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Short and Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| December 31,
| 2023 |  | 2022
Revolving Credit Facility | $ | 285 |  |  | $ | 350 |
Term Loan A Facility | 206 |  |  | 221 |
7.00% Senior Secured Second Lien Notes | 627 |  |  | — |
5.75% Senior Notes | 576 |  |  | 899 |
5.25% Senior Notes | 451 |  |  | 985 |
0.25% Exchangeable Senior Notes | 397 |  |  | 394 |
Total Short-Term & Long-Term Debt | $ | 2,542 |  |  | $ | 2,849 |
Securitization Obligations: |  |  |
Apple Ridge Funding LLC | $ | 115 |  |  | $ | 163 |
Schedule of Debt | As of December 31, 2023, the Company’s borrowing arrangements were as follows:
| Interest Rate |  | Expiration Date |  | Principal Amount |  | Unamortized Premium and Debt Issuance Costs |  | Net Amount
Revolving Credit Facility (1) | (2) |  | July 2027 (2) |  | $ | 285 |  |  | $ * |  | $ | 285 |
Term Loan A Facility | (2) |  | February 2025 |  | 206 |  |  | — |  |  | 206 |
Senior Secured Second Lien Notes (3) | 7.00% |  | April 2030 |  | 640 |  |  | 13 |  |  | 627 |
Senior Notes (3)(4) | 5.75% |  | January 2029 |  | 576 |  |  | — |  |  | 576 |
Senior Notes (3)(4) | 5.25% |  | April 2030 |  | 457 |  |  | 6 |  |  | 451 |
Exchangeable Senior Notes (5) | 0.25% |  | June 2026 |  | 403 |  |  | 6 |  |  | 397 |
Total Short-Term & Long-Term Debt | $ | 2,567 |  |  | $ | 25 |  |  | $ | 2,542 |
Securitization obligations: (6) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC |  | May 2024 |  | $ | 115 |  |  | $ * |  | $ | 115 |
_______________ *The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets. (1)As of December 31, 2023, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of December 31, 2023, there were $285 million outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit. On February 14, 2024, the Company had $383 million outstanding borrowings under the Revolving Credit Facility and $33 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 headers "Debt Exchange Transactions" and "7.00% Senior Secured Second Lien Notes" for additional information with respect to the debt exchange transactions, as well as, under the header "Open Market Repurchases of 5.75% and 5.25% Senior Notes" for additional information with respect to open market repurchases in the third quarter of 2023. (4)See below under the header "Unsecured Notes" for additional information. (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, 2023, the combined aggregate amount of maturities for long-term borrowings for each of the next five years is as follows:
Year |  | Amount
2024 (a) |  | $ | 307 |
2025 |  | 184 |
2026 |  | 403 |
2027 |  | — |
2028 |  | — |
_______________ (a)The current portion of long-term debt of $307 million shown on the Consolidated Balance Sheets consists of $285 million outstanding borrowings under the Revolving Credit Facility as of December 31, 2023 and four quarters of 2024 amortization payments totaling $22 million for the Term Loan A Facility. Outstanding borrowings under the Revolving Credit Facility are 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 SOFR 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%
Interest Rate Table for Term Loan A Facility |
Senior Secured Leverage Ratio |  | Applicable SOFR 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%

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