Financing and Other Debt (Tables)

3 Months Ended

Mar. 31, 2026

The following tables summarize the Company’s total outstanding debt as of March 31, 2026 and December 31, 2025.


	As of March 31, 2026				As of December 31, 2025
(in millions)	Balance Outstanding		Interest Rate		Balance Outstanding		Interest Rate
Short term debt:
Securitized debt (VIEs)	$	107.9	4.94	%	$	101.4	4.68	%
Participation debt	8.8		5.91	%	65.2		5.94	%
FHLB advances	1,275.0		3.85	%	1,105.0		3.87	%
Borrowed federal funds	185.0		3.75	%	—		—	%

Current portion of long-term debt(5)	54.7		**		54.7		**
Total short term debt, net	$	1,631.4			$	1,326.4

** Provided for the total Credit Agreement borrowings below.


	Balance Outstanding at:
(in millions)	March 31, 2026		December 31, 2025
Long-term debt:
Credit Agreement:

Term A-1 Loans(1)	$	810.0	$	821.3

Term B-2 Loans due April 1, 2028(2)	1,371.0		1,374.4
Term B-3 Loans due March 6, 2032(2)	445.5		446.6
Borrowings on Revolving Credit Facility(1)	515.8		428.4
Total borrowings under the Credit Agreement(3)	3,142.3		3,070.7
Senior Notes due March 15, 2033	550.0		550.0
Total long-term debt(4)	3,692.3		3,620.7
Less total unamortized debt issuance costs/discounts	(31.8)		(33.9)
Less current portion of long-term debt(5)	(54.7)		(54.7)
Long-term debt, net	$	3,605.7	$	3,532.0

(1)Bears interest at variable rates, at the Company’s option, plus an applicable margin determined based on the Company’s consolidated leverage ratio. Outstanding borrowings under the Revolving Credit Facility are classified as long-term given they can be rolled forward with interest rate resets through maturity. Note that the maturity date of each of the Term A-1 Loans and Revolving Credit Facility is the earlier of (i) May 10, 2029 and (ii) the date that is 91 days prior to the maturity of the Term B-2 Loans, as further described in the Credit Agreement.

(2)Bears interest at variable rates, at the Company’s option, plus an applicable margin, which is fixed at 0.75 percent for base rate borrowings and 1.75 percent with respect to Term SOFR borrowings.

(3)As of March 31, 2026 and December 31, 2025, amounts outstanding under the Credit Agreement bore a weighted average effective interest rate of 5.4 percent and 5.5 percent, respectively.

(4)See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk for information regarding the fair value of the Company’s debt.

(5)Current portion of long-term debt as of both March 31, 2026 and December 31, 2025, is net of $8.7 million in unamortized debt issuance costs/discounts.


(in millions)	March 31, 2026		December 31, 2025
Supplemental information under Credit Agreement:
Letters of credit(1)	$	44.6	$	44.5
Remaining borrowing capacity on Revolving Credit Facility(2)	$	1,039.6	$	1,127.1

(1)Primarily collateralizing Corporate Payments processing activity.

(2)Total commitments under the Revolving Credit Facility are $1.6 billion as of both March 31, 2026 and December 31, 2025. Borrowing capacity is contingent on maintaining compliance with the financial covenants as defined in the Company’s Credit Agreement. As of March 31, 2026, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25 percent to 0.45 percent of the daily unused portion of the Revolving Credit Facility determined based on the Company’s consolidated leverage ratio. The quarterly commitment fee in effect as of March 31, 2026 and December 31, 2025, was 0.30 percent.