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DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The Company’s outstanding debt as of December 31, 2023 and 2022 was as follows:

			As of December 31,
			2023																		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)			$	1,413					$	1,413					$	4,843		(2)			$	2,246					$	2,246
Revolving Funding Facility			1,775						863						863						1,775						800						800
SMBC Funding Facility			800			(3)			401						401						800			(3)			451						451
BNP Funding Facility			865						575						575						300						245						245
2024 Convertible Notes			403						403						402			(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						599			(4)			600						600						597			(4)
July 2025 Notes			1,250						1,250						1,255			(4)			1,250						1,250						1,258			(4)
January 2026 Notes			1,150						1,150						1,146			(4)			1,150						1,150						1,144			(4)
July 2026 Notes			1,000						1,000						993			(4)			1,000						1,000						991			(4)
January 2027 Notes			900						900						905			(4)(5)			—						—						—
June 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						691			(4)			700						700						690			(4)
Total			$	16,851					$	11,905					$	11,884					$	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 December 31, 2023 and 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 December 31, 2023 includes a $15 increase as a result of an effective hedge accounting relationship. See Note 6 for additional information.

For the years ended December 31, 2023, 2022 and 2021, 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 Years Ended December 31,
															2023						2022						2021
Stated interest expense															$	122					$	71					$	21
Credit facility fees															13						10						17
Amortization of debt issuance costs															8						8						7
Total interest and credit facility fees expense															$	143					$	89					$	45
Cash paid for interest expense															$	116					$	62					$	20
Average stated interest rate															6.80		%				4.11		%				2.14		%
Average outstanding balance															$	1,795					$	1,701					$	1,014

For the years ended December 31, 2023, 2022 and 2021, 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 Years Ended December 31,
															2023						2022						2021
Stated interest expense															$	61					$	31					$	15
Credit facility fees															5						5						6
Amortization of debt issuance costs															3						3						4
Total interest and credit facility fees expense															$	69					$	39					$	25
Cash paid for interest expense															$	60					$	29					$	17
Average stated interest rate															7.10		%				3.81		%				2.33		%
Average outstanding balance															$	855					$	820					$	643

For the years ended December 31, 2023, 2022 and 2021, 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 Years Ended December 31,
															2023						2022						2021
Stated interest expense															$	29					$	15					$	4
Credit facility fees															2						2						6
Amortization of debt issuance costs															2						2						3
Total interest and credit facility fees expense															$	33					$	19					$	13
Cash paid for interest expense															$	28					$	14					$	4
Average stated interest rate															6.92		%				3.58		%				2.05		%
Average outstanding balance															$	410					$	414					$	191

For the years ended December 31, 2023, 2022 and 2021, 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 Years Ended December 31,
															2023						2022						2021
Stated interest expense															$	35					$	5					$	1
Credit facility fees															1						1						4
Amortization of debt issuance costs															2						1						1
Total interest and credit facility fees expense															$	38					$	7					$	6
Cash paid for interest expense															$	33					$	3					$	1
Average stated interest rate															7.90		%				4.71		%				3.46		%
Average outstanding balance															$	438					$	110					$	15

Certain key terms related to the convertible features for the 2024 Convertible Notes as of December 31, 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)									$	19.43
Conversion rate (shares per one thousand dollar principal amount)(1)									51.4589
Conversion date									December 1, 2023

________________________________________

(1)Represents conversion price and conversion rate, as applicable, as of December 31, 2023, taking into account any applicable de minimis adjustments that will be made on the conversion date.

As of December 31, 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												2
Debt issuance costs, net of amortization												(3)
Carrying value of debt												$	402
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 years ended December 31, 2023, 2022 and 2021, 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 Years Ended December 31,
															2023						2022						2021
Stated interest expense															$	19					$	20					$	33
Amortization of debt issuance costs															1						1						3
Accretion of original issue discount															2						2						6
Total interest expense															$	22					$	23					$	42
Cash paid for interest expense															$	9					$	26					$	34

Certain key terms related to the features for the Unsecured Notes as of December 31, 2023 are listed below.

Unsecured Notes			Aggregate Principal Amount Issued						Effective Stated 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
January 2027 Notes(1)			$	900					7.943%						August 3, 2023						January 15, 2027
June 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

________________________________________

(1)The effective stated interest rate for the January 2027 Notes includes the impact of interest rate swaps.

For the years ended December 31, 2023, 2022 and 2021, 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 Years Ended December 31,
															2023						2022						2021
Stated interest expense(1)															$	269					$	269					$	234
Amortization of debt issuance costs															15						15						11
Net amortization of original issue premium/discount															(7)						(6)						(4)
Total interest expense															$	277					$	278					$	241
Cash paid for interest expense															$	278					$	268					$	234

________________________________________

(1)Includes the net interest expense related to the interest rate swaps for the year ended December 31, 2023.

Schedule of Revolving and Term Loan

As of December 31, 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/ Outstanding						End of Revolving Period						Maturity Date
Revolving tranche			$	2,905					April 19, 2027						April 19, 2028
			494						March 31, 2026						March 31, 2027
			107						March 31, 2025						March 31, 2026
			150						March 30, 2024						March 30, 2025
			3,656
Term loan tranche			908												April 19, 2028
			116												March 31, 2027
			28												March 31, 2026
			50												March 30, 2025
			1,102
			$	4,758

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