v3.20.1
Long-Term Debt and Revolving Credit Arrangements (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
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, 2019
 
March 31, 2020
 
Effective Interest Rate
2016 Senior Secured Term Loan
 
$
1,113

 
$
1,110

 
6.1
%
2018 Senior Secured Term Loan
 
1,478

 
1,474

 
6.2
%
2023 Senior Note
 
500

 
500

 
7.7
%
2026 Senior Note
 
1,500

 
1,500

 
8.1
%
2027 Senior Note
 
1,200

 
1,200

 
7.7
%
Total debt
 
5,791

 
5,784

 
 
Less: unamortized discount and issuance costs
 
(57
)
 
(54
)
 
 
Less: current portion of long-term debt
 
(27
)
 
(27
)
 
 
Total long-term debt
 
$
5,707

 
$
5,703

 
 
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 internal rate of return (“IRR”) payout with respect to the Senior Secured Term Loan, the Convertible Notes, and the Senior Notes for the three months ended March 31, 2019 and 2020 (in millions):
 
 
Three Months Ended March 31,
 
 
2019
 
2020
Contractual interest coupon
 
$
140

 
$
105

Amortization of debt discount and issuance costs
 
53

 
3

8% IRR payout
 
17

 
—

Total interest expense from long-term debt
 
$
210

 
$
108