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Short and Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| December 31,
| 2021 |  | 2020
Senior Secured Credit Facility: |  |  |
Revolving Credit Facility | $ | — |  |  | $ | — |
Term Loan B Facility | — |  |  | 1,036 |
Term Loan A Facility | 231 |  |  | 681 |
7.625% Senior Secured Second Lien Notes | 542 |  |  | 540 |
4.875% Senior Notes | 406 |  |  | 406 |
9.375% Senior Notes | 545 |  |  | 544 |
5.75% Senior Notes | 898 |  |  | — |
0.25% Exchangeable Senior Notes | 328 |  |  | — |
Total Short-Term & Long-Term Debt | $ | 2,950 |  |  | $ | 3,207 |
Securitization Obligations: |  |  |
Apple Ridge Funding LLC | $ | 116 |  |  | $ | 102 |
Cartus Financing Limited | 2 |  |  | 4 |
Total Securitization Obligations | $ | 118 |  |  | $ | 106 |
Schedule of Debt | As of December 31, 2021, the Company’s borrowing arrangements were as follows:
| Interest Rate |  | Expiration Date |  | Principal Amount |  | Unamortized Discount (Premium) and Debt Issuance Costs |  | Net Amount
Senior Secured Credit Facility (1) | (2) |  | (2) |  | $ | — |  |  | $ * |  | $ | — |
Term Loan A Facility | (2) |  | (2) |  | 232 |  |  | 1 |  |  | 231 |
Senior Secured Second Lien Notes (3) (4) | 7.625% |  | June 2025 |  | 550 |  |  | 8 |  |  | 542 |
Senior Notes (3) | 4.875% |  | June 2023 |  | 407 |  |  | 1 |  |  | 406 |
Senior Notes (3) (4) | 9.375% |  | April 2027 |  | 550 |  |  | 5 |  |  | 545 |
Senior Notes (3) | 5.75% |  | January 2029 |  | 900 |  |  | 2 |  |  | 898 |
Exchangeable Senior Notes (5) | 0.25% |  | June 2026 |  | 403 |  |  | 75 |  |  | 328 |
Total Short-Term & Long-Term Debt | $ | 3,042 |  |  | $ | 92 |  |  | $ | 2,950 |
Securitization obligations: (6) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC |  | June 2022 |  | $ | 116 |  |  | $ * |  | $ | 116 |
Cartus Financing Limited |  | September 2022 |  | 2 |  |  | * |  | 2 |
Total Securitization Obligations | $ | 118 |  |  | $ | — |  |  | $ | 118 |
_______________ *The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets. (1)The Senior Secured Credit Facility includes a $1,425 million Revolving Credit Facility which includes a $125 million letter of credit sub-facility, and, until its repayment in full in September 2021, a Term Loan B Facility. As of December 31, 2021, there were no outstanding borrowings under the Revolving Credit Facility and $42 million of outstanding undrawn letters of credit. On February 23, 2022, the Company had no outstanding borrowings under the Revolving Credit Facility and $42 million of outstanding undrawn letters of credit. (2)See below under the header "Senior Secured Credit Agreement and Term Loan A Agreement" for additional information. (3)See below under the header "Senior Secured Second Lien Notes" and "Unsecured Notes" for additional information. (4)In the first quarter of 2022, the Company issued $1,000 million 5.25% Senior Notes due 2030 and used net proceeds, together with cash on hand, to redeem in full both the outstanding 9.375% Senior Notes due 2027 and the 7.625% Senior Secured Second Lien Notes due 2025. See Note 19, "Subsequent Events", for a description of these transactions. (5)See below under the header "Exchangeable Senior Notes" for additional information. (6)See below under the header "Securitization Obligations" for additional information.
Schedule of Maturities of Long-term Debt | As of December 31, 2021, the combined aggregate amount of maturities for long-term borrowings for each of the next five years is as follows:
Year |  | Amount
2022 (a) |  | $ | 10 |
2023 |  | 423 |
2024 |  | 22 |
2025 |  | 734 |
2026 |  | 403 |
_______________ (a)The current portion of long-term debt of $10 million shown on the Consolidated Balance Sheets consists of four quarters of 2022 amortization payments for the Extended Term Loan A. There were no outstanding borrowings under the Revolving Credit Facility as of December 31, 2021, however any amounts outstanding would be classified on the balance sheet as current due to the revolving nature and terms and conditions of the facilities.
Interest Rate Table for Revolving Credit Facility |
Senior Secured Leverage Ratio |  | Applicable LIBOR Margin |  | Applicable ABR Margin
Greater than 3.50 to 1.00 |  | 2.50% |  | 1.50%
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 |  | 2.25% |  | 1.25%
Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 |  | 2.00% |  | 1.00%
Less than 2.00 to 1.00 |  | 1.75% |  | 0.75%
Convertible Debt | The Exchangeable Senior Notes consisted of the following components as of December 31, 2021:
| December 31, 2021
Liability component: |
Principal | $ | 403 |
Less: debt discount and issuance costs, net of amortization | 75
Net carrying amount | $ | 328 |
Equity component: (*) | $ | 53 |
_______________ (*) Included in additional paid-in capital on the Consolidated Balance Sheets. See header "Recently Issued Accounting Pronouncements" in Note 2, "Summary of Significant Accounting Policies", related to the January 1, 2022 adoption of the new standard on "Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity" which eliminates the equity component.

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