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Financing and Other Debt (Tables)
 9 Months Ended
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, 2021December 31, 2020
Borrowings on Revolving Credit Facility$213,400 $— 
Term loans:
Tranche A Term Loans953,972 873,777 
Tranche B Term Loans1,434,790 1,442,368 
Total term loans2,388,762 2,316,145 
Notes outstanding— 400,000 
Convertible Notes310,000 310,000 
Securitized debt88,327 85,945 
Participation debt1,500 — 
Borrowed federal funds40,000 20,000 
Total gross debt1
$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, 2021December 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 credit1
$51,574 $51,628 
Remaining borrowing capacity on Revolving Credit Facility2
$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, 2021December 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 Notes1
$294,568 $240,887 
Equity component2
$— $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)2021202020212020
Interest on 6.5 percent coupon
$5,038 $4,982 $15,113 $4,982 
Amortization of debt discount and debt issuance costs512 1,674 1,566 1,674 
$5,550 $6,656 $16,679 $6,656