v3.26.3
Financing and Other Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The following tables summarize the Company’s total outstanding debt as of September 30, 2026 and December 31, 2025.
As of September 30, 2026As of December 31, 2025
(in millions)
Balance OutstandingInterest RateBalance OutstandingInterest Rate
Short term debt:
Securitized debt (VIEs)$118.8 5.21 %$101.4 4.68 %
Participation debt70.0 6.16 %65.2 5.94 %
FHLB advances1,425.0 4.03 %1,105.0 3.87 %
Borrowed federal funds195.0 3.99 %— — %
Current portion of long-term debt(5)
54.7 **54.7 **
Total short term debt, net$1,863.5 $1,326.4 
**    Provided for the total Credit Agreement borrowings below.
Balance Outstanding at:
(in millions)
September 30, 2026December 31, 2025
Long-term debt:
Credit Agreement:
Term A-1 Loans(1)
$787.5 $821.3 
Term B-2 Loans due April 1, 2028(2)
1,364.0 1,374.4 
Term B-3 Loans due March 6, 2032(2)
443.3 446.6 
Borrowings on Revolving Credit Facility(1)
395.0 428.4 
Total borrowings under the Credit Agreement(3)
2,989.7 3,070.7 
6.500% Senior Notes due March 15, 2033
550.0 550.0 
Total long-term debt(4)
3,539.7 3,620.7 
Less total unamortized debt issuance costs/discounts(27.5)(33.9)
Less current portion of long-term debt(5)
(54.7)(54.7)
Long-term debt, net$3,457.6 $3,532.0 
(1)Bears interest at variable rates, at the Company’s option, plus an applicable margin determined based on the Company’s consolidated leverage ratio. Outstanding borrowings under the Revolving Credit Facility are classified as long-term given they can be rolled forward with interest rate resets through maturity. Note that the maturity date of each of the Term A-1 Loans and Revolving Credit Facility is the earlier of (i) May 10, 2029 and (ii) the date that is 91 days prior to the maturity of the Term B-2 Loans, as further described in the Credit Agreement.
(2)Bears interest at variable rates, at the Company’s option, plus an applicable margin, which is fixed at 0.75 percent for base rate borrowings and 1.75 percent with respect to Term SOFR borrowings.
(3)As of September 30, 2026 and December 31, 2025, amounts outstanding under the Credit Agreement bore a weighted average effective interest rate of 5.6 percent and 5.5 percent, respectively.
(4)See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk for information regarding the fair value of the Company’s debt.
(5)Current portion of long-term debt as of both September 30, 2026 and December 31, 2025, is net of $8.7 million in unamortized debt issuance costs/discounts.
(in millions)
September 30, 2026December 31, 2025
Supplemental information under Credit Agreement:
Letters of credit(1)
$44.5 $44.5 
Remaining borrowing capacity on Revolving Credit Facility(2)
$1,160.5 $1,127.1 
(1)Primarily collateralizing Corporate Payments processing activity.
(2)Total commitments under the Revolving Credit Facility are $1.6 billion as of both September 30, 2026 and December 31, 2025. Borrowing capacity is contingent on maintaining compliance with the financial covenants as defined in the Company’s Credit Agreement. As of September 30, 2026, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25 percent to 0.45 percent of the daily unused portion of the Revolving Credit Facility determined based on the Company’s consolidated leverage ratio. The quarterly commitment fee in effect as of September 30, 2026 and December 31, 2025, was 0.25 percent and 0.30 percent, respectively.