XML 38 R28.htm IDEA: XBRL DOCUMENT v3.22.2.2
DEBT (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The Company’s outstanding debt as of September 30, 2022 and December 31, 2021 was as follows:

 As of 
 September 30, 2022 December 31, 2021 
Total Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying ValueTotal Aggregate Principal Amount Committed/ Outstanding (1)Principal Amount OutstandingCarrying Value
Revolving Credit Facility$4,843 (2)$1,787 $1,787 $4,232 (2)$1,507 $1,507 
Revolving Funding Facility1,775 932 932 1,525 762 762 
SMBC Funding Facility800 (3)456 456 800 (3)401 401 
BNP Funding Facility300 175 175 300 — — 
2022 Convertible Notes— — — 388 388 388 (4)
2024 Convertible Notes403 403 399 (4)403 403 395 (4)
2023 Notes750 750 750 (5)750 750 748 (5)
2024 Notes900 900 898 (6)900 900 897 (6)
March 2025 Notes600 600 597 (7)600 600 596 (7)
July 2025 Notes1,250 1,250 1,258 (8)1,250 1,250 1,260 (8)
January 2026 Notes1,150 1,150 1,144 (9)1,150 1,150 1,143 (9)
July 2026 Notes1,000 1,000 990 (10)1,000 1,000 988 (10)
2027 Notes500 500 494 (11)— — — 
2028 Notes1,250 1,250 1,246 (12)1,250 1,250 1,246 (12)
2031 Notes700 700 690 (13)700 700 689 (13)
Total$16,221 $11,853 $11,816 $15,248 $11,061 $11,020 
________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $7,265.
(3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $1,000.

(4)Represents the aggregate principal amount outstanding of the 2024 Convertible Notes (as defined below). As of September 30, 2022, the total unamortized debt issuance costs and the unamortized discount for the 2024 Convertible Notes (as defined below) was $4. As of December 31, 2021, the total unamortized debt issuance costs and the unamortized discount for the 2022 Convertible Notes and the 2024 Convertible Notes (each as defined below) were $0 and $8, respectively. In February 2022, the Company repaid in full the 2022 Convertible Notes upon their maturity.

(5)Represents the aggregate principal amount outstanding of the 2023 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the 2023 Notes. As of September 30, 2022 and December 31, 2021, the total unamortized debt issuance costs and the unamortized discount was $0 and $2, respectively.

(6)Represents the aggregate principal amount outstanding of the 2024 Notes (as defined below), less unamortized debt issuance costs and the net unamortized discount recorded upon the issuance of the 2024 Notes. As of September 30, 2022 and December 31, 2021, the total unamortized debt issuance costs and the net unamortized discount was $2 and $3, respectively.

(7)Represents the aggregate principal amount outstanding of the March 2025 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the March 2025 Notes. As of September 30, 2022 and December 31, 2021, the total unamortized debt issuance costs and the unamortized discount was $3 and $4, respectively.

(8)Represents the aggregate principal amount outstanding of the July 2025 Notes (as defined below), less unamortized debt issuance costs and the net unaccreted premium recorded upon the issuance of the July 2025 Notes. As of September 30, 2022 and December 31, 2021, the total unamortized debt issuance costs and the net unaccreted premium was $8 and $10, respectively.

(9)Represents the aggregate principal amount outstanding of the January 2026 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the January 2026 Notes. As of September 30, 2022 and December 31, 2021, the total unamortized debt issuance costs and the unamortized discount was $6 and $7, respectively.

(10)Represents the aggregate principal amount outstanding of the July 2026 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the July 2026 Notes. As of September 30, 2022 and December 31, 2021, the total unamortized debt issuance costs and the unamortized discount was $10 and $12, respectively.

(11)Represents the aggregate principal amount outstanding of the 2027 Notes (as defined below), less unamortized debt issuance costs and the net unamortized discount recorded upon the issuance of the 2027 Notes. As of September 30, 2022, the total unamortized debt issuance costs and the net unamortized discount was $6.

(12)Represents the aggregate principal amount outstanding of the 2028 Notes (as defined below), less unamortized debt issuance costs and the net unamortized discount recorded upon the issuance of the 2028 Notes. As of September 30, 2022 and December 31, 2021, the total unamortized debt issuance costs and the net unamortized discount was $4 and $4, respectively.

(13)Represents the aggregate principal amount outstanding of the 2031 Notes (as defined below), less unamortized debt issuance costs and the unamortized discount recorded upon the issuance of the 2031 Notes. As of September 30, 2022 and December 31, 2021, the total unamortized debt issuance costs and the unamortized discount was $10 and $11, respectively.
For the three and nine months ended September 30, 2022 and 2021, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2022202120222021
Stated interest expense$19 $4 $34 $14 
Credit facility fees5 4 7 11 
Amortization of debt issuance costs2 2 5 4 
Total interest and credit facility fees expense$26 $10 $46 $29 
Cash paid for interest expense$19 $4 $35 $14 
Average stated interest rate3.95 %1.97 %3.15 %2.09 %
Average outstanding balance$1,875 $889 $1,402 $922 
For the three and nine months ended September 30, 2022 and 2021, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Funding Facility were as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2022202120222021
Stated interest expense$10 $2 $19 $12 
Credit facility fees1 2 3 5 
Amortization of debt issuance costs1 1 2 3 
Total interest and credit facility fees expense$12 $5 $24 $20 
Cash paid for interest expense$9 $3 $19 $11 
Average stated interest rate4.38 %2.69 %3.17 %2.35 %
Average outstanding balance$944 $368 $805 $602 
For the three and nine months ended September 30, 2022 and 2021, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SMBC Funding Facility were as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2022202120222021
Stated interest expense$4 $— $9 $2 
Credit facility fees1 2 2 4 
Amortization of debt issuance costs1 1 2 2 
Total interest and credit facility fees expense$6 $3 $13 $8 
Cash paid for interest expense$4 $— $9 $3 
Average stated interest rate4.27 %2.36 %3.00 %2.00 %
Average outstanding balance$402 $9 $403 $155 
For the three and nine months ended September 30, 2022 and 2021, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows:

For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2022202120222021
Stated interest expense$2 $— $3 $1 
Credit facility fees— 1 1 3 
Amortization of debt issuance costs— — 1 — 
Total interest and credit facility fees expense$2 $1 $5 $4 
Cash paid for interest expense$1 $— $1 $1 
Average stated interest rate4.35 %— %3.95 %3.45 %
Average outstanding balance$143 $— $81 $20 
Certain key terms related to the convertible features for the 2024 Convertible Notes as of September 30, 2022 are listed below.
2024 Convertible Notes
Conversion premium15.0 %
Closing stock price at issuance$17.29 
Closing stock price dateMarch 5, 2019
Conversion price (1)$19.78 
Conversion rate (shares per one thousand dollar principal amount)(1)50.5549 
Conversion dateDecember 1, 2023
________________________________________

(1)Represents conversion price and conversion rate, as applicable, as of September 30, 2022, taking into account any applicable de minimis adjustments that will be made on the conversion date.
As of September 30, 2022, the components of the carrying value of the 2024 Convertible Notes, the stated interest rate and the effective interest rate were as follows:
2024 Convertible Notes
Principal amount of debt$403 
Original issue discount, net of accretion(1)
Debt issuance costs, net of amortization(3)
Carrying value of debt$399 
Stated interest rate4.625 %
Effective interest rate(1)5.10 %
________________________________________

(1)The effective interest rate of the 2024 Convertible Notes is equal to the stated interest rate plus the accretion of original issue discount and amortization of debt issuance costs.
For the three and nine months ended September 30, 2022 and 2021, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes, as well as any other convertible notes outstanding during the periods presented were as follows.
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2022202120222021
Stated interest expense$5 $8 $15 $25 
Amortization of debt issuance costs— 1 1 2 
Accretion of original issue discount— 1 2 4 
Total interest expense$5 $10 $18 $31 
Cash paid for interest expense$9 $17 $26 $34 
Certain key terms related to the features for the Unsecured Notes as of September 30, 2022 are listed below.

Unsecured Notes		Aggregate Principal Amount IssuedInterest RateOriginal Issuance DateMaturity Date
2023 Notes$750 3.500%August 10, 2017February 10, 2023
2024 Notes$900 4.200%June 10, 2019June 10, 2024
March 2025 Notes$600 4.250%January 11, 2018March 1, 2025
July 2025 Notes$1,250 3.250%January 15, 2020July 15, 2025
January 2026 Notes$1,150 3.875%July 15, 2020January 15, 2026
July 2026 Notes$1,000 2.150%January 13, 2021July 15, 2026
2027 Notes $500 2.875%January 13, 2022June 15, 2027
2028 Notes$1,250 2.875%June 10, 2021June 15, 2028
2031 Notes$700 3.200%November 4, 2021November 15, 2031
For the three and nine months ended September 30, 2022 and 2021, the components of interest expense and cash paid for interest expense for the Unsecured Notes, as well as any other unsecured notes outstanding during the periods presented are listed below.
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2022202120222021
Stated interest expense$67 $62 $202 $168 
Amortization of debt issuance costs4 4 11 8 
Net (amortization) accretion of original issue premium/discount(2)(1)(5)(1)
Total interest expense$69 $65 $208 $175 
Cash paid for interest expense$79 $90 $213 $187