Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In January 2017, the Company determined that standalone value had been achieved for its Clover terminal devices, principally because a secondary market has been established. The Company will account for the change in accounting estimate on a prospective basis. As such, the Company will recognize revenue on future sales of Clover terminal devices upon delivery, while Clover terminal devices sold prior to January 1, 2017 will continue to be deferred over the term of the respective agreement. Approximately $100 million of the Company’s deferred revenue represents sales of Clover terminal devices which did not have standalone value as of December 31, 2016.

On January 23, 2017, the Company incurred an aggregate principal amount of $1.3 billion in new U.S. dollar denominated term loans maturing on June 2, 2020. The interest rate applicable to the new term loans is either LIBOR plus 2.0% or a base rate plus 1.0%. The Company is required to make quarterly principal payments of 1.25% on the new term loans. The new term loans were utilized to pay down the existing 6.75% senior secured first lien notes. In connection with this transaction, the Company recorded approximately $56 million in loss on debt extinguishment. As of December 31, 2016, the Company was not contractually obligated to pay down the notes and did not utilize current assets as of December 31, 2016 to pay down the 6.75% notes. Thus, the notes were recorded within "Total long-term borrowings" in the consolidated balance sheets.