Debt (Tables)

9 Months Ended

Sep. 30, 2019

The Company’s debt instruments consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands):



	September 30, 2019		December 31, 2018
Term Loan A note payable (a), net of discounts	$	3,120,455	$	2,515,519
Term Loan B note payable (a), net of discounts	341,706		344,180
Revolving line of credit A Facility(a)	—		655,000
Revolving line of credit B Facility(a)	—		345,446
Revolving line of credit C Facility(a)	—		35,000
Other debt(c)	18,533		37,902
Total notes payable and other obligations	3,480,694		3,933,047
Securitization Facility(b)	992,000		886,000
Total notes payable, credit agreements and Securitization Facility	$	4,472,694	$	4,819,047
Current portion	$	1,165,214	$	2,070,616
Long-term portion	3,307,480		2,748,431
Total notes payable, credit agreements and Securitization Facility	$	4,472,694	$	4,819,047

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(a)	The Company has a Credit Agreement that provides for senior secured credit facilities consisting (collectively, the "Credit Facility") of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of

$3.225 billion and a term loan B facility in the amount of $350 million as of September 30, 2019. The revolving credit facility consists of (a) a revolving A credit facility in the amount of $800 million, with sublimits for letters of credit and swing line loans, (b) a revolving B facility in the amount of $450 million with borrowings in U.S. Dollars, Euros, British Pounds, Japanese Yen or other currency as agreed in advance, and a sublimit for swing line loans, and (c) a revolving C facility in the amount of $35 million for borrowings in U.S. Dollars, Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolver A or revolver B debt and an unlimited amount when the leverage ratio on a pro-forma basis is less than 3.00 to 1.00. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. On August 2, 2019, the Company entered into the sixth amendment to the Credit Agreement, which included an incremental term loan A in the amount of $700 million and changes to the consolidated leverage ratio definition and negative covenant related to indebtedness. The maturity date for the term loan A and revolving credit facilities is December 19, 2023. The maturity date for the term loan B is August 2, 2024.

Interest on amounts outstanding under the Credit Agreement (other than the term loan B) accrues based on the British Bankers Association LIBOR Rate (the "Eurocurrency Rate"), plus a margin based on a leverage ratio, or our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00%) plus a margin based on a leverage ratio. Interest on the term loan B facility accrues based on the Eurocurrency Rate plus 2.00% for Eurocurrency Loans or the Base Rate plus 1.00% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25% to 0.35% of the daily unused portion of the Credit Facility.

At September 30, 2019, the interest rate on the term loan A was 3.54% and the interest rate on the term loan B was 4.04%. The unused credit facility fee was 0.30% for all revolving facilities at September 30, 2019.

(b)

The Company is party to a $1.2 billion Securitization Facility that was amended on February 8, 2019 and April 22, 2019. There is a program fee equal to one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80%. The program fee was 2.06% plus 0.88% as of September 30, 2019 and 2.52% plus 0.89% as of December 31, 2018. The unused facility fee is payable at a rate of 0.40% per annum as of September 30, 2019 and December 31, 2018.

(c)

Other debt includes deferred payments associated with business acquisitions.