Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Summary of Debt Instruments

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

	March 31, 2015		December 31, 2014
Term note payable—domestic(a)	$	2,235,613	$	2,261,005
Revolving line of credit A Facility—domestic(a)		505,000		595,000
Revolving line of credit A Facility—foreign(a)		20,398		53,204
Revolving line of credit A Facility—swing line(a)		30,130		—
Other debt(c)		5,671		9,508
Total notes payable and other obligations		2,796,812		2,918,717
Securitization Facility(b)		679,000		675,000
Total notes payable, credit agreements and Securitization Facility	$	3,475,812	$	3,593,717
Current portion	$	1,336,108	$	1,424,764
Long-term portion		2,139,704		2,168,953
Total notes payable, credit agreements and Securitization Facility	$	3,475,812	$	3,593,717

(a) On October 24, 2014, the Company entered into a new $3.355 billion Credit Agreement, which provides for senior secured credit facilities consisting of (a) a revolving A credit facility in the amount of $1.0 billion, with sublimits for letters of credit, swing line loans and multicurrency borrowings, (b) a revolving B facility in the amount of $35 million for loans in Australian Dollars or New Zealand Dollars, (c) a term loan A facility in the amount of $2.02 billion and (d) a term loan B facility in the amount $300 million. The Credit Agreement also contains an accordion feature for borrowing an additional $500 million in term A or revolver A and term B. Interest on amounts outstanding under the Credit Agreement (other than the term loan B 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 is payable quarterly in arrears. Interest on the term loan B facility accrues based on the Eurocurrency Rate or the Base Rate, as described above, except that the applicable margin is fixed at 3% for Eurocurency Loans and at 2% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.20% to 0.40% of the daily unused portion of the credit facility. The stated maturity date for the term loan A, revolving loans, and letters of credit under the New Credit Agreement is November 14, 2019 and November 14, 2021 for the term loan B. The Company has unamortized debt discounts of $7.1 million related to the term A facility and $1.4 million related to the term B facility at March 31, 2015.

(b) The Company is party to a $1.2 billion receivables purchase agreement (Securitization Facility) that was amended and restated for the fifth time on November 14, 2014 in connection with the Comdata acquisition. There is a program fee equal to one month LIBOR and the Commercial Paper Rate of 0.20% plus 0.90% and 0.18% plus 0.90% as of March 31, 2015 and December 31, 2014, respectively. The unused facility fee is payable at a rate of 0.40% per annum as of March 31, 2015 and December 31, 2014.

(c) Other debt includes other deferred liabilities associated with certain of our businesses and is recorded within notes payable and other obligations, less current portion in the consolidated Balance Sheets.