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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:

DescriptionJune 30, 2025December 31, 2024Contractual MaturitiesInterest Rates
(Millions, except percentages)
Long-term and other debt:
Revolving line of credit$— $— October 2028
(1)
Senior notes due 2026— 100 January 20267.00%
Convertible senior notes due 20283 10 June 20284.25%
Senior notes due 2029750 900 March 20299.75%
Subordinated notes due 2035400 — June 20358.38%
Subtotal1,153 1,010 
Less: Unamortized debt issuance costs15 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 securities1,743 3,213 Various – Sep. 2025 to Feb. 2026
(2)
Subtotal3,093 4,563 
Less: Unamortized debt issuance costs4 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, 2024CommitmentJune 30, 2025
Conduit FacilitiesCapacity
Drawn (6)
ChangeCapacity
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 
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(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.