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7. DEBT

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Our outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions):

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Direct and Subsidiary Debt

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Substantially all of our debt, including the facilities described below, has been incurred by our subsidiaries (primarily ������fun88(�й���)�ٷ���վ International). ������fun88(�й���)�ٷ���վ Corporation is not a guarantor of such subsidiary debt.

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Certain of our subsidiaries have third-party debt agreements that contain certain restrictions with regard to dividends, distributions, loans or advances. In certain circumstances, the consent of a third party would be required prior to the transfer of any cash or assets from these subsidiaries to us.

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Debt Issuance Costs

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We record debt issuance costs related to a debt liability on the balance sheets as a reduction to the face amount of that debt liability. As of both�� March 31, 2023 and December 31, 2022, the amount of debt issuance costs directly reducing the debt liability was $8��million. We amortize debt issuance costs using either a straight line or effective interest method, depending on the debt agreement, and record them as interest expense.

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Revolving Credit Facility

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On May 20, 2022, ������fun88(�й���)�ٷ���վ International entered into a new $1.2 billion senior unsecured revolving credit facility (the ��2022 Revolving Credit Facility��). Borrowings will bear interest at the rates specified in the credit agreement governing the 2022 Revolving Credit Facility, which will vary based on the type of loan and ������fun88(�й���)�ٷ���վ International’s debt ratings. Under the credit agreement, the interest rate margin and the commitment fee rates are also subject to adjustments based on the Company’s performance on specified sustainability target thresholds with respect to annual percentage reduction in operational greenhouse gas emissions intensity and annual percentage reduction in water consumption intensity. Unless previously terminated in accordance with its terms, the credit agreement will mature in May 2027. ������fun88(�й���)�ٷ���վ International may increase the 2022 Revolving Credit Facility commitments up to an additional $500 million, subject to the satisfaction of certain conditions.��

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The following table presents certain amounts under our 2022 Revolving Credit Facility as of�� March 31, 2023��(monetary amounts in millions):

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A/R Programs

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Our U.S. accounts receivable securitization program (“U.S. A/R Programs��) and our European accounts receivable securitization program (“EU A/R Program”��and collectively with the U.S. A/R Program, “A/R Programs��)��are structured so that we transfer certain of our trade receivables to the U.S. special purpose entity (“U.S. SPE��) and the European special purpose entity (“EU SPE��) in transactions intended to be true sales or true contributions. The receivables collateralize debt incurred by the U.S. SPE and the EU SPE.

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On July 1, 2021, we entered into amendments to our��A/R Programs��that, among other things, extended the respective scheduled termination dates of our A/R Programs from April 2022 to July 2024.

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Information regarding our A/R Programs as of March 31, 2023 was as follows (monetary amounts in millions):

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As of March 31, 2023 and December 31, 2022, $306��million and $272��million, respectively, of accounts receivable were pledged as collateral under our A/R Programs.

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Senior Notes

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Our senior notes consisted of the following (monetary amounts in millions):��

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Variable Interest Entity Debt

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��As of�� March 31, 2023, AAC, our consolidated 50%-owned joint venture, had $33��million outstanding under its loan commitments and debt financing arrangements. As of March 31, 2023, we have��$9 million classified as current debt and $24��million as long-term debt on our condensed consolidated balance sheets. We do not guarantee these loan commitments, and AAC is not a guarantor of any of our other debt obligations.

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Compliance with Covenants

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We believe that we are in compliance with the covenants contained in the agreements governing our material debt instruments, including our 2022 Revolving Credit Facility, our A/R Programs and our senior notes.​��

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