Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Long-Term Debt Instruments | The Company’s indebtedness consisted of the following (in millions):
(a)Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities (“SPEs”), the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.29 billion and $2.17 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of December 31, 2022 and 2021. (b)The carrying amounts of the term notes are net of deferred financing costs of $18 million as of both December 31, 2022 and 2021. (c)The Company has a borrowing capacity of $600 million under the USD bank conduit facility through July 2024. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than August 2025. (d)The Company has a borrowing capacity of 200 million Australian dollars (“AUD”) and 25 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through December 2024. Borrowings under this facility are required to be repaid no later than January 2027. (e)The carrying amounts of the secured notes and term loan are net of unamortized discounts of $23 million and $20 million as of December 31, 2022 and 2021, and net of unamortized debt financing costs of $10 million and $8 million as of December 31, 2022 and 2021. (f)The weighted average effective interest rate on borrowings from this facility was 7.53% and 3.19% as of December 31, 2022 and 2021. (g)The weighted average effective interest rate on borrowings from this facility was 4.01% and 2.39% as of December 31, 2022 and 2021. (h)The weighted average effective interest rate on borrowings from this facility was 8.24% as of December 31, 2022. (i)Includes less than $1 million and $2 million of unamortized gains from the settlement of a derivative as of December 31, 2022 and 2021. (j)Includes $3 million and $4 million of unamortized losses from the settlement of a derivative as of December 31, 2022 and 2021. (k)Includes $7 million and $9 million of unamortized gains from the settlement of a derivative as of December 31, 2022 and 2021.
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Summary Of Outstanding Debt Maturities | The Company’s outstanding indebtedness as of December 31, 2022, matures as follows (in millions):
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Summary Of Available Capacity Under Borrowing Arrangements | As of December 31, 2022, the available capacity under the Company’s borrowing arrangements was as follows (in millions):
(a)Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings. (b)Consists of the Company’s $1.0 billion secured revolving credit facility.
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