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CREDIT FACILITIES AND LONG-TERM DEBT (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following tables summarize certain details related to the Company's credit facilities and long-term debt as of June 30, 2022 and December 31, 2021 (in millions, except interest rates):
|  |  |  | Outstanding Amount |  |  |  |  |  |
June 30, 2022 |  | Borrowing Capacity |  | Current |  | Non-Current |  | Weighted Average Interest Rate |  | End of Revolving / Withdrawal Period |  | Final Maturity Date
Non-Recourse Asset-backed Debt: |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed Senior Revolving Credit Facilities |  |  |  |  |  |  |  |  |  |  |  |
Revolving Facility 2018-2 |  | $ | 1,000 |  |  | $ | 104 |  |  | $ | — |  |  | 3.07 | % |  | June 7, 2024 |  | June 7, 2024
Revolving Facility 2018-3 |  | 750 |  |  | 271 |  |  | — |  |  | 2.62 | % |  | May 26, 2024 |  | May 26, 2024
Revolving Facility 2019-1 |  | 900 |  |  | 876 |  |  | — |  |  | 3.43 | % |  | June 30, 2023 |  | June 30, 2023
Revolving Facility 2019-2 |  | 1,850 |  |  | 1,809 |  |  | — |  |  | 2.89 | % |  | July 8, 2023 |  | July 8, 2024
Revolving Facility 2019-3 |  | 925 |  |  | 252 |  |  | — |  |  | 3.42 | % |  | April 5, 2024 |  | April 5, 2025
Revolving Facility 2021-1 |  | 125 |  |  | 50 |  |  | — |  |  | 2.46 | % |  | October 31, 2022 |  | October 31, 2022
Asset-backed Senior Term Debt Facilities |  |  |  |  |  |  |  |  |  |  |  |
Term Debt Facility 2021-S1 |  | 400 |  |  | — |  |  | 400 |  |  | 3.48 | % |  | April 1, 2024 |  | April 1, 2025
Term Debt Facility 2021-S2 |  | 600 |  |  | — |  |  | 500 |  |  | 3.20 | % |  | September 10, 2024 |  | September 10, 2025
Term Debt Facility 2021-S3 |  | 1,000 |  |  | — |  |  | 500 |  |  | 3.75 | % |  | January 31, 2027 |  | July 31, 2027
Term Debt Facility 2022-S1 |  | 250 |  |  | — |  |  | 250 |  |  | 4.07 | % |  | March 1, 2025 |  | September 1, 2025
Total |  | $ | 7,800 |  |  | $ | 3,362 |  |  | $ | 1,650 |  |  |  |  |  |  |
Issuance Costs |  |  |  |  |  | (16) |  |  |  |  |  |  |
Carrying Value |  |  |  |  |  | $ | 1,634 |  |  |  |  |  |  |
Asset-backed Mezzanine Term Debt Facilities |  |  |  |  |  |  |  |  |  |  |  |
Term Debt Facility 2020-M1 |  | 3,000 |  |  | — |  |  | 1,500 |  |  | 10.00 | % |  | April 1, 2025 |  | April 1, 2026
Term Debt Facility 2022-M1 |  | 500 |  |  | — |  |  | 75 |  |  | 10.00 | % |  | September 15, 2025 |  | September 15, 2026
Total |  | $ | 3,500 |  |  | $ | — |  |  | $ | 1,575 |  |  |  |  |  |  |
Issuance Costs |  |  |  |  |  | (33) |  |  |  |  |  |  |
Carrying Value |  |  |  |  |  | $ | 1,542 |  |  |  |  |  |  |
Total Non-Recourse Asset-backed Debt |  | $ | 11,300 |  |  | $ | 3,362 |  |  | $ | 3,176 |  |  |  |  |  |  |
Recourse Debt - Other Secured Borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Financing |  |  |  |  |  |  |  |  |  |  |  |
Repo Facility 2019-R1 |  | $ | 100 |  |  | $ | 12 |  |  | $ | — |  |  | 2.43 | % |  | May 25, 2023 |  | May 25, 2023
Total Recourse Debt |  | $ | 100 |  |  | $ | 12 |  |  | $ | — |  |  |  |  |  |  |
|  | Outstanding Amount |  |
December 31, 2021 |  | Current |  | Non-Current |  | Weighted Average Interest Rate
Non-Recourse Asset-backed Debt: |  |  |  |  |  |
Asset-backed Senior Revolving Credit Facilities |  |  |  |  |  |
Revolving Facility 2018-2 |  | $ | 759 |  |  | $ | — |  |  | 2.84 | %
Revolving Facility 2018-3 |  | 673 |  |  | — |  |  | 2.39 | %
Revolving Facility 2019-1 |  | 648 |  |  | — |  |  | 2.84 | %
Revolving Facility 2019-2 |  | 1,149 |  |  | — |  |  | 2.52 | %
Revolving Facility 2019-3 |  | 886 |  |  | — |  |  | 3.25 | %
Revolving Facility 2021-1 |  | 125 |  |  | — |  |  | 2.15 | %
Asset-backed Senior Term Debt Facilities |  |  |  |  |  |
Term Debt Facility 2021-S1 |  | — |  |  | 400 |  |  | 3.48 | %
Term Debt Facility 2021-S2 |  | — |  |  | 500 |  |  | 3.20 | %
Term Debt Facility 2021-S3 |  | — |  |  | — |  |  | 3.75 | %
Total |  | $ | 4,240 |  |  | $ | 900 |  |  |
Issuance Costs |  |  |  | (3) |  |  |
Carrying Value |  |  |  | $ | 897 |  |  |
Asset-backed Mezzanine Term Debt Facilities |  |  |  |  |  |
Term Debt Facility 2020-M1 |  | $ | — |  |  | $ | 1,000 |  |  | 10.00 | %
Total |  | $ | — |  |  | $ | 1,000 |  |  |
Issuance Costs |  |  |  | (35) |  |  |
Carrying Value |  |  |  | $ | 965 |  |  |
Total Non-Recourse Asset-backed Debt |  | $ | 4,240 |  |  | $ | 1,862 |  |  |
Recourse Debt - Other Secured Borrowings: |  |  |  |  |  |
Mortgage Financing |  |  |  |  |  |
Repo Facility 2019-R1 |  | $ | 7 |  |  | $ | — |  |  | 1.84 | %
Total Recourse Debt |  | $ | 7 |  |  | $ | — |  |  |
Convertible Debt | The tables below summarizes certain details related to the 2026 Notes (in millions, except interest rates):
June 30, 2022 |  | Aggregate Principal Amount |  | Unamortized Debt Issuance Costs |  | Net Carrying Amount
2026 Notes |  | $ | 978 |  |  | $ | (22) |  |  | $ | 956 |
June 30, 2022 |  | Maturity Date |  | Stated Cash Interest Rate |  | Effective Interest Rate |  | Semi-Annual Interest Payment Dates |  | Conversion Rate |  | Conversion Price
2026 Notes |  | August 15, 2026 |  | 0.25 | % |  | 0.77 | % |  | February 15; August 15 |  | 51.9926 |  | $ | 19.23 |

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