revised obligor concentration limits and reserve calculations, added a 0.375% LIBOR floor and modified certain swing line terms. In addition, the program fee for LIBOR borrowings increased from 0.90% to 1.25% and the program fee for Commercial Paper Rate borrowings increased from 0.80% to 1.15%. The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things. (c)Other debt includes the long-term portion of deferred payments associated with business acquisitions and deferred revenue.
Summary of Contractual Maturities of Notes Payable and Other Obligations | The contractual maturities of the Company’s total debt at December 31, 2020 are as follows (in thousands):
2021 |  | $ | 1,205,697 |
2022 |  | 191,713 |
2023 |  | 2,607,293 |
2024 |  | 327,920 |
2025 |  | — |
Thereafter |  | — |

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