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Short and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Total Indebtedness
Total indebtedness is as follows:
 December 31,
 20232022
Revolving Credit Facility
$285 $350 
Term Loan A Facility
206 221 
7.00% Senior Secured Second Lien Notes627 — 
5.75% Senior Notes576 899 
5.25% Senior Notes451 985 
0.25% Exchangeable Senior Notes397 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 2025206 — 206 
Senior Secured Second Lien Notes (3)
7.00%April 2030640 13 627 
Senior Notes (3)(4)
5.75%January 2029576 — 576 
Senior Notes (3)(4)
5.25%April 2030457 6 451 
Exchangeable Senior Notes (5)
0.25%June 2026403 6 397 
Total Short-Term & Long-Term Debt$2,567 $25 $2,542 
Securitization obligations: (6)
Apple Ridge Funding LLCMay 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:
YearAmount
2024 (a)
$307 
2025184 
2026403 
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 RatioApplicable SOFR 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%
Interest Rate Table for Term Loan A Facility
Senior Secured Leverage Ratio
Applicable SOFR Margin
Applicable 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%