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v3.23.1

Long-term Debt and Finance Leases (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Long-term Debt and Finance Leases | Long-term debt and finance leases consisted of the following:
(In millions, except rates) | March 31, 2023 |  | December 31, 2022 |  | Interest rate %
Recourse debt: |  |  |  |  |
Senior Notes, due 2027 | $ | 375 |  |  | $ | 375 |  |  | 6.625
Senior Notes, due 2028 | 821 |  |  | 821 |  |  | 5.750
Senior Notes, due 2029 | 733 |  |  | 733 |  |  | 5.250
Senior Notes, due 2029 | 500 |  |  | 500 |  |  | 3.375
Senior Notes, due 2031 | 1,030 |  |  | 1,030 |  |  | 3.625
Senior Notes, due 2032 | 1,100 |  |  | 1,100 |  |  | 3.875
Convertible Senior Notes, due 2048(a) | 575 |  |  | 575 |  |  | 2.750
Senior Secured First Lien Notes, due 2024 | 600 |  |  | 600 |  |  | 3.750
Senior Secured First Lien Notes, due 2025 | 500 |  |  | 500 |  |  | 2.000
Senior Secured First Lien Notes, due 2027 | 900 |  |  | 900 |  |  | 2.450
Senior Secured First Lien Notes, due 2029 | 500 |  |  | 500 |  |  | 4.450
Senior Secured First Lien Notes, due 2033 | 740 |  |  | — |  |  | 7.000
Revolving Credit Facility | 725 |  |  | — |  |  | SOFR + 1.720
Receivables Facility | 150 |  |  | — |  |  | various
Repurchase Facility | 75 |  |  | — |  |  | SOFR + 1.300
Tax-exempt bonds | 466 |  |  | 466 |  |  | 1.250 - 4.750
Subtotal recourse debt | 9,790 |  |  | 8,100 |  |  |
Non-recourse debt: |  |  |  |  |
Vivint Senior Secured Notes, due 2027 | 600 |  |  | — |  |  | 6.750
Vivint Senior Notes, due 2029 | 800 |  |  | — |  |  | 5.750
Vivint Senior Secured Term Loan, due 2028 | 1,330 |  |  | — |  |  | various
Subtotal all Vivint non-recourse debt | 2,730 |  |  | — |  |  |
Subtotal long-term debt (including current maturities) | 12,520 |  |  | 8,100 |  |  |
Finance leases | 19 |  |  | 11 |  |  | various
Subtotal long-term debt and finance leases (including current maturities) | 12,539 |  |  | 8,111 |  |  |
Less current maturities | (971) |  |  | (63) |  |  |
Less debt issuance costs | (75) |  |  | (70) |  |  |
Discounts | (161) |  |  | (2) |  |  |
Total long-term debt and finance leases | $ | 11,332 |  |  | $ | 7,976 |  |  |
(a)As of the ex-dividend date of April 28, 2023, the Convertible Senior Notes were convertible at a price of $42.57, which is equivalent to a conversion rate of approximately 23.4925 shares of common stock per $1,000 principal amount
Schedule of Debt Instrument, Interest Expense | The following table details the interest expense recorded in connection with the Convertible Senior Notes, due 2048:
| Three months ended March 31, |  |
($ In millions) | 2023 |  | 2022 |  |  |  |
Contractual interest expense | $ | 4 |  |  | $ | 4 |  |  |  |  |
Amortization of discount and deferred finance costs | 1 |  |  | — |  |  |  |  |
Total | $ | 5 |  |  | $ | 4 |  |  |  |  |
Effective Interest Rate | 0.77 | % |  | 0.76 | % |  |  |  |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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