XML 40 R31.htm IDEA: XBRL DOCUMENT
v3.23.2

DEBT (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The Company’s outstanding debt as of June 30, 2023 and December 31, 2022 was as follows:
| As of |
| June 30, 2023 |  | December 31, 2022 |
| Total Aggregate Principal Amount Committed/ Outstanding (1) |  | Principal Amount Outstanding |  | Carrying Value |  | Total Aggregate Principal Amount Committed/ Outstanding (1) |  | Principal Amount Outstanding |  | Carrying Value |
Revolving Credit Facility | $ | 4,758 |  | (2) | $ | 1,922 |  |  | $ | 1,922 |  |  | $ | 4,843 |  | (2) | $ | 2,246 |  |  | $ | 2,246 |  |
Revolving Funding Facility | 1,775 |  |  | 850 |  |  | 850 |  |  | 1,775 |  |  | 800 |  |  | 800 |  |
SMBC Funding Facility | 800 |  | (3) | 401 |  |  | 401 |  |  | 800 |  | (3) | 451 |  |  | 451 |  |
BNP Funding Facility | 790 |  |  | 475 |  |  | 475 |  |  | 300 |  |  | 245 |  |  | 245 |  |
2024 Convertible Notes | 403 |  |  | 403 |  |  | 401 |  | (4) | 403 |  |  | 403 |  |  | 399 |  | (4)
2023 Notes | — |  |  | — |  |  | — |  |  | 750 |  |  | 750 |  |  | 750 |  | (4)
2024 Notes | 900 |  |  | 900 |  |  | 899 |  | (4) | 900 |  |  | 900 |  |  | 898 |  | (4)
March 2025 Notes | 600 |  |  | 600 |  |  | 598 |  | (4) | 600 |  |  | 600 |  |  | 597 |  | (4)
July 2025 Notes | 1,250 |  |  | 1,250 |  |  | 1,256 |  | (4) | 1,250 |  |  | 1,250 |  |  | 1,258 |  | (4)
January 2026 Notes | 1,150 |  |  | 1,150 |  |  | 1,145 |  | (4) | 1,150 |  |  | 1,150 |  |  | 1,144 |  | (4)
July 2026 Notes | 1,000 |  |  | 1,000 |  |  | 992 |  | (4) | 1,000 |  |  | 1,000 |  |  | 991 |  | (4)
2027 Notes | 500 |  |  | 500 |  |  | 495 |  | (4) | 500 |  |  | 500 |  |  | 494 |  | (4)
2028 Notes | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (4) | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (4)
2031 Notes | 700 |  |  | 700 |  |  | 690 |  | (4) | 700 |  |  | 700 |  |  | 690 |  | (4)
Total | $ | 15,876 |  |  | $ | 11,401 |  |  | $ | 11,371 |  |  | $ | 16,221 |  |  | $ | 12,245 |  |  | $ | 12,210 |  |
________________________________________ (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 June 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. For the three and six months ended June 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 June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 34 |  |  | $ | 9 |  |  | $ | 68 |  |  | $ | 14 |  |  |
Credit facility fees | 3 |  |  | 3 |  |  | 6 |  |  | 4 |  |  |
Amortization of debt issuance costs | 2 |  |  | 2 |  |  | 4 |  |  | 4 |  |  |
Total interest and credit facility fees expense | $ | 39 |  |  | $ | 14 |  |  | $ | 78 |  |  | $ | 22 |  |  |
Cash paid for interest expense | $ | 43 |  |  | $ | 7 |  |  | $ | 75 |  |  | $ | 16 |  |  |
Average stated interest rate | 6.84 | % |  | 2.65 | % |  | 6.37 | % |  | 2.52 | % |  |
Average outstanding balance | $ | 1,995 |  |  | $ | 1,242 |  |  | $ | 2,114 |  |  | $ | 1,161 |  |  |
For the three and six months ended June 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 June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 15 |  |  | $ | 5 |  |  | $ | 28 |  |  | $ | 9 |  |  |
Credit facility fees | 2 |  |  | 1 |  |  | 3 |  |  | 2 |  |  |
Amortization of debt issuance costs | 1 |  |  | 1 |  |  | 2 |  |  | 2 |  |  |
Total interest and credit facility fees expense | $ | 18 |  |  | $ | 7 |  |  | $ | 33 |  |  | $ | 13 |  |  |
Cash paid for interest expense | $ | 15 |  |  | $ | 7 |  |  | $ | 27 |  |  | $ | 10 |  |  |
Average stated interest rate | 7.10 | % |  | 2.82 | % |  | 6.75 | % |  | 2.40 | % |  |
Average outstanding balance | $ | 865 |  |  | $ | 703 |  |  | $ | 838 |  |  | $ | 734 |  |  |
For the three and six months ended June 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 June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 7 |  |  | $ | 2 |  |  | $ | 14 |  |  | $ | 5 |  |  |
Credit facility fees | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  |
Amortization of debt issuance costs | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  |
Total interest and credit facility fees expense | $ | 7 |  |  | $ | 4 |  |  | $ | 16 |  |  | $ | 7 |  |  |
Cash paid for interest expense | $ | 7 |  |  | $ | 3 |  |  | $ | 14 |  |  | $ | 5 |  |  |
Average stated interest rate | 6.94 | % |  | 2.47 | % |  | 6.55 | % |  | 2.37 | % |  |
Average outstanding balance | $ | 413 |  |  | $ | 401 |  |  | $ | 420 |  |  | $ | 403 |  |  |
For the three and six months ended June 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 June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stated interest expense | $ | 8 |  |  | $ | 1 |  |  | $ | 13 |  |  | $ | 1 |
Credit facility fees | — |  |  | 1 |  |  | 1 |  |  | 1 |
Amortization of debt issuance costs | 1 |  |  | — |  |  | 1 |  |  | — |
Total interest and credit facility fees expense | $ | 9 |  |  | $ | 2 |  |  | $ | 15 |  |  | $ | 2 |
Cash paid for interest expense | $ | 7 |  |  | $ | — |  |  | $ | 12 |  |  | $ | — |
Average stated interest rate | 7.90 | % |  | 2.83 | % |  | 7.48 | % |  | 3.39 | %
Average outstanding balance | $ | 402 |  |  | $ | 54 |  |  | $ | 353 |  |  | $ | 49 |
Certain key terms related to the convertible features for the 2024 Convertible Notes as of June 30, 2023 are listed below.
|  |  | 2024 Convertible Notes
Conversion premium |  |  | 15.0 | %
Closing stock price at issuance |  |  | $ | 17.29 |
Closing stock price date |  |  | March 5, 2019
Conversion price (1) |  |  | $ | 19.55 |
Conversion rate (shares per one thousand dollar principal amount)(1) |  |  | 51.1436 |
Conversion date |  |  | December 1, 2023
________________________________________ (1)Represents conversion price and conversion rate, as applicable, as of June 30, 2023, taking into account any applicable de minimis adjustments that will be made on the conversion date. As of June 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 |  |  |  | 1 |
Debt issuance costs, net of amortization |  |  |  | (3) |
Carrying value of debt |  |  |  | $ | 401 |
Stated interest rate |  |  |  | 4.625 | %
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 six months ended June 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 June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 4 |  |  | $ | 5 |  |  | $ | 9 |  |  | $ | 11 |  |  |
Accretion of original issue discount | — |  |  | — |  |  | 1 |  |  | 1 |  |  |
Total interest expense | $ | 4 |  |  | $ | 5 |  |  | $ | 10 |  |  | $ | 12 |  |  |
Cash paid for interest expense | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 17 |  |  |
Certain key terms related to the features for the Unsecured Notes as of June 30, 2023 are listed below.
Unsecured Notes | Aggregate Principal Amount Issued |  | Interest Rate |  | Original Issuance Date |  | Maturity Date
2024 Notes | $ | 900 |  |  | 4.200% |  | June 10, 2019 |  | June 10, 2024
March 2025 Notes | $ | 600 |  |  | 4.250% |  | January 11, 2018 |  | March 1, 2025
July 2025 Notes | $ | 1,250 |  |  | 3.250% |  | January 15, 2020 |  | July 15, 2025
January 2026 Notes | $ | 1,150 |  |  | 3.875% |  | July 15, 2020 |  | January 15, 2026
July 2026 Notes | $ | 1,000 |  |  | 2.150% |  | January 13, 2021 |  | July 15, 2026
2027 Notes | $ | 500 |  |  | 2.875% |  | January 13, 2022 |  | June 15, 2027
2028 Notes | $ | 1,250 |  |  | 2.875% |  | June 10, 2021 |  | June 15, 2028
2031 Notes | $ | 700 |  |  | 3.200% |  | November 4, 2021 |  | November 15, 2031
For the three and six months ended June 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 June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 61 |  |  | $ | 67 |  |  | $ | 124 |  |  | $ | 134 |  |  |
Amortization of debt issuance costs | 4 |  |  | 4 |  |  | 7 |  |  | 8 |  |  |
Net amortization of original issue premium/discount | (1) |  |  | (2) |  |  | (3) |  |  | (4) |  |  |
Total interest expense | $ | 64 |  |  | $ | 69 |  |  | $ | 128 |  |  | $ | 138 |  |  |
Cash paid for interest expense | $ | 55 |  |  | $ | 55 |  |  | $ | 134 |  |  | $ | 134 |  |  |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration