Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of debt instruments

Debt, net of unamortized original issue premiums and unamortized debt issuance costs, consists of the following:

	December 31,
	2021		2020
Accounts receivable securitization facility expiring 2022 (1)	$	843	$	634
$3.75 billion ABL facility expiring 2024 (1)	1,029		977
Term loan facility expiring 2025 (1)	962		971
5 7/8 percent Senior Notes due 2026 (2)	—		999
5 1/2 percent Senior Notes due 2027	995		994
3 7/8 percent Senior Secured Notes due 2027	743		742
4 7/8 percent Senior Notes due 2028 (3)	1,656		1,654
4 7/8 percent Senior Notes due 2028 (3)	4		4
5 1/4 percent Senior Notes due 2030	743		742
4 percent Senior Notes due 2030	743		742
3 7/8 percent Senior Notes due 2031	1,089		1,088
3 3/4 percent Senior Notes due 2032 (4)	743		—
Finance leases	135		135
Total debt	9,685		9,682
Less short-term portion	(906)		(704)
Total long-term debt	$	8,779	$	8,978

(1)    The table below presents financial information associated with our variable rate indebtedness as of and for the year ended December 31, 2021. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.

	ABL facility			Accounts receivable securitization facility			Term loan facility
Borrowing capacity, net of letters of credit	$	2,650		$	57		$	—
Letters of credit	64
Interest rate at December 31, 2021	1.4		%	0.9		%	1.9		%
Average month-end debt outstanding	1,032			736			973
Weighted-average interest rate on average debt outstanding	1.3		%	1.0		%	1.9		%
Maximum month-end debt outstanding	1,672			872			978

The maximum outstanding debt under the ABL facility exceeded the average outstanding debt primarily due to the use of borrowings under the ABL facility to fund most of the cost of the General Finance acquisition discussed in note 4 to the consolidated financial statements.

(2)    URNA redeemed all of its 5 7/8 percent Senior Notes in August 2021. Upon redemption, we recognized a loss of $30 in interest expense, net, reflecting the difference between the net carrying amount and the total purchase price of the redeemed notes.     

(3)    URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, we consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent Senior Notes issued in August 2017.

(4)    In August 2021, URNA issued $750 aggregate principal amount of 3 3/4 percent Senior Notes due 2032. See below for additional detail on the issued debt.

Schedule of the maturities of debt

Debt maturities (exclusive of any unamortized original issue premiums and unamortized debt issuance costs) for each of the next five years and thereafter at December 31, 2021 are as follows:

2022	$	906
2023	52
2024	1,070
2025	949
2026	2
Thereafter	6,775
Total	$	9,754