XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

DEBT (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The Company’s outstanding debt as of March 31, 2024 and December 31, 2023 was as follows:
| As of |
| March 31, 2024 |  | December 31, 2023 |
| 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 | $ | 4,608 |  | (2) | $ | 1,102 |  |  | $ | 1,102 |  |  | $ | 4,758 |  | (2) | $ | 1,413 |  |  | $ | 1,413 |  |
Revolving Funding Facility | 1,775 |  |  | 651 |  |  | 651 |  |  | 1,775 |  |  | 863 |  |  | 863 |  |
SMBC Funding Facility | 800 |  | (3) | 176 |  |  | 176 |  |  | 800 |  | (3) | 401 |  |  | 401 |  |
BNP Funding Facility | 865 |  |  | 575 |  |  | 575 |  |  | 865 |  |  | 575 |  |  | 575 |  |
2024 Convertible Notes | — |  |  | — |  |  | — |  | (4) | 403 |  |  | 403 |  |  | 402 |  | (4)
2024 Notes | 900 |  |  | 900 |  |  | 900 |  | (4) | 900 |  |  | 900 |  |  | 899 |  | (4)
March 2025 Notes | 600 |  |  | 600 |  |  | 599 |  | (4) | 600 |  |  | 600 |  |  | 599 |  | (4)
July 2025 Notes | 1,250 |  |  | 1,250 |  |  | 1,254 |  | (4) | 1,250 |  |  | 1,250 |  |  | 1,255 |  | (4)
January 2026 Notes | 1,150 |  |  | 1,150 |  |  | 1,147 |  | (4) | 1,150 |  |  | 1,150 |  |  | 1,146 |  | (4)
July 2026 Notes | 1,000 |  |  | 1,000 |  |  | 993 |  | (4) | 1,000 |  |  | 1,000 |  |  | 993 |  | (4)
January 2027 Notes | 900 |  |  | 900 |  |  | 890 |  | (4)(5) | 900 |  |  | 900 |  |  | 905 |  | (4)(5)
June 2027 Notes | 500 |  |  | 500 |  |  | 496 |  | (4) | 500 |  |  | 500 |  |  | 495 |  | (4)
2028 Notes | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (4) | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (4)
2029 Notes | 1,000 |  |  | 1,000 |  |  | 974 |  | (4)(5) | — |  |  | — |  |  | — |  |
2031 Notes | 700 |  |  | 700 |  |  | 691 |  | (4) | 700 |  |  | 700 |  |  | 691 |  | (4)
Total | $ | 17,298 |  |  | $ | 11,754 |  |  | $ | 11,695 |  |  | $ | 16,851 |  |  | $ | 11,905 |  |  | $ | 11,884 |  |
________________________________________ (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 to a maximum of $7,137. (3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility 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 March 2024, the Company repaid in full the 2024 Convertible Notes (as defined below) upon their maturity. (5)The carrying values of the January 2027 Notes and 2029 Notes (each as defined below) as of March 31, 2024 includes a $1 increase and $9 decrease, respectively, as a result of an effective hedge accounting relationship. 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 three months ended March 31, 2024 and 2023, 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 March 31,
|  |  |  |  | 2024 |  | 2023
Stated interest expense |  |  |  |  | $ | 22 |  |  | $ | 34 |
Credit facility fees |  |  |  |  | 4 |  |  | 3 |
Amortization of debt issuance costs |  |  |  |  | 2 |  |  | 2 |
Total interest and credit facility fees expense |  |  |  |  | $ | 28 |  |  | $ | 39 |
Cash paid for interest expense |  |  |  |  | $ | 38 |  |  | $ | 32 |
Average stated interest rate |  |  |  |  | 7.29 | % |  | 6.35 | %
Average outstanding balance |  |  |  |  | $ | 1,196 |  |  | $ | 2,117 |
For the three months ended March 31, 2024 and 2023, 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 March 31,
|  |  |  |  | 2024 |  | 2023
Stated interest expense |  |  |  |  | $ | 10 |  |  | $ | 13 |
Credit facility fees |  |  |  |  | 2 |  |  | 1 |
Amortization of debt issuance costs |  |  |  |  | 1 |  |  | 1 |
Total interest and credit facility fees expense |  |  |  |  | $ | 13 |  |  | $ | 15 |
Cash paid for interest expense |  |  |  |  | $ | 13 |  |  | $ | 12 |
Average stated interest rate |  |  |  |  | 7.36 | % |  | 6.46 | %
Average outstanding balance |  |  |  |  | $ | 544 |  |  | $ | 812 |
For the three months ended March 31, 2024 and 2023, 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 March 31,
|  |  |  |  | 2024 |  | 2023
Stated interest expense |  |  |  |  | $ | 5 |  |  | $ | 7 |
Credit facility fees |  |  |  |  | 1 |  |  | 1 |
Amortization of debt issuance costs |  |  |  |  | 1 |  |  | 1 |
Total interest and credit facility fees expense |  |  |  |  | $ | 7 |  |  | $ | 9 |
Cash paid for interest expense |  |  |  |  | $ | 6 |  |  | $ | 7 |
Average stated interest rate |  |  |  |  | 7.30 | % |  | 6.27 | %
Average outstanding balance |  |  |  |  | $ | 286 |  |  | $ | 427 |
For the three months ended March 31, 2024 and 2023, 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 March 31,
|  |  |  |  | 2024 |  | 2023
Stated interest expense |  |  |  |  | $ | 13 |  |  | $ | 5 |
Credit facility fees |  |  |  |  | — |  |  | — |
Amortization of debt issuance costs |  |  |  |  | — |  |  | — |
Total interest and credit facility fees expense |  |  |  |  | $ | 13 |  |  | $ | 5 |
Cash paid for interest expense |  |  |  |  | $ | 12 |  |  | $ | 5 |
Average stated interest rate |  |  |  |  | 8.13 | % |  | 6.80 | %
Average outstanding balance |  |  |  |  | $ | 572 |  |  | $ | 314 |
For the three months ended March 31, 2024 and 2023, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes were as follows.
|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
Stated interest expense |  |  |  |  | $ | 3 |  |  | $ | 5 |  |  |
Accretion of original issue discount |  |  |  |  | — |  |  | 1 |  |  |
Total interest expense |  |  |  |  | $ | 3 |  |  | $ | 6 |  |  |
Cash paid for interest expense |  |  |  |  | $ | 9 |  |  | $ | 9 |  |  |
Certain key terms related to the features for the Unsecured Notes as of March 31, 2024 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 |  |  | 7.906% |  | 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
2029 Notes(1) | $ | 1,000 |  |  | 7.348% |  | January 23, 2024 |  | March 1, 2029
2031 Notes | $ | 700 |  |  | 3.200% |  | November 4, 2021 |  | November 15, 2031
________________________________________ (1)The effective stated interest rates for the January 2027 Notes and 2029 Notes include the impact of interest rate swaps. For the three months ended March 31, 2024 and 2023, 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 March 31,
|  |  |  |  | 2024 |  | 2023
Stated interest expense(1) |  |  |  |  | $ | 93 |  |  | $ | 64 |
Amortization of debt issuance costs |  |  |  |  | 4 |  |  | 3 |
Net amortization of original issue premium/discount |  |  |  |  | (2) |  |  | (2) |
Total interest expense |  |  |  |  | $ | 95 |  |  | $ | 65 |
Cash paid for interest expense |  |  |  |  | $ | 98 |  |  | $ | 79 |
________________________________________ (1)Includes the impact to interest expense related to the interest rate swaps for the three months ended March 31, 2024.
Schedule of Revolving and Term Loan | As of March 31, 2024, 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 |  |  |
| 3,506 |  |  |  |  |  |  |  |
Term loan tranche | 908 |  |  |  |  | April 19, 2028 |  |  |
| 116 |  |  |  | March 31, 2027 |  |  |
| 28 |  |  |  | March 31, 2026 |  |  |
| 50 |  |  |  | March 30, 2025 |  |  |
| 1,102 |  |  |  |  |  |  |  |
| $ | 4,608 |  |  |  |  |  |  |  |

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

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration