XML 74 R39.htm IDEA: XBRL DOCUMENT v3.22.0.1
Short and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Total Indebtedness Total indebtedness is as follows:
 December 31,
 20212020
Senior Secured Credit Facility:
Revolving Credit Facility
$— $— 
Term Loan B Facility
— 1,036 
Term Loan A Facility231 681 
7.625% Senior Secured Second Lien Notes542 540 
4.875% Senior Notes406 406 
9.375% Senior Notes545 544 
5.75% Senior Notes898 — 
0.25% Exchangeable Senior Notes328 — 
Total Short-Term & Long-Term Debt $2,950 $3,207 
Securitization Obligations:
Apple Ridge Funding LLC$116 $102 
Cartus Financing Limited2 4 
Total Securitization Obligations$118 $106 
Schedule of Debt
As of December 31, 2021, the Company’s borrowing arrangements were as follows:
Interest
Rate		Expiration
Date		Principal AmountUnamortized Discount (Premium) and Debt Issuance CostsNet Amount
Senior Secured Credit Facility (1)(2)(2)$— $ *$— 
Term Loan A Facility(2)(2)232 1 231 
Senior Secured Second Lien Notes (3) (4)7.625%June 2025550 8 542 
Senior Notes (3)4.875%June 2023407 1 406 
Senior Notes (3) (4)9.375%April 2027550 5 545 
Senior Notes (3) 5.75%January 2029900 2 898 
Exchangeable Senior Notes (5)0.25%June 2026403 75 328 
Total Short-Term & Long-Term Debt$3,042 $92 $2,950 
Securitization obligations: (6)
Apple Ridge Funding LLCJune 2022$116 $ *$116 
Cartus Financing LimitedSeptember 20222 *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:
YearAmount
2022 (a)$10 
2023423 
202422 
2025734 
2026403 
_______________

 
(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 RatioApplicable LIBOR MarginApplicable ABR Margin
Greater than 3.50 to 1.002.50%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 1.001.75%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.