Debt (Tables)

6 Months Ended

Jun. 30, 2020

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


	June 30, 2020		December 31, 2019
Term Loan A note payable (a), net of discounts	$	3,001,432	$	3,080,789
Term Loan B note payable (a), net of discounts	338,914		340,481
Revolving line of credit A Facility(a)	220,000		325,000
Revolving line of credit B Facility(a)	164,366		225,477

Revolving line of credit A Facility - domestic swing line (a)	35,000		—
Revolving line of credit B Facility - foreign swing line (a)	9,862		52,038
Other debt(c)	24,067		42,027
Total notes payable and other obligations	3,793,641		4,065,812
Securitization Facility(b)	654,000		970,973
Total notes payable, credit agreements and Securitization Facility	$	4,447,641	$	5,036,785
Current portion	$	1,245,178	$	1,746,838
Long-term portion	3,202,463		3,289,947
Total notes payable, credit agreements and Securitization Facility	$	4,447,641	$	5,036,785

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(a)The Company has a Credit Agreement that provides for senior secured credit facilities (collectively, the "Credit Facility") consisting of a revolving credit facility in the amount of $1.535 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 June 30, 2020. 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, (c) a revolving C facility in the amount of $35 million for borrowings in U.S. dollars, Australian dollars or New Zealand dollars, and (d) a revolving D facility in the amount of $250 million for borrowings in U.S. dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term loan A, term loan B, revolving A or revolving B facility 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 April 24, 2020, the Company entered into the eighth amendment to the Credit Agreement to add a $250 million revolving D facility. The maturity date for the term loan A and revolving credit facilities A, B and C is December 19, 2023. The revolving D facility maturity date is April 23, 2021. 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 and the revolving D facility) 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 1.75% for Eurocurrency Loans or the Base Rate plus 0.75% for Base Rate Loans. Interest on the revolving D facility accrues based on the Eurocurrency Rate plus a margin of 2.25% through July 23, 2020, 2.75% from July 24, 2020 through October 21, 2020, 3.25% from October 22, 2020 through January 19, 2021 and 3.75% thereafter, or at our option, the Base Rate plus a margin of 1.25% through July 23, 2020, 1.75% from July 24, 2020 through October 21, 2020, 2.25% from October 22, 2020 through January 19, 2021 and 2.75% thereafter. The Eurocurrency rate has a 0% floor for term loans and revolving A, B and C facility loans and a floor of 1% for the revolving D facility. 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 (excluding the revolving D facility) and a fixed rate per annum of 0.375% of the daily unused portion of the revolving D facility. At June 30, 2020, the interest rate on the term loan A was 1.68%, the interest rate on the term loan B was 1.93%, the interest rate on the revolving A facility was 1.68%, and the interest rate on the revolving B facility was 1.68% for USD borrowings and 1.59% for GBP borrowings. The unused credit facility fee was 0.30% for revolving A, B and C facilities and 0.375% for the revolving D facility at June 30, 2020.

(b)The Company is party to a $1.0 billion Securitization Facility. On April 24, 2020, the Company reduced the Securitization Facility commitment from $1.2 billion to $1.0 billion. There is a program fee equal to one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80% as of June 30, 2020 and December 31, 2019. The

program fee was 0.26% plus 0.88% as of June 30, 2020 and 1.80% plus 0.88% as of December 31, 2019. The unused facility fee is payable at a rate of 0.40% per annum as of June 30, 2020 and December 31, 2019. We have unamortized debt issuance costs of $0.3 million and $0.7 million related to the Securitization Facility as of June 30, 2020 and December 31, 2019, respectively, recorded within other assets in the Unaudited Consolidated Balance Sheet. (c)Other debt includes the long-term portion of deferred payments associated with business acquisitions and deferred revenue.