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Financing and Other Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt | The following table summarizes the Company’s total outstanding debt by type:
| Year ended December 31,
(In thousands) | 2020 |  | 2019
Tranche A term loan | 873,777 |  |  | 923,707 |
Tranche B term loan | 1,442,368 |  |  | 1,457,048 |
Term loans under 2016 Credit Agreement 1 | 2,316,145 |  |  | 2,380,755 |
Notes outstanding 1 | 400,000 |  |  | 400,000 |
Convertible Notes outstanding 1 | 310,000 |  |  | — |
Securitized debt | 85,945 |  |  | 104,261 |
Participation debt | — |  |  | 50,000 |
Borrowed federal funds | 20,000 |  |  | 34,998 |
WEX Latin America debt | — |  |  | 2,660 |
Total gross debt | $ | 3,132,090 |  |  | $ | 2,972,674 |
1 See Note 19, Fair Value, for more information regarding the Company’s 2016 Credit Agreement, Notes and Convertible Notes. The following table summarizes the Company’s total outstanding debt by balance sheet classification:
| Year ended December 31,
(In thousands) | 2020 |  | 2019
Current portion of gross debt | $ | 170,556 |  |  | $ | 256,529 |
Less: Unamortized debt issuance costs/debt discount | (17,826) |  |  | (7,998) |
Short-term debt, net | $ | 152,730 |  |  | $ | 248,531 |
Long-term portion of gross debt | $ | 2,961,534 |  |  | $ | 2,716,145 |
Less: Unamortized debt issuance costs/debt discount | (87,421) |  |  | (29,632) |
Long-term debt, net | $ | 2,874,113 |  |  | $ | 2,686,513 |
Supplemental information under 2016 Credit Agreement: |  |  |
Letters of credit 1 | $ | 51,628 |  |  | $ | 51,314 |
Remaining borrowing capacity on revolving credit facility 2 | $ | 818,372 |  |  | $ | 768,686 |
1 Collateral for lease agreements, virtual card and fuel payment processing activity at the Company’s foreign subsidiaries. 2 Contingent on maintaining compliance with the financial covenants as defined in the Company’s 2016 Credit Agreement.
Schedule of Convertible Notes | The Convertible Notes consist of the following:
(In thousands) |  | December 31, 2020
Principal |  | $ | 310,000 |
Less: Unamortized discounts |  | (66,755) |
Less: Unamortized issuance cost |  | (2,358) |
Net carrying amount of Convertible Notes 1 |  | $ | 240,887 |
Equity component 2 |  | $ | 54,689 |
1 Recorded within long-term debt, net on our consolidated balance sheet. 2 Represents the proceeds allocated to the conversion option, or debt discount, recorded within additional paid-in capital on the consolidated balance sheet. Additional paid-in capital on the consolidated balance sheet is further reduced by $0.6 million of issuance costs and $13.6 million in taxes associated with the equity component. The following table sets forth total interest expense recognized for the Convertible Notes:
(In thousands) | Year Ended December 31, 2020 |  |
Interest on 6.5% coupon | $ | 10,019 |  |  |
Amortization of debt discount and debt issuance costs | 3,414 |  |  |
| $ | 13,433 |  |  |
Schedule of Amounts Outstanding Under Participation Debt Agreements in Place | The following table provides the amounts outstanding under the participation debt agreements in place:
|  | December 31, 2020 |  | December 31, 2019
(In thousands) |  | Amounts Available 1 |  | Amounts Outstanding |  | Remaining Funding Capacity |  | Amounts Available |  | Amounts Outstanding 2 |  | Remaining Funding Capacity
Participation debt |  | $ | 60,000 |  |  | — |  |  | 60,000 |  |  | $ | 80,000 |  |  | 50,000 |  |  | $ | 30,000 |
Average interest rate on participation debt outstanding |  |  |  | Not applicable |  |  |  |  |  | 4.17 | % |  |
1 Amounts available includes up to $60 million under an agreement that terminates on December 31, 2021. 2 Amounts outstanding are recorded in short-term debt, net.
Summary of Annual Principal Payments | The table(1) below summarizes the Company’s annual principal payments on its total debt for each of the next five years:
2021 | $ | 170,556 |
2022 | $ | 64,611 |
2023 | $ | 1,188,598 |
2024 | $ | 14,681 |
2025 | $ | 14,681 |
(1) Table is based on contractual maturities and, therefore, unadjusted for the Company's intention to early redeem its Notes during March 2021, as discussed further in Note 28, Subsequent Events.

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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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