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Short-Term Borrowings and Long-Term Debt | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Short-term Borrowings and Long-Term Debt | Short-Term Borrowings and Long-Term Debt Short-Term Borrowings Details of carrying amounts of short-term borrowings were as follows:
(in millions) |  |  |  |  |  | Borrowing Limit |  | December 31, 2023 |  | December 31, 2022
Maturity Date |  | Interest rate (%) |  |  |
September 2024 |  | (1) |  | $ | 23 |  |  | $ | — |  |  | $ | — |
January 2024 - December 2024 |  | 2.10 | – | 5.70 |  | 283 |  |  | 282 |  |  | 176 |
Total principal short-term borrowings |  |  |  | $ | 306 |  |  | $ | 282 |  |  | $ | 176 |
Less: unamortized discounts |  |  |  |  |  | — |  |  | (1) |
Total short-term borrowings |  |  |  |  |  |  |  | $ | 282 |  |  | $ | 175 |
Weighted-average interest rates |  |  |  |  |  |  |  | 3.49 | % |  | 4.27 | %
(1)The interest rate is based on an average of AAA rated financial bonds rate in Korea plus 1.35%. Our short-term borrowings generally include lines of credit and loan facilities with financial institutions to be drawn upon for general operating purposes. Long-Term Debt Details of carrying amounts of long-term debt were as follows:
(in millions) | Maturity Date |  |  |  |  |  | Borrowing Limit |  | December 31, 2023 |  | December 31, 2022
Description |  | Interest rate (%) |  |  |
Revolving Credit Facility | Feb 2024 |  | (2) |  | $ | 1,000 |  |  | $ | — |  |  | $ | — |
Revolving Credit Agreement | Nov 2024 |  | CD interest rate (91 days) + 2.30 |  | 124 |  |  | — |  |  | — |
August 2021 Term Loan(1) | Aug 2024 |  | 3.16 |  | 155 |  |  | 155 |  |  | 158 |
April 2023 Term Loan(1) | Apr 2026 |  | 6.76 |  | 178 |  |  | 178 |  |  | — |
March 2022 Term Loan(1) | Mar 2027 |  | 4.26 |  | 310 |  |  | 310 |  |  | 316 |
Other Term Loan Facilities(1) | Aug 2024 - Nov 2026 |  | 3.68 | - | 6.00 |  | 92 |  |  | 92 |  |  | 196 |
Total principal long-term debt |  |  |  |  |  |  | $ | 1,859 |  |  | $ | 735 |  |  | $ | 670 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  | (203) |  |  | (129) |
Less: unamortized discounts |  |  |  |  |  |  |  |  | (3) |  |  | (3) |
Total long-term debt |  |  |  |  |  |  |  |  | $ | 529 |  |  | $ | 538 |
(1)At December 31, 2023, we had pledged up to $882 million of land and buildings as collateral against long-term loan facilities. (2)Borrowings under the 2021 revolving credit facility bear interest, at our option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted Term Secured Overnight Financing Rate (SOFR) for a one-month interest period plus 1.00% or (ii) an adjusted Term SOFR plus a margin equal to 1.00%. Revolving Credit Agreement In October 2022, we entered into a two-year Revolving Credit Agreement with a borrowing limit of $124 million that bears interest at the average of 91-day CD interest rate plus 2.30%. The Revolving Credit Agreement is secured by $508 million of inventories. Revolving Credit Facility In January 2024, our senior unsecured credit facility (“the Revolving Credit Facility”) was amended to extend the maturity date to February 2026 and to bring the aggregate principal amount to $875 million. The Revolving Credit Facility continues to provide us the right to request incremental commitments up to $1.25 billion, subject to customary conditions. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. The Revolving Credit Facility is guaranteed on a senior unsecured basis by all our material restricted subsidiaries, subject to customary exceptions. The Revolving Credit Facility and Revolving Credit Agreement both contain financial covenants that require us to maintain certain maximum net leverage ratios and minimum liquidity amounts. Term Loan Facility Agreements In April 2023, we entered into a new three-year term loan facility agreement to borrow $178 million to finance the purchase of a fulfillment center and land. We pledged up to $214 million of certain land and buildings as collateral. The loan bears interest at a fixed rate of 6.76%. We were in compliance with the covenants for each of our borrowings and debt agreements as of December 31, 2023 and 2022. Future principal payments for long-term debt as of December 31, 2023 were as follows:
(in millions) | Long-term debt
2024 | $ | 203 |
2025 | — |
2026 | 222 |
2027 | 310 |
2028 | — |
Thereafter | — |
Total | $ | 735 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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