Debt (Tables)

6 Months Ended

Jun. 30, 2019

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



	June 30, 2019		December 31, 2018
Term Loan A note payable (a), net of discounts	$	2,453,464	$	2,515,519
Term Loan B note payable (a), net of discounts	342,512		344,180
Revolving line of credit A Facility(a)	395,000		655,000
Revolving line of credit B Facility(a)	344,656		345,446
Revolving line of credit C Facility(a)	35,000		35,000
Revolving line of credit B Facility - foreign swing line (a)	33,622		—
Other debt(c)	30,514		37,902
Total notes payable and other obligations	3,634,768		3,933,047
Securitization Facility(b)	974,000		886,000
Total notes payable, credit agreements and Securitization Facility	$	4,608,768	$	4,819,047
Current portion	$	1,932,394	$	2,070,616
Long-term portion	2,676,374		2,748,431
Total notes payable, credit agreements and Securitization Facility	$	4,608,768	$	4,819,047

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(a)

The Company has a Credit Agreement that provides for senior secured credit facilities consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $2.525 billion and a term loan B facility in the amount of $350 million as of June 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 A, term B, revolver A or revolver B debt. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. The maturity date for the term A loan and revolving credit facilities is December 19, 2023. The maturity date for the term B loan is August 2, 2024.

Interest on amounts outstanding under the Credit Agreement (other than the term B loan) 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 B loan 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 0.20% to 0.40% of the daily unused portion of the credit facility.

At June 30, 2019, the interest rate on the term A loan, revolving A facility and revolving C facility was 3.90%, the interest rate on the the revolving B facility U.S. Dollar borrowings ($45 million) was 3.94%, the interest rate on the revolving B facility British Pounds borrowings (£236 million) was 2.23%, the interest rate on the term B loan was 4.40% and the interest rate on the foreign swing line loan was 2.17%. The unused credit facility fee was 0.30% for all revolving facilities at June 30, 2019.

(b)

The Company is party to a $1.2 billion receivables purchase agreement (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 2.42% plus 0.88% as of June 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 June 30, 2019 and December 31, 2018.

(c)

Other debt includes the long-term portion of deferred payments associated with business acquisitions.