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Financing and Other Debt (Tables)

12 Months Ended

Dec. 31, 2020

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 Agreement1	2,316,145		2,380,755
Notes outstanding1	400,000		400,000
Convertible Notes outstanding1	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 credit1	$	51,628	$	51,314
Remaining borrowing capacity on revolving credit facility2	$	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 Notes1	$	240,887

Equity component2	$	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 Available1		Amounts Outstanding	Remaining Funding Capacity	Amounts Available		Amounts Outstanding2		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.