XML 46 R34.htm IDEA: XBRL DOCUMENT
v3.25.2

BORROWINGS OF LONG-TERM AND OTHER DEBT (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | Long-term and other debt consisted of the following as of the dates presented:
Description |  | June 30, 2025 |  | December 31, 2024 |  | Contractual Maturities |  | Interest Rates
(Millions, except percentages) |  |  |  |  |  |  |  |
Long-term and other debt: |  |  |  |  |  |  |  |
Revolving line of credit |  | $ | — |  |  | $ | — |  |  | October 2028 |  | (1)
Senior notes due 2026 |  | — |  |  | 100 |  |  | January 2026 |  | 7.00%
Convertible senior notes due 2028 |  | 3 |  |  | 10 |  |  | June 2028 |  | 4.25%
Senior notes due 2029 |  | 750 |  |  | 900 |  |  | March 2029 |  | 9.75%
Subordinated notes due 2035 |  | 400 |  |  | — |  |  | June 2035 |  | 8.38%
Subtotal |  | 1,153 |  |  | 1,010 |  |  |  |  |
Less: Unamortized debt issuance costs |  | 15 |  |  | 11 |  |  |  |  |
Total long-term and other debt |  | $ | 1,138 |  |  | $ | 999 |  |  |  |  |
Debt issued by consolidated VIEs: |  |  |  |  |  |  |  |
Fixed rate asset-backed term note securities |  | $ | 1,350 |  |  | $ | 1,350 |  |  | Various – May 2026 to Jul. 2027 |  | 4.62% to 5.47%
Conduit asset-backed securities |  | 1,743 |  |  | 3,213 |  |  | Various – Sep. 2025 to Feb. 2026 |  | (2)
Subtotal |  | 3,093 |  |  | 4,563 |  |  |  |  |
Less: Unamortized debt issuance costs |  | 4 |  |  | 5 |  |  |  |  |
Total debt issued by consolidated VIEs |  | $ | 3,089 |  |  | $ | 4,558 |  |  |  |  |
Total borrowings of long-term and other debt |  | $ | 4,227 |  |  | $ | 5,557 |  |  |  |  |
______________________________ (1)The interest rate is based upon the Secured Overnight Financing Rate (SOFR) plus an applicable margin. (2)The interest rate is based upon SOFR, or the asset-backed commercial paper costs of each individual conduit provider plus an applicable margin. As of June 30, 2025 the interest rates ranged from 5.41% to 5.42% with a weighted average rate of 5.41%. As of December 31, 2024 the interest rates ranged from 5.48% to 5.60% with a weighted average rate of 5.54%.
Schedule Of Conduit Facilities |
(Millions) |  | December 31, 2024 |  | Commitment |  | June 30, 2025 |  |
Conduit Facilities |  | Capacity |  | Drawn (6) |  | Change |  | Capacity |  | Drawn (6) |  | Maturity Date (7)
Comenity Bank |  |  |  |  |  |  |  |  |  |  |  |
WFNMNT 2009-VFN (1) |  | $ | 2,650 |  |  | $ | 1,955 |  |  | $ | — |  |  | $ | 2,650 |  |  | $ | 1,363 |  |  | October 2025
WFNMT 2009-VFC1 (2) |  | — |  |  | 141 |  |  | — |  |  | — |  |  | — |  |  | — |
Comenity Capital Bank |  |  |  |  |  |  |  |  |  |  |  |
WFCMNT 2009-VFN (3) |  | 2,250 |  |  | 867 |  |  | (250) |  |  | 2,000 |  |  | 380 |  |  | February 2026
CCAST 2023-VFN1 (4) |  | 250 |  |  | 250 |  |  | — |  |  | 250 |  |  | — |  |  | September 2025
CCAST 2024-VFN1 (5) |  | 200 |  |  | — |  |  | (200) |  |  | — |  |  | — |  |  | — |
Total |  | $ | 5,350 |  |  | $ | 3,213 |  |  | $ | (450) |  |  | $ | 4,900 |  |  | $ | 1,743 |  |  |
__________________________________ (1)2009-VFN Conduit issued under World Financial Network Credit Card Master Note Trust (WFNMNT). (2)2009-VFC1 Conduit issued under World Financial Network Credit Card Master Trust III (WFNMT) was retired following controlled amortization, meaning the period in which principal collections are accumulated to pay down the outstanding principal amount of the notes issued under the Conduit Facility, in June 2025 pursuant to the termination, consent and waiver agreement. (3)2009-VFN Conduit issued under World Financial Capital Master Note Trust (WFCMNT). In February 2025, the 2009-VFN Conduit commitment was reduced by $250 million to $2 billion, and the Maturity Date extended to February 2026. (4)2023-VFN1 Conduit issued under Comenity Capital Asset Securitization Trust (CCAST). (5)2024-VFN1 Conduit issued under CCAST was retired in February 2025 pursuant to the termination, consent and waiver agreement. (6)Amounts drawn do not include $0.5 billion and $1.1 billion of debt issued by the Trusts as of June 30, 2025 and December 31, 2024, respectively, which were not sold, but were retained by us as a credit enhancement and therefore have been eliminated from the Total. (7)Maturity Date with respect to conduit borrowings means the date on which the revolving period for the applicable Conduit Facility expires. The revolving period may be extended or renewed (unless an early amortization event occurs prior to the Maturity Date). Absent the extension or renewal of the revolving period, the Conduit Facility shall enter controlled amortization on the Maturity Date and may no longer be drawn upon.

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 information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(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