Debt (Tables)

12 Months Ended

Dec. 31, 2022

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


	December 31,
	2022		2021

Repurchase facility expiring 2023 (1)	$	100	$	—
Accounts receivable securitization facility expiring 2024 (1)	959		843
Term loan facility expiring 2025 (1)	953		962
$4.25 billion ABL facility expiring 2027 (1)	1,523		1,029
















5 1/2 percent Senior Notes due 2027 (2)	498		995
3 7/8 percent Senior Secured Notes due 2027	744		743
4 7/8 percent Senior Notes due 2028 (3)	1,663		1,660

6 percent Senior Secured Notes due 2029 (4)	1,486		—
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	744		743
Finance leases	123		135




Total debt	11,370		9,685
Less short-term portion (5)	(161)		(906)
Total long-term debt	$	11,209	$	8,779

(1) The table below presents financial information associated with our variable rate indebtedness as of and for the year ended December 31, 2022. The repurchase facility is discussed further below (see "Short-term debt-Repurchase facility"). 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	$	2,650		$	140		$	—
Letters of credit	67
Interest rate at December 31, 2022	5.4		%	5.3		%	6.1		%	5.4	%
Average month-end debt outstanding	1,107			928			963			86
Weighted-average interest rate on average debt outstanding	3.2		%	2.7		%	3.8		%	4.1	%
Maximum month-end debt outstanding	1,621			1,097			968			100

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 the partial redemption of the 5 1/2 percent Senior Notes discussed below.

(2) 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.

(3) 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, 2022, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.659 billion and one with a book value of $4.

(4) In November 2022, URNA issued $1.5 billion aggregate principal amount of 6 percent Senior Secured Notes due 2029. See below for additional detail on the issued debt.

(5) As of December 31, 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. In June 2022, the accounts receivable securitization facility was extended to June 2024, and it 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 5.4 percent and 0.9 percent as of December 31, 2022 and 2021, respectively. The increase in the weighted average interest rate on the short-term debt primarily reflects rising interest rates (see note 1 to the consolidated financial statements for a discussion of global economic conditions) and changes in the composition of short-term debt (as of December 31, 2022, short-term debt primarily reflected borrowings under the repurchase facility, while short-term debt at December 31, 2021 primarily reflected borrowings under the accounts receivable securitization facility). 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, 2022 are as follows:


2023	$	161
2024	1,007
2025	960
2026	7
2027	2,786
Thereafter	6,526
Total	$	11,447