Debt (Tables)

12 Months Ended

Dec. 31, 2023

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


	December 31,
	2023		2022

Repurchase facility expiring 2024 (1)	$	100	$	100
Accounts receivable securitization facility expiring 2024 (1)	1,300		959
Term loan facility expiring 2025 (1)	945		953
$4.25 billion ABL facility expiring 2027 (1)	1,261		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 (2)	1,665		1,663

6 percent Senior Secured Notes due 2029	1,488		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	192		123




Total debt	11,518		11,370
Less short-term portion (3)	(1,465)		(161)
Total long-term debt	$	10,053	$	11,209

(1) The table below presents financial information associated with our variable rate indebtedness as of and for the year ended December 31, 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	$	2,967		$	—		$	—
Letters of credit	14
Interest rate at December 31, 2023	6.5		%	6.4		%	7.1		%	6.5	%
Average month-end debt outstanding	1,694			1,171			953			50
Weighted-average interest rate on average debt outstanding	6.2		%	6.1		%	6.9		%	6.0	%
Maximum month-end debt outstanding	1,848			1,300			958			100

(2) 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 December 31, 2023, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.661 billion and one with a book value of $4.

(3) As of December 31, 2023, short-term debt primarily reflected borrowings under the accounts receivable securitization and repurchase facilities and the short-term portion of our finance leases. As of December 31, 2022, short-term debt 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. The weighted average interest rates on our short-term debt, excluding finance leases, were 6.4 percent and 5.4 percent as of December 31, 2023 and 2022, respectively. See note 13 to the consolidated financial statements for further discussion on our finance leases.

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, 2023 are as follows:


2024	$	1,465
2025	985
2026	34
2027	2,539
2028	1,677
Thereafter	4,882
Total	$	11,582