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)20212020
Revolving line-of-credit facility under Amended and Restated Credit Agreement$119,800 $— 
   Tranche A term loan941,742 873,777 
   Tranche B term loan1,431,185 1,442,368 
Term loans under Amended and Restated Credit Agreement2,372,927 2,316,145 
Notes outstanding— 400,000 
Convertible Notes outstanding310,000 310,000 
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)20212020
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 credit1
$51,392 $51,628 
Remaining borrowing capacity on revolving credit facility2
$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, 2021December 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 Notes1
$295,088 $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 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, 2021Year Ended December 31, 2020
Interest on 6.5% coupon
$20,150 $10,019 
Amortization of debt discount and debt issuance costs2,086 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