Debt (Tables)

9 Months Ended

Sep. 30, 2023

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


	September 30, 2023		December 31, 2022
Repurchase facility expiring 2024 (1) (2)	$	100	$	100
Accounts receivable securitization facility expiring 2024 (1) (3)	1,283		959
Term loan facility expiring 2025 (1) (4)	947		953
$4.25 billion ABL facility expiring 2027 (1)	1,792		1,523


5 1/2 percent Senior Notes due 2027	498		498
3 7/8 percent Senior Secured Notes due 2027	745		744
4 7/8 percent Senior Notes due 2028 (5)	1,664		1,663
6 percent Senior Secured Notes due 2029	1,487		1,486
5 1/4 percent Senior Notes due 2030	745		744
4 percent Senior Notes due 2030	744		743
3 7/8 percent Senior Notes due 2031	1,091		1,090
3 3/4 percent Senior Notes due 2032	744		744

Finance leases	188		123




Total debt	12,028		11,370
Less short-term portion (6)	(1,448)		(161)
Total long-term debt	$	10,580	$	11,209

___________________

(1)The table below presents financial information associated with our variable rate indebtedness as of and for the nine months ended September 30, 2023. There is no borrowing capacity under the 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	$	2,385		$	16		$	—
Letters of credit	65
Interest rate at September 30, 2023	6.5		%	6.3		%	7.1		%	6.5	%
Average month-end debt outstanding	1,761			1,129			954			56
Weighted-average interest rate on average debt outstanding	6.1		%	6.0		%	6.8		%	5.9	%
Maximum month-end debt outstanding	1,848			1,288			958			100

(2)In June 2023, the repurchase facility was amended, primarily to extend the maturity date to June 14, 2024, which may be further extended by the mutual consent of the parties to the repurchase facility agreement. Additionally, the repurchase facility was amended to replace an interest rate based on SOFR with an interest rate based on the Bloomberg Short Term Bank Yield Index ("BSBY").

(3)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, 2023, there were $1.550 billion of receivables, net of applicable reserves and other deductions, in the collateral pool. In June 2023, the accounts receivable securitization facility was amended, primarily to increase the facility size from $1.100 billion to $1.300 billion.

(4)In April 2023, the term loan facility was amended to transition to an interest rate based on SOFR. Prior to the amendment, interest on the term loan facility reflected LIBOR plus a margin (or an alternative base rate plus a margin). LIBOR has been discontinued as a reference rate as a result of reference rate reform, and the amendment of the term loan facility did not require contract remeasurement at the amendment date or a reassessment of any previous accounting determinations pertaining to the facility. The amendment did not have a material impact on our financial statements. As of September 30, 2023, we have no debt instruments that use LIBOR as a reference rate.

(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, 2023, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.660 billion and one with a book value of $4.

(6)Short-term debt as of September 30, 2023 primarily reflected borrowings under the accounts receivable securitization and repurchase facilities and the short-term portion of our finance leases. Short-term debt as of December 31, 2022 primarily reflected borrowings under the repurchase facility and the short-term portion of our finance leases. The accounts receivable securitization facility, which expires on June 24, 2024 and may be extended on a 364-day basis by mutual agreement with the purchasers under the facility, was not a short-term debt instrument as of December 31, 2022.