XML 26 R15.htm IDEA: XBRL DOCUMENT v3.22.2.2
Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
The Company is party to a $6.4 billion Credit Agreement (the "Credit Agreement"), with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, and a syndicate of financial institutions (the "Lenders"). The Credit Agreement includes term loan A, term loan B, and a revolving credit facility. As noted in footnote 2, the Company is also party to a Securitization Facility.
The balances of the Company’s debt instruments under the Credit Agreement and the Securitization Facility are as follows (in thousands):
September 30, 2022December 31, 2021
Term Loan A note payable, net of discounts and issuance costs$2,974,412 $2,763,162 
Term Loan B note payable, net of discounts and issuance costs1,859,798 1,871,505 
Revolving line of credit facilities905,000 225,000 
Total notes payable and credit agreements5,739,210 4,859,667 
Securitization Facility1,482,000 1,118,000 
Total notes payable, credit agreements and Securitization Facility$7,221,210 $5,977,667 
Current portion$2,476,088 $1,517,628 
Long-term portion4,745,122 4,460,039 
Total notes payable, credit agreements and Securitization Facility$7,221,210 $5,977,667 
On June 24, 2022, the Company entered into the twelfth amendment to the Credit Agreement. The amendment replaced the existing term loan A with a new $3 billion term loan A and the revolving credit facility with a new $1.5 billion revolving credit facility, resulting in net increases of $273 million and $215 million, respectively. The amendment also replaced LIBOR on the term loan A and revolving credit facility with the Secured Overnight Financing Rate ("SOFR"), plus a SOFR adjustment of 0.10% and extended the maturity date for the term loan A and revolving credit facility to June 24, 2027.
On August 18, 2022, the Company entered into the eleventh amendment to the Securitization Facility. The amendment increased the Securitization Facility commitment from $1.6 billion to $1.7 billion, reduced the program fee margin and extended the maturity of the Securitization Facility to August 18, 2025. The Company has unamortized debt issuance costs of $3.5 million and $2.5 million related to the Securitization Facility as of September 30, 2022 and December 31, 2021, respectively, recorded within other assets in the Consolidated Balance Sheets.
The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at September 30, 2022.