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Debt (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt

Debt consists of the following (in millions):

 

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Series E senior notes, with a rate of 4% due June 2025

 

$

499

 

 

$

498

 

Series F senior notes, with a rate of 4½% due February 2026

 

 

399

 

 

 

398

 

Series G senior notes, with a rate of 3⅞% due April 2024

 

 

399

 

 

 

398

 

Series H senior notes, with a rate of 3⅜% due December 2029

 

 

642

 

 

 

641

 

Series I senior notes, with a rate of 3½% due September 2030

 

 

736

 

 

 

735

 

Series J senior notes, with a rate of 2.9% due December 2031

 

 

440

 

 

 

439

 

Total senior notes

 

 

3,115

 

 

 

3,109

 

Credit facility revolver ⁽¹⁾

 

 

(4

)

 

 

676

 

Credit facility term loan due January 2027⁽¹⁾

 

 

499

 

 

 

498

 

Credit facility term loan due January 2028⁽¹⁾

 

 

499

 

 

 

499

 

Mortgage and other debt, with an average interest rate of 4.9% at December 31, 2022 and 2021, maturing through November 2027

 

 

106

 

 

 

109

 

Total debt

 

$

4,215

 

 

$

4,891

 

___________

(1)
There were no outstanding credit facility borrowings at December 31, 2022. Amount shown represents deferred financing costs related to the credit facility revolver. Maturity dates related to the outstanding credit facility term loans reflect the extensions provided by the amended and restated credit facility agreement effective January 4, 2023.
Aggregate Debt Maturities

Aggregate debt maturities, including principal amortization, are as follows (in millions):

 

 

As of December 31,

 

 

 

2022⁽¹⁾

 

2023

 

$

2

 

2024

 

 

407

 

2025

 

 

502

 

2026

 

 

402

 

2027

 

 

592

 

Thereafter

 

 

2,350

 

 

 

 

4,255

 

Deferred financing costs

 

 

(23

)

Unamortized discounts, net

 

 

(17

)

Total debt

 

$

4,215

 

___________

(1)
Maturity dates related to the outstanding credit facility term loans reflect the extensions provided by the amended and restated credit facility agreement effective January 4, 2023.
Reconciliation between Interest Expense and Cash Interest Paid

The following is a reconciliation between interest expense and cash interest paid (in millions):

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2021 ⁽²⁾

 

 

2020 ⁽²⁾

 

Interest expense

 

$

156

 

 

$

191

 

 

$

194

 

Amortization of debt premiums/discounts, net

 

 

(2

)

 

 

(2

)

 

 

(2

)

Amortization of deferred financing costs

 

 

(8

)

 

 

(8

)

 

 

(6

)

Non-cash losses on debt extinguishment

 

 

 

 

 

(1

)

 

 

(1

)

Change in accrued interest

 

 

(4

)

 

 

3

 

 

 

(2

)

Interest paid ⁽¹⁾

 

$

142

 

 

$

183

 

 

$

183

 

___________

(1)
Does not include capitalized interest of $10 million, $4 million and $5 million for 2022, 2021 and 2020, respectively.
(2)
Interest expense and interest paid includes cash prepayment premiums of approximately $22 million and $35 million in 2021 and 2020, respectively.