v3.21.2
Long-Term Debt and Revolving Credit Arrangements (Tables)
6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Components of Debt
Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):
As of
December 31, 2020June 30, 2021Effective Interest RatesMaturities
2016 Senior Secured Term Loan$1,101 $— — %
2018 Senior Secured Term Loan1,463 — — %
2025 Refinanced Term Loan— 1,455 3.8 %April 4, 2025
2027 Refinanced Term Loan— 1,095 3.8 %February 25, 2027
2025 Senior Note1,000 1,000 7.7 %May 15, 2025
2026 Senior Note1,500 1,500 8.1 %November 1, 2026
2027 Senior Note1,200 1,200 7.7 %September 15, 2027
2028 Senior Note500 500 7.0 %January 15, 2028
2025 Convertible Note1,150 1,150 0.2 %December 15, 2025
Total debt7,914 7,900 
Less: unamortized discount and issuance costs(327)(75)
Less: current portion of long-term debt(27)(27)
Total long-term debt$7,560 $7,798 
Fair Value of Senior Notes
The following table presents the fair values of our Senior Notes as of June 30, 2021, and were determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input (in millions):
As of June 30, 2021
2025 Senior Note$1,081 
2026 Senior Note1,619 
2027 Senior Note1,322 
2028 Senior Note540 
Total$4,562 
Schedule of Debt Expense
The following table presents the amount of interest expense recognized relating to the contractual interest coupon and amortization of the debt discount and issuance costs with respect to our long term debt, for the three and six months ended June 30, 2020 and 2021 (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2020202120202021
Contractual interest coupon$110 $109 $215 $220 
Amortization of debt discount and issuance costs10 
Total interest expense from long-term debt$112 $112 $220 $230