XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.21.2

Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Debt Disclosure [Abstract] |
Summary of Debt Instruments | The Company’s debt instruments consist primarily of term loans, revolving lines of credit and a Securitization Facility as follows (in thousands):
|  | June 30, 2021 |  | December 31, 2020
Term Loan A note payable (a), net of discounts |  | $ | 2,842,618 |  |  | $ | 2,922,042 |
Term Loan B note payable (a), net of discounts |  | 1,136,283 |  |  | 337,347 |
Revolving line of credit A Facility (a) |  | 75,000 |  |  | 280,000 |
Revolving line of credit B Facility (a) |  | — |  |  | 13,650 |
Revolving line of credit B Facility —foreign swing line (a) |  | — |  |  | 50,028 |
Other obligations (c) |  | 24,880 |  |  | 29,556 |
Total notes payable and other obligations |  | $ | 4,078,781 |  |  | $ | 3,632,623 |
Securitization Facility (b) |  | 1,000,000 |  |  | 700,000 |
Total notes payable, credit agreements and Securitization Facility |  | $ | 5,078,781 |  |  | $ | 4,332,623 |
Current portion |  | $ | 1,346,080 |  |  | $ | 1,205,697 |
Long-term portion |  | 3,732,701 |  |  | 3,126,926 |
Total notes payable, credit agreements and Securitization Facility |  | $ | 5,078,781 |  |  | $ | 4,332,623 |
______________________ (a)The Company has a Credit Agreement that 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 $1.150 billion as of June 30, 2021. 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 swing line loans, and (c) a revolving C facility in the amount of $35 million for 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, revolving A or revolving B facility 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. The maturity date for the term loan A and revolving facilities is December 19, 2023. On April 30, 2021, the Company entered into the ninth amendment to the Credit Agreement. The amendment provided for a new seven-year $1.15 billion term loan B. The existing term loan B was paid off with proceeds from the new term loan B. The new term loan B has a maturity date of April 30, 2028, and interest rates remain unchanged. 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 at 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 or the Base Rate plus 0.75% for Base Rate Loans. The Eurocurrency rate has a 0% floor. 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 June 30, 2021, the interest rate on the term loan A was 1.60%, the interest rate on the term loan B was 1.85%, and the interest rate on the revolving A facility was 1.60%. The unused credit facility fee was 0.30% at June 30, 2021. (b)The Company is party to a $1.0 billion 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 1.00% or the Commercial Paper Rate plus 0.90% as of June 30, 2021, and one month LIBOR plus 1.25% or the Commercial Paper Rate plus 1.15% as of December 31, 2020. There is a LIBOR floor of 0% as of June 30, 2021 and a LIBOR floor of 0.38% as of December 31, 2020. The program fee was 0.98% plus 0.11% as of June 30, 2021 and 1.23% plus 0.34% as of December 31, 2020. The unused facility fee is payable at a rate of 0.40% per annum as of June 30, 2021 and December 31, 2020. We have unamortized debt issuance costs of $2.6 million and $1.4 million related to the Securitization Facility as of June 30, 2021 and December 31, 2020, respectively, recorded within other assets in the Unaudited Consolidated Balance Sheets. On March 29, 2021, the Company entered into the eighth amendment to the Securitization Facility. The amendment included a new three year maturity date, reduced the LIBOR floor to 0 bps, improved margins, and increased the swing line from $100 million to $250 million. The maturity date for the Company's Securitization Facility is March 29, 2024. (c)Other obligations includes the long-term portion of deferred payments associated with business acquisitions and deferred revenue.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration