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Financing and Other Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table summarizes the Company’s total outstanding debt by type:

(In thousands)	June 30, 2019				December 31, 2018
Tranche A term loan	948,673				423,637
Tranche B term loan	1,464,388				1,321,447
Term loans under 2016 Credit Agreement(a)	2,413,061				1,745,084
Notes outstanding(a)	400,000				400,000
Securitized debt	105,115				106,872
Participation debt	57,499				114,849
WEX Latin America debt	4,554				16,242
Total gross debt	$	2,980,229			$	2,383,047

^(a) See Note 11, Fair Value, for more information regarding the Company’s 2016 Credit Agreement and Notes.

The following table summarizes the Company’s total outstanding debt by balance sheet classification:

(In thousands)	June 30, 2019				December 31, 2018
Current portion of gross debt	$	181,779			$	223,241
Less: Unamortized debt issuance costs	(8,152		)		(6,724		)
Short-term debt, net	$	173,627			$	216,517
Long-term gross debt	$	2,798,450			$	2,159,806
Less: Unamortized debt issuance costs	(33,650		)		(25,883		)
Long-term debt, net	$	2,764,800			$	2,133,923
Supplemental information under 2016 Credit Agreement:
Letters of credit(b)	$	50,474			$	53,514
Borrowing capacity on revolving credit facility(c)	$	719,526			$	666,486

^(b) Collateral for lease agreements, virtual card and fuel payment processing activity at the Company’s foreign subsidiaries.

^(c) Contingent on maintaining compliance with the financial covenants as defined in the Company’s 2016 Credit Agreement.

Schedule of Amounts Outstanding Under Participation Debt Agreements in Place

The following table provides the amounts outstanding under the participation debt agreements in place:

		June 30, 2019												December 31, 2018
(In thousands)		Amounts Available				Amounts Outstanding				Remaining Funding Capacity				Amounts Available				Amounts Outstanding				Remaining Funding Capacity
Short-term debt, net(a)		$	130,000			$	7,499			$	122,501			$	130,000			$	64,849			$	65,151
Long-term debt, net(b)		50,000				50,000				—				50,000				50,000				—
		$	180,000			$	57,499			$	122,501			$	180,000			$	114,849			$	65,151
Average interest rate						4.67		%										4.30		%

^(a) Amounts outstanding under an agreement terminating on December 27, 2019.

^(b) Amounts outstanding under an agreement terminating on August 31, 2020.

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