Debt (Tables)

9 Months Ended

Sep. 30, 2022

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


	September 30, 2022		December 31, 2021
Repurchase facility expiring 2023 (1)	$	100	$	—
Accounts Receivable Securitization Facility expiring 2024 (1) (2)	1,096		843
Term loan facility expiring 2025 (1)	956		962
$4.25 billion ABL Facility expiring 2027 (1) (3)	1,409		1,029


5 1/2 percent Senior Notes due 2027 (4)	498		995
3 7/8 percent Senior Secured Notes due 2027	744		743
4 7/8 percent Senior Notes due 2028 (5)	1,662		1,660

5 1/4 percent Senior Notes due 2030	744		743
4 percent Senior Notes due 2030	743		743
3 7/8 percent Senior Notes due 2031	1,090		1,089
3 3/4 percent Senior Notes due 2032	743		743

Finance leases	125		135




Total debt	9,910		9,685
Less short-term portion (6)	(156)		(906)
Total long-term debt	$	9,754	$	8,779

___________________

(1)The table below presents financial information associated with our variable rate indebtedness as of and for the nine months ended September 30, 2022. The repurchase facility is discussed further below (see "Repurchase Facility"). There is no borrowing capacity under this repurchase facility because it is an uncommitted facility. 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			Repurchase facility
Borrowing capacity, net of letters of credit	$	2,764		$	3		$	—
Letters of credit	66
Interest rate at September 30, 2022	4.2		%	3.4		%	4.9		%	3.8	%
Average month-end debt outstanding	1,152			946			964			75
Weighted-average interest rate on average debt outstanding	2.7		%	2.1		%	3.1		%	3.4	%
Maximum month-end debt outstanding	1,621			1,097			968			100

(2)In June 2022, the accounts receivable securitization facility was amended, primarily to increase the facility size, extend the maturity date and transition to an interest rate based on the Secured Overnight Financing Rate ("SOFR"). The size of the facility, which expires on June 24, 2024, was increased to $1.1 billion. The facility may be extended on a 364-day basis by mutual agreement with the purchasers under the facility. See below ("Repurchase Facility") for a discussion of the uncommitted repurchase facility that URNA entered into in connection with the accounts receivable securitization facility amendment. Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of September 30, 2022, there were $1.336 billion of receivables, net of applicable reserves and other deductions, in the collateral pool.

(3)In June 2022, the ABL facility was amended, primarily to increase the facility size, extend the maturity date and transition to a SOFR-based interest rate. The size of the facility, which expires on June 30, 2027, was increased to $4.25 billion.

(4)In May 2022, URNA redeemed $500 principal amount of its 5 1/2 percent Senior Notes. Upon redemption, we recognized a loss of $16, which reflected the difference between the net carrying amount and the total purchase price of the redeemed notes.

(5)URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA 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. As of September 30, 2022, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.658 billion and one with a book value of $4.

(6)As of September 30, 2022, short-term debt primarily reflected borrowings under the repurchase facility that is discussed further below and the short-term portion of our finance leases. As of December 31, 2021, short-term debt primarily reflected borrowings under our accounts receivable securitization facility. As discussed above, in June 2022, the accounts receivable securitization facility was extended to June 2024, and it was not a short-term debt instrument as of September 30, 2022.