DEBT (Tables)

12 Months Ended

Dec. 31, 2019

DEBT

Schedule of debt

	December 31,		December 31,
Description	2019		2018		Maturity	Interest Rate
	(Dollars in millions)
Long-term and other debt:
2017 revolving line of credit	$	—	$	740.0	December 2022	(1)
2017 term loans		2,028.8		2,938.1	December 2022	(2)
BrandLoyalty credit agreement		—		183.7	June 2020	(3)
Senior notes due 2021		—		500.0
Senior notes due 2022		—		600.0
Senior notes due 2022 (€400.0 million)		—		458.8
Senior notes due 2023 (€300.0 million)		—		344.1
Senior notes due 2024		850.0		—	December 2024	4.750%
Total long-term and other debt		2,878.8		5,764.7
Less: Unamortized debt issuance costs		28.9		39.3
Less: Current portion		101.4		138.9
Long-term portion	$	2,748.5	$	5,586.5
Deposits:
Certificates of deposit	$	8,585.2	$	8,395.1	Various – Jan 2020 to Dec 2024	1.33% to 4.00%
Money market deposits		3,589.8		3,424.3	Non-maturity	(4)
Total deposits		12,175.0		11,819.4
Less: Unamortized debt issuance costs		23.3		25.7
Less: Current portion		6,942.4		6,537.7
Long-term portion	$	5,209.3	$	5,256.0
Non-recourse borrowings of consolidated securitization entities:
Fixed rate asset-backed term note securities	$	4,891.0	$	4,893.3	Various – May 2020 to Sep 2022	2.03% to 3.95%
Conduit asset-backed securities		2,405.0		2,770.0	Various – Sep 2020 to Apr 2021	(5)
Total non-recourse borrowings of consolidated securitization entities		7,296.0		7,663.3
Less: Unamortized debt issuance costs		12.0		11.6
Less: Current portion		3,030.8		2,717.6
Long-term portion	$	4,253.2	$	4,934.1

(1) The interest rate is based upon the London Interbank Offered Rate (“LIBOR”) plus an applicable margin. At December 31, 2018, the weighted average interest rate for the revolving line of credit was 4.22%.

(2) The interest rate is based upon the London Interbank Offered Rate (“LIBOR”) plus an applicable margin. The weighted average interest rate for the term loans was 3.30% and 4.27% at December 31, 2019 and 2018, respectively.

(3) The interest rate is based upon the Euro Interbank Offered Rate plus an applicable margin. At December 31, 2018, the weighted average interest rate was 1.22% and 1.65% for the BrandLoyalty revolving line of credit and term loans, respectively.

(4) The interest rates are based on the Federal Funds rate plus an applicable margin. At December 31, 2019, the interest rates ranged from 1.84% to 3.50%. At December 31, 2018, the interest rates ranged from 1.90% to 2.71%.

(5) The interest rate is based upon LIBOR or the asset-backed commercial paper costs of each individual conduit provider plus an applicable margin. At December 31, 2019, the interest rates ranged from 2.79% to 2.96%. At December 31, 2018, the interest rates ranged from 3.48% to 3.79%.

Schedule of maturity of debt

The future principal payments for the Company’s debt as of December 31, 2019 are as follows:

					Non-Recourse
					Borrowings of
	Long-Term				Consolidated
	and				Securitization
Year	Other Debt		Deposits		Entities
	(in millions)
2020	$	101.4	$	6,944.8	$	3,032.2
2021		101.4		2,193.9		2,692.1
2022		1,826.0		1,574.0		1,571.7
2023		—		935.0		—
2024		850.0		527.3		—
Thereafter		—		—		—
Total maturities		2,878.8		12,175.0		7,296.0
Unamortized debt issuance costs		(28.9)		(23.3)		(12.0)
	$	2,849.9	$	12,151.7	$	7,284.0