Financing and Other Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following tables summarize the Company’s total outstanding debt as of June 30, 2023 and December 31, 2022.

	As of June 30, 2023				As of December 31, 2022
(In millions)	Balance Outstanding		Interest Rate		Balance Outstanding		Interest Rate
Short term debt:
Securitized debt	$	95.9	5.36	%	$	110.6	3.83	%
Participation debt	53.9		7.48	%	39.0		6.64	%
Borrowed federal funds	520.2		5.39	%	—		—	%
Current portion of long-term debt (net of $10.3 million in unamortized debt issuance costs/discounts)	53.0		**		53.1		**
Total short term debt, net	$	723.0			$	202.6

** Provided for the total Amended and Restated Credit Agreement borrowings below.

	Balance Outstanding at:
(In millions)	June 30, 2023		December 31, 2022
Long-term debt:
Amended and Restated Credit Agreement:
Tranche A Term Loans due April 20261	$	868.4	$	892.8
Tranche B Term Loans due April 20282	1,409.5		1,416.8
Borrowings on Revolving Credit Facility due April 20261	4.0		—
Total borrowings under the Amended and Restated Credit Agreement3	2,281.9		2,309.6
6.5% Convertible Notes due July 2027	310.0		310.0
Total long-term debt4	2,591.9		2,619.6
Less total unamortized debt issuance costs/discounts	(39.8)		(44.3)
Less current portion of long-term debt (net of 10.3 million in unamortized debt issuance costs/discounts)	(53.0)		(53.1)
Long-term debt, net	$	2,499.1	$	2,522.2

1 Bears interest at variable rates, at the Company’s option, plus an applicable margin determined based on the Company’s consolidated leverage ratio. Borrowings under the Revolving Credit Facility are classified as long-term given they can generally be rolled forward with interest rate resets through maturity.

2 Bears interest at variable rates, at the Company’s option, plus an applicable margin, which is fixed at 1.25 percent for base rate borrowings and 2.25 percent with respect to Term SOFR borrowings.

3 As of June 30, 2023 and December 31, 2022, amounts outstanding under the Amended and Restated Credit Agreement bore a weighted average effective interest rate of 7.3 percent and 6.4 percent, respectively. The Company maintains interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. See Note 8, Derivative Instruments for further discussion.

4 See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk for information regarding the fair value of the Company’s debt.

(In millions)	June 30, 2023		December 31, 2022
Supplemental information under Amended and Restated Credit Agreement:
Letters of credit1	$	33.1	$	31.1
Remaining borrowing capacity on Revolving Credit Facility2	$	892.9	$	898.9

1 Primarily collateralizing Corporate Payments processing activity.

2 Contingent on maintaining compliance with the financial covenants as defined in the Company’s Amended and Restated Credit Agreement. The Company pays a quarterly commitment fee at a rate per annum ranging from 0.25 percent to 0.50 percent of the daily unused portion of the Revolving Credit Facility (which was 0.30 percent at both June 30, 2023 and December 31, 2022) determined based on the Company’s consolidated leverage ratio.

Schedule of Convertible Notes

The following table sets forth total interest expense recognized for the Convertible Notes:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Interest on 6.5 percent coupon	$	5.0	$	5.0	$	10.1	$	10.1
Amortization of debt discount and debt issuance costs	0.6		0.6		1.2		1.1
	$	5.6	$	5.6	$	11.3	$	11.2