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Short and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Total Indebtedness
Total indebtedness is as follows:
 December 31,
 20242023
Revolving Credit Facility
$490 $285 
Term Loan A Facility
— 206 
7.00% Senior Secured Second Lien Notes630 627 
5.75% Senior Notes558 576 
5.25% Senior Notes444 451 
0.25% Exchangeable Senior Notes399 397 
Total Short-Term & Long-Term Debt $2,521 $2,542 
Securitization Obligations:
Apple Ridge Funding LLC$140 $115 
Schedule of Debt
As of December 31, 2024, 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 (a)
(b)
July 2027 (b)
$490 $ *$490 
Senior Secured Second Lien Notes (c)
7.00%April 2030640 10 630 
Senior Notes (d)
5.75%January 2029558 — 558 
Senior Notes (d)
5.25%April 2030449 5 444 
Exchangeable Senior Notes (e)
0.25%June 2026403 4 399 
Total Short-Term & Long-Term Debt$2,540 $19 $2,521 
Securitization obligations: (f)
Apple Ridge Funding LLCMay 2025$140 $ *$140 
_______________
*The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets.
(a)As of December 31, 2024, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of December 31, 2024, there were $490 million outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit. On February 21, 2025, the Company had $585 million outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit.
(b)See below under the header "Senior Secured Credit Agreement" for additional information.
(c)See below under the header "7.00% Senior Secured Second Lien Notes" for additional information.
(d)See below under the header "Unsecured Notes" for additional detail and repurchases information in the third quarter of 2024.
(e)See below under the header "Exchangeable Senior Notes" for additional information.
(f)See below under the header "Securitization Obligations" for additional information.
Schedule of Maturities of Long-term Debt
As of December 31, 2024, the combined aggregate amount of maturities for long-term borrowings for each of the next five years is as follows:
YearAmount
2025 (a)
$490 
2026403 
2027— 
2028— 
2029558 
_______________
(a)Outstanding borrowings under the Revolving Credit Facility expire in July 2027 (subject to earlier springing maturity) but are classified on the balance sheet as current due to the revolving nature of borrowings and terms and conditions of the facility.
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%