XML 70 R52.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Financing and Other Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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) | 2021 |  | 2020
Revolving line-of-credit facility under Amended and Restated Credit Agreement | $ | 119,800 |  |  | $ | — |
Tranche A term loan | 941,742 |  |  | 873,777 |
Tranche B term loan | 1,431,185 |  |  | 1,442,368 |
Term loans under Amended and Restated Credit Agreement | 2,372,927 |  |  | 2,316,145 |
Notes outstanding | — |  |  | 400,000 |
Convertible Notes outstanding | 310,000 |  |  | 310,000 |
Securitized debt | 100,861 |  |  | 85,945 |
Participation debt | 1,500 |  |  | — |
Borrowed federal funds | — |  |  | 20,000 |
Total gross debt | $ | 2,905,088 |  |  | $ | 3,132,090 |
The following table summarizes the Company’s total outstanding debt by balance sheet classification:
| Year ended December 31,
(In thousands) | 2021 |  | 2020
Current portion of gross debt | $ | 165,703 |  |  | $ | 170,556 |
Less: Unamortized debt issuance costs/debt discount | (9,934) |  |  | (17,826) |
Short-term debt, net | $ | 155,769 |  |  | $ | 152,730 |
Long-term portion of gross debt | $ | 2,739,385 |  |  | $ | 2,961,534 |
Less: Unamortized debt issuance costs/debt discount | (44,020) |  |  | (87,421) |
Long-term debt, net | $ | 2,695,365 |  |  | $ | 2,874,113 |
Supplemental information under Amended and Restated Credit Agreement: |  |  |
Letters of credit 1 | $ | 51,392 |  |  | $ | 51,628 |
Remaining borrowing capacity on revolving credit facility 2 | $ | 758,808 |  |  | $ | 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) |  | December 31, 2021 |  | December 31, 2020
Principal |  | $ | 310,000 |  |  | $ | 310,000 |
Less: Unamortized discounts |  | (12,844) |  |  | (66,755) |
Less: Unamortized issuance cost |  | (2,068) |  |  | (2,358) |
Net carrying amount of Convertible Notes 1 |  | $ | 295,088 |  |  | $ | 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 through December 31, 2020. Additional paid-in capital on the 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:
(In thousands) | Year Ended December 31, 2021 | Year Ended December 31, 2020 |  |
Interest on 6.5% coupon | $ | 20,150 |  | $ | 10,019 |  |  |
Amortization of debt discount and debt issuance costs | 2,086 |  | 3,414 |  |  |
| $ | 22,236 |  | $ | 13,433 |  |  |
Summary of Annual Principal Payments | The table below summarizes the Company’s annual principal payments on its total debt for each of the next five years:
(In thousands) |
2022 | $ | 165,703 |
2023 | $ | 63,342 |
2024 | $ | 63,342 |
2025 | $ | 63,342 |
2026 | $ | 880,275 |

X
- Definition Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount. + References No definition available. + Details
Name: | us-gaap_ConvertibleDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration