ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾

8. DEBT

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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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ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation’s direct debt and guarantee obligations consist of a guarantee of certain indebtedness incurred from time to time to finance certain insurance premiums. Substantially all of our other debt, including the facilities described below, has been incurred by our subsidiaries (primarily ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International). ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ 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 sheet as a reduction to the face amount of that debt liability. For March 31, 2021 and December 31, 2020, the amount of debt issuance costs directly reducing the debt liability was $8Ìýmillion and $9Ìýmillion, respectively. We record the amortization of debt issuance costs as interest expense.

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Revolving Credit Facility

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As of March 31, 2021, our $1.2Ìýbillion senior unsecured revolving credit facility (“Revolving Credit Facilityâ€�) was as follows (dollars in millions):

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A/R Programs

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Our U.S. accounts receivable securitization program (“U.S. A/R Program�) 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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Information regarding our A/R Programs as of March 31, 2021 was as follows (monetary amounts in millions):

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As of March 31, 2021 and December 31, 2020, $245Ìýmillion and $198Ìýmillion, respectively, of accounts receivable were pledged as collateral under our A/R Programs.

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Senior Notes

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On January 15, 2021, we redeemed in full â‚�445 million (approximately $541Ìýmillion) in aggregate principal amount of our 2021 Senior NotesÌýat the redemption price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest to, but not including, the redemption date. In connection with this redemption, we incurred an incrementalÌýcash tax liability of approximately $15Ìýmillion in the first quarter of 2021 related to foreign currency exchange gains.

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Note Payable from ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation

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During the first quarter of 2020, our intercompany loan of $380 million to our subsidiary ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International was repaid to us in full.

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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 Revolving Credit Facility, our A/R Programs and our senior notes.​�

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