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DEBT (Tables)
9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The Company’s outstanding debt as of September 30, 2023 and December 31, 2022 was as follows:

 As of 
 September 30, 2023 December 31, 2022 
Total Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying ValueTotal Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying Value
Revolving Credit Facility$4,758 (2)$1,392 $1,392 $4,843 (2)$2,246 $2,246 
Revolving Funding Facility1,775 887 887 1,775 800 800 
SMBC Funding Facility800 (3)401 401 800 (3)451 451 
BNP Funding Facility790 525 525 300 245 245 
2024 Convertible Notes403 403 401 (4)403 403 399 (4)
2023 Notes— — — 750 750 750 (4)
2024 Notes900 900 899 (4)900 900 898 (4)
March 2025 Notes600 600 598 (4)600 600 597 (4)
July 2025 Notes1,250 1,250 1,255 (4)1,250 1,250 1,258 (4)
January 2026 Notes1,150 1,150 1,146 (4)1,150 1,150 1,144 (4)
July 2026 Notes1,000 1,000 993 (4)1,000 1,000 991 (4)
January 2027 Notes600 600 587 (4)(5)— — — 
June 2027 Notes500 500 495 (4)500 500 494 (4)
2028 Notes1,250 1,250 1,247 (4)1,250 1,250 1,247 (4)
2031 Notes700 700 691 (4)700 700 690 (4)
Total$16,476 $11,558 $11,517 $16,221 $12,245 $12,210 
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(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $7,137 and $7,265, as of September 30, 2023 and December 31, 2022, respectively.

(3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $1,000.

(4)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In February 2023, the Company repaid in full the 2023 Notes (as defined below) upon their maturity.

(5)The carrying value of the January 2027 Notes as of September 30, 2023 includes a $5 reduction as a result of an effective hedge accounting relationship. See Note 6 for additional information.
For the three and nine months ended September 30, 2023 and 2022, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Stated interest expense$26 $19 $94 $34 
Credit facility fees
Amortization of debt issuance costs
Total interest and credit facility fees expense$31 $26 $109 $46 
Cash paid for interest expense$28 $19 $103 $35 
Average stated interest rate7.25 %3.95 %6.64 %3.15 %
Average outstanding balance$1,479 $1,875 $1,885 $1,402 
For the three and nine months ended September 30, 2023 and 2022, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Funding Facility were as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Stated interest expense$16 $10 $44 $19 
Credit facility fees
Amortization of debt issuance costs
Total interest and credit facility fees expense$18 $12 $51 $24 
Cash paid for interest expense$16 $$43 $19 
Average stated interest rate7.46 %4.38 %6.96 %3.17 %
Average outstanding balance$863 $944 $847 $805 
For the three and nine months ended September 30, 2023 and 2022, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SMBC Funding Facility were as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Stated interest expense$$$21 $
Credit facility fees
Amortization of debt issuance costs
Total interest and credit facility fees expense$$$25 $13 
Cash paid for interest expense$$$21 $
Average stated interest rate7.34 %4.27 %6.78 %3.00 %
Average outstanding balance$401 $402 $414 $403 
For the three and nine months ended September 30, 2023 and 2022, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Stated interest expense$10 $$23 $
Credit facility fees— — 
Amortization of debt issuance costs— — 
Total interest and credit facility fees expense$10 $$25 $
Cash paid for interest expense$10 $$22 $
Average stated interest rate8.32 %4.35 %7.75 %3.95 %
Average outstanding balance$493 $143 $401 $81 
Certain key terms related to the convertible features for the 2024 Convertible Notes as of September 30, 2023 are listed below.
2024 Convertible Notes
Conversion premium15.0 %
Closing stock price at issuance$17.29 
Closing stock price dateMarch 5, 2019
Conversion price(1)$19.49 
Conversion rate (shares per one thousand dollar principal amount)(1)51.3029 
Conversion dateDecember 1, 2023
________________________________________

(1)Represents conversion price and conversion rate, as applicable, as of September 30, 2023, taking into account any applicable de minimis adjustments that will be made on the conversion date.
As of September 30, 2023, the components of the carrying value of the 2024 Convertible Notes, the stated interest rate and the effective interest rate were as follows:
2024 Convertible Notes
Principal amount of debt$403 
Original issue discount, net of accretion
Debt issuance costs, net of amortization(3)
Carrying value of debt$401 
Stated interest rate4.625 %
Effective interest rate(1)5.10 %
________________________________________

(1)The effective interest rate of the 2024 Convertible Notes is equal to the stated interest rate plus the accretion of original issue discount and amortization of debt issuance costs.

For the three and nine months ended September 30, 2023 and 2022, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes, as well as any other convertible notes outstanding during the periods presented were as follows.
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Stated interest expense$$$14 $15 
Amortization of debt issuance costs— — — 
Accretion of original issue discount— 
Total interest expense$$$16 $18 
Cash paid for interest expense$— $$$26 
Certain key terms related to the features for the Unsecured Notes as of September 30, 2023 are listed below.

Unsecured Notes
Aggregate Principal Amount IssuedEffective Stated Interest RateOriginal Issuance DateMaturity Date
2024 Notes$900 4.200%June 10, 2019June 10, 2024
March 2025 Notes$600 4.250%January 11, 2018March 1, 2025
July 2025 Notes$1,250 3.250%January 15, 2020July 15, 2025
January 2026 Notes$1,150 3.875%July 15, 2020January 15, 2026
July 2026 Notes$1,000 2.150%January 13, 2021July 15, 2026
January 2027 Notes(1)$600 7.898%August 3, 2023January 15, 2027
June 2027 Notes $500 2.875%January 13, 2022June 15, 2027
2028 Notes$1,250 2.875%June 10, 2021June 15, 2028
2031 Notes$700 3.200%November 4, 2021November 15, 2031
________________________________________

(1)The effective stated interest rate for the January 2027 Notes includes the impact of the interest rate swap.
For the three and nine months ended September 30, 2023 and 2022, the components of interest expense and cash paid for interest expense for the Unsecured Notes, as well as any other unsecured notes outstanding during the periods presented are listed below.
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Stated interest expense(1)$69 $67 $193 $202 
Amortization of debt issuance costs11 11 
Net amortization of original issue premium/discount(2)(2)(5)(5)
Total interest expense$71 $69 $199 $208 
Cash paid for interest expense$75 $79 $209 $213 
________________________________________

(1)Includes the net interest expense related to the interest rate swap for the three and nine months ended September 30, 2023.
Schedule of Revolving and Term Loan As of September 30, 2023, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:
Total Aggregate Principal Amount Committed/ OutstandingEnd of Revolving PeriodMaturity Date
Revolving tranche$2,905 April 19, 2027April 19, 2028
494March 31, 2026March 31, 2027
107March 31, 2025March 31, 2026
150March 30, 2024March 30, 2025
3,656 
Term loan tranche908 April 19, 2028
116March 31, 2027
28March 31, 2026
50March 30, 2025
1,102 
$4,758