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Financing and Other Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt | The following table summarizes the Company’s total outstanding debt by type as of September 30, 2021 and December 31, 2020.
(In thousands) | September 30, 2021 |  | December 31, 2020
Borrowings on Revolving Credit Facility | $ | 213,400 |  |  | $ | — |
Term loans: |  |  |
Tranche A Term Loans | 953,972 |  |  | 873,777 |
Tranche B Term Loans | 1,434,790 |  |  | 1,442,368 |
Total term loans | 2,388,762 |  |  | 2,316,145 |
Notes outstanding | — |  |  | 400,000 |
Convertible Notes | 310,000 |  |  | 310,000 |
Securitized debt | 88,327 |  |  | 85,945 |
Participation debt | 1,500 |  |  | — |
Borrowed federal funds | 40,000 |  |  | 20,000 |
Total gross debt 1 | $ | 3,041,989 |  |  | $ | 3,132,090 |
1 See Note 12, Fair Value, for more information regarding the fair value of the Company’s debt. The following table summarizes the Company’s total outstanding debt by balance sheet classification:
(In thousands) | September 30, 2021 |  | December 31, 2020
Current portion of gross debt | $ | 193,169 |  |  | $ | 170,556 |
Less: Unamortized debt issuance costs/debt discount | (9,925) |  |  | (17,826) |
Short-term debt, net | $ | 183,244 |  |  | $ | 152,730 |
Long-term portion of gross debt | $ | 2,848,820 |  |  | $ | 2,961,534 |
Less: Unamortized debt issuance costs/debt discount | (46,503) |  |  | (87,421) |
Long-term debt, net | $ | 2,802,317 |  |  | $ | 2,874,113 |
Supplemental information: |  |  |
Letters of credit 1 | $ | 51,574 |  |  | $ | 51,628 |
Remaining borrowing capacity on Revolving Credit Facility 2 | $ | 665,026 |  |  | $ | 818,372 |
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 Amended and Restated Credit Agreement.
Schedule of Convertible Notes | The Convertible Notes consist of the following:
(In thousands) |  | September 30, 2021 |  | December 31, 2020
Principal |  | $ | 310,000 |  |  | $ | 310,000 |
Less: Unamortized discounts |  | (13,292) |  |  | (66,755) |
Less: Unamortized issuance cost |  | (2,140) |  |  | (2,358) |
Net carrying amount of Convertible Notes 1 |  | $ | 294,568 |  |  | $ | 240,887 |
Equity component 2 |  | $ | — |  |  | $ | 54,689 |
1 Recorded within long-term debt, net on our condensed consolidated balance sheet. 2 Represents the proceeds allocated to the conversion option, or debt discount, recorded within additional paid-in capital on the condensed consolidated balance sheet through December 31, 2020. Additional paid-in capital on the condensed consolidated balance sheet through December 31, 2020 was further reduced by $0.6 million of issuance costs and $13.6 million in taxes associated with the equity component. Effective January 1, 2021, the Convertible Notes and its conversion feature were accounted for as a single unit of account. The following table sets forth total interest expense recognized for the Convertible Notes:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Interest on 6.5 percent coupon | $ | 5,038 |  |  | $ | 4,982 |  |  | $ | 15,113 |  |  | $ | 4,982 |
Amortization of debt discount and debt issuance costs | 512 |  |  | 1,674 |  |  | 1,566 |  |  | 1,674 |
| $ | 5,550 |  |  | $ | 6,656 |  |  | $ | 16,679 |  |  | $ | 6,656 |

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