v3.19.3.a.u2
Long-Term Debt and Revolving Credit Arrangements (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Future Principal Payments
The future principal payments for the Company’s long-term debt as of December 31, 2019 is summarized as follows (in millions):
 
 
Future Minimum Payments
Year Ending December 31,
 
 
2020
 
$
27

2021
 
27

2022
 
27

2023
 
1,593

2024
 
15

Thereafter
 
4,102

Total
 
$
5,791
Schedule of Components of Debt
Components of debt, including the associated effective interest rates were as follows (in millions, except for percentages):
 
 
As of December 31,
 
 
 
 
2018
 
2019
 
Effective Interest Rate
2016 Senior Secured Term Loan
 
$
1,124

 
$
1,113

 
6.1
%
2018 Senior Secured Term Loan
 
1,493

 
1,478

 
6.2
%
2021 Convertible Notes
 
1,844

 
—

 
23.5
%
2022 Convertible Notes
 
1,030

 
—

 
13.7
%
2023 Senior Note
 
500

 
500

 
7.7
%
2026 Senior Note
 
1,500

 
1,500

 
8.1
%
2027 Senior Note
 
—

 
1,200

 
7.7
%
Total debt
 
7,491

 
5,791

 
 
Less: unamortized discount and issuance costs
 
(595
)
 
(57
)
 
 
Less: current portion of long-term debt
 
(27
)
 
(27
)
 
 
Total long-term debt
 
$
6,869

 
$
5,707

 
 
Schedule of Debt Expense
The following table presents the amount of interest expense recognized relating to the contractual interest coupon, amortization of the debt discount and issuance costs, and the IRR payout with respect to the Senior Secured Term Loan, the Convertible Notes, and the Senior Notes for the years ended December 31, 2017, 2018 and 2019 (in millions):
 
 
Year Ended December 31,
 
 
2017
 
2018
 
2019
Contractual interest coupon
 
$
127

 
$
231

 
$
439

Amortization of debt discount and issuance costs
 
244

 
318

 
82

8% IRR payout
 
52

 
61

 
26

Total interest expense from long-term debt
 
$
423

 
$
610

 
$
547