
(in thousands)				Borrowing Limit		December 31, 2022		December 31, 2021
Maturity Date	Interest rate (%)
May 2023 - December 2023	1.86	–	5.38	$	187,733	$	176,458	$	7,887

Less: unamortized discounts						(1,055)		(76)
Total short-term borrowings						$	175,403	$	7,811

Our short-term borrowings generally include lines of credit with financial institutions to be drawn upon for general operating purposes.

In May 2022, we entered into a one-year revolving credit facility agreement to borrow up to $47 million. This facility was secured by $57 million of time deposits, which are classified as short-term restricted cash. Under this facility agreement, the interest rate will be negotiated and fixed at the time of each drawdown.

In September 2022, we entered into a $87 million one-year term loan agreement. We pledged $104 million of certain land as collateral. The loan bears interest at a fixed rate of 4.75%. Principal is to be paid at maturity and interest is paid on a monthly basis.


(in thousands)						December 31, 2022		December 31, 2021
Maturity Date	Interest rate (%)			Borrowing Limit
February 2024(1)	(5)			$	1,000,000	$	—	$	—
November 2024(2)	CD interest rate (91 days) + 2.30			126,253		—		—
February 2023 – April 2025(3)	2.65	–	4.45	3,160		3,160		20,952
October 2023 – March 2027(4)	2.87	–	5.95	811,804		667,009		605,229
Total principal long-term debt				$	1,941,217	$	670,169	$	626,181
Less: current portion of long-term debt						(128,936)		(341,717)
Less: unamortized discounts						(3,353)		(1,274)
Total long-term debt						$	537,880	$	283,190

(4)Relates to our term loan facility agreements as described below. At December 31, 2022, we had pledged up to $974 million of land and buildings as collateral against long-term loan facilities.

(5)Borrowings under the 2021 revolving credit facility bear interest, at our option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted LIBOR for a one-month interest period plus 1.00% or (ii) an adjusted LIBOR plus a margin equal to 1.00%.

In October 2022, we entered into a two-year revolving facility agreement with a borrowing limit of $126 million that bears interest at the average of 91-day CD interest rate plus 2.30%. The revolving facility is secured by $615 million of inventories.

In February 2021, we entered into a three-year senior unsecured credit facility (the “2021 revolving credit facility”) which provides for revolving loans in an aggregate principal amount of up to $1.0 billion. The 2021 revolving credit facility provides us the right to request incremental commitments up to $1.25 billion, subject to customary conditions. As of December 31, 2022, there was no balance outstanding on the 2021 revolving credit facility.

The 2021 revolving credit facility contains customary affirmative and negative covenants, including certain financial covenants. The 2021 revolving credit facility is guaranteed on a senior unsecured basis by all our material restricted subsidiaries, subject to customary exceptions. Borrowings under the 2021 revolving credit facility are not permitted to the extent any amounts are drawn under our existing revolving credit facility.

The 2021 and 2022 revolving credit facilities both contain financial covenants that require us to maintain certain maximum net leverage ratios and minimum liquidity amounts.

In March 2022, we entered into a new five-year loan agreement to borrow $316 million, which was partially used to extinguish the $149 million August 2020 term loan facility which matured in March 2022, and to finance infrastructure of a fulfillment center. We pledged up to $379 million of certain existing land and a building as collateral. The loan bears interest at a fixed rate of 4.26%.

In December 2021, we entered into a new two-year loan agreement to borrow up to $142 million to finance the construction of a fulfillment center. We pledged up to $170 million of certain existing land and a building to be constructed as collateral. The loan bears interest at a fixed rate of 3.87%.

In November 2021, we entered into a new five-year term loan facility agreement to borrow up to $44 million to finance the construction of a fulfillment center and a new three-year term loan facility agreement to borrow up to $22 million for general operating purposes. We pledged up to $80 million of certain existing land and buildings. The loans bear interest at a fixed rate of 3.78% and 3.68%, respectively.

In October 2021, we entered into a new two-year loan agreement to borrow up to $130 million to finance the construction of a fulfillment center. We pledged up to $156 million of certain existing land and a building to be constructed as collateral. The loan bears interest at a fixed rate of 3.45%.

In August 2021, we entered into a new $158 million three-year term loan agreement. We pledged $189 million of certain land and buildings as collateral. The loan bears interest at a fixed rate of 3.155%. Principal is to be paid at maturity and interest is paid on a monthly basis.

We were in compliance with the covenants for each of our borrowings and debt agreements as of December 31, 2022 and 2021.

Our long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements. The carrying amount of the long-term debt approximates its fair value as of December 31, 2022 and 2021, due primarily to the interest rates approximating market interest rates.


(in thousands)	Long-term debt
2023	$	129,883
2024	180,046
2025	182
2026	44,425
2027	315,633
Thereafter	—
Total	$	670,169