Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt, net of unamortized original issue premiums and unamortized debt issuance costs, consists of the following:


	December 31,
	2024		2023

Repurchase facility (terminated in 2024) (1)	$	—	$	100
Accounts receivable securitization facility expiring 2025 (1)	1,085		1,300

$4.25 billion ABL facility expiring 2027 (1)	2,253		1,261
Term loan facility expiring 2031 (1)	984		945















5 1/2 percent Senior Notes due 2027	499		498
3 7/8 percent Senior Secured Notes due 2027	747		745
4 7/8 percent Senior Notes due 2028 (2)	1,667		1,665

6 percent Senior Secured Notes due 2029	1,490		1,488
5 1/4 percent Senior Notes due 2030	746		745
4 percent Senior Notes due 2030	745		744
3 7/8 percent Senior Notes due 2031	1,092		1,091
3 3/4 percent Senior Notes due 2032	745		744
6 1/8 percent Senior Notes due 2034 (3)	1,090		—
Finance leases	263		192




Total debt	13,406		11,518
Less short-term portion (4)	(1,178)		(1,465)
Total long-term debt	$	12,228	$	10,053

(1) The table below presents financial information associated with our variable rate indebtedness as of and for the year ended December 31, 2024. The repurchase facility is not included below because (i) there were no borrowings under it during the year ended December 31, 2024 and (ii) it was terminated in May 2024. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.



	ABL facility			Accounts receivable securitization facility			Term loan facility
Borrowing capacity, net of letters of credit	$	1,973		$	415		$	—
Letters of credit	18
Interest rate at December 31, 2024	5.6		%	5.4		%	6.1		%
Average month-end debt outstanding	1,634			1,219			993
Weighted-average interest rate on average debt outstanding	6.2		%	6.1		%	6.8		%
Maximum month-end debt outstanding	2,259			1,424			1,000

(2) URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent Senior Notes issued in August 2017. As of December 31, 2024, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.663 billion and one with a book value of $4.

(3) In March 2024, URNA issued $1.100 billion aggregate principal amount of 6 1/8 percent Senior Notes. See below for additional detail on the issued debt.

(4) As of December 31, 2024, short-term debt primarily reflected borrowings under the accounts receivable securitization facility and the short-term portion of our finance leases. As of December 31, 2023, short-term debt primarily reflected borrowings under the accounts receivable securitization and repurchase facilities and the short-term portion of our finance leases. The accounts receivable securitization facility, which expires on June 24, 2025, may be extended on a 364-day basis by mutual agreement with the purchasers under the facility. The weighted average interest rates on our short-term debt, excluding finance leases, were 5.4 percent and 6.4 percent as of December 31, 2024 and 2023, respectively. See note 13 to the consolidated financial statements for further discussion on our finance leases.

Schedule of the maturities of debt

Debt maturities (exclusive of any unamortized original issue premiums and unamortized debt issuance costs) for each of the next five years and thereafter at December 31, 2024 are as follows:


2025	$	1,178
2026	77
2027	3,571
2028	1,707
2029	1,513
Thereafter	5,426
Total	$	13,472