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, 2024December 31, 2023
Total Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying ValueTotal Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying Value
Revolving Credit Facility$4,608 (2)$1,102 $1,102 $4,758 (2)$1,413 $1,413 
Revolving Funding Facility1,775 651 651 1,775 863 863 
SMBC Funding Facility800 (3)176 176 800 (3)401 401 
BNP Funding Facility865 575 575 865 575 575 
2024 Convertible Notes— — — (4)403 403 402 (4)
2024 Notes900 900 900 (4)900 900 899 (4)
March 2025 Notes600 600 599 (4)600 600 599 (4)
July 2025 Notes1,250 1,250 1,254 (4)1,250 1,250 1,255 (4)
January 2026 Notes1,150 1,150 1,147 (4)1,150 1,150 1,146 (4)
July 2026 Notes1,000 1,000 993 (4)1,000 1,000 993 (4)
January 2027 Notes900 900 890 (4)(5)900 900 905 (4)(5)
June 2027 Notes500 500 496 (4)500 500 495 (4)
2028 Notes1,250 1,250 1,247 (4)1,250 1,250 1,247 (4)
2029 Notes1,000 1,000 974 (4)(5)— — — 
2031 Notes700 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,
 20242023
Stated interest expense$22 $34 
Credit facility fees4 3 
Amortization of debt issuance costs2 2 
Total interest and credit facility fees expense$28 $39 
Cash paid for interest expense$38 $32 
Average stated interest rate7.29 %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,
 20242023
Stated interest expense$10 $13 
Credit facility fees2 1 
Amortization of debt issuance costs1 1 
Total interest and credit facility fees expense$13 $15 
Cash paid for interest expense$13 $12 
Average stated interest rate7.36 %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,
 20242023
Stated interest expense$5 $7 
Credit facility fees1 1 
Amortization of debt issuance costs1 1 
Total interest and credit facility fees expense$7 $9 
Cash paid for interest expense$6 $7 
Average stated interest rate7.30 %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,
 20242023
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 rate8.13 %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,
 20242023
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 IssuedEffective Stated Interest RateOriginal Issuance DateMaturity Date
2024 Notes$900 4.200%June 10, 2019June 10, 2024
March 2025 Notes$600 4.250%January 11, 2018March 1, 2025
July 2025 Notes$1,250 3.250%January 15, 2020July 15, 2025
January 2026 Notes$1,150 3.875%July 15, 2020January 15, 2026
July 2026 Notes$1,000 2.150%January 13, 2021July 15, 2026
January 2027 Notes(1)$900 7.906%August 3, 2023January 15, 2027
June 2027 Notes $500 2.875%January 13, 2022June 15, 2027
2028 Notes$1,250 2.875%June 10, 2021June 15, 2028
2029 Notes(1)$1,000 7.348%January 23, 2024March 1, 2029
2031 Notes$700 3.200%November 4, 2021November 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,
 20242023
Stated interest expense(1)$93 $64 
Amortization of debt issuance costs4 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/ OutstandingEnd of Revolving PeriodMaturity Date
Revolving tranche$2,905 April 19, 2027April 19, 2028
494March 31, 2026March 31, 2027
107March 31, 2025March 31, 2026
3,506 
Term loan tranche908 April 19, 2028
116March 31, 2027
28March 31, 2026
50March 30, 2025
1,102 
$4,608