Long-Term Debt and Revolving Credit Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Components of debt, including the associated effective interest rates were as follows (in millions, except for percentages):


	As of December 31,
	2020		2021		Effective Interest Rates		Maturities
2016 Senior Secured Term Loan	$	1,101	$	—	—	%	—
2018 Senior Secured Term Loan	1,463		—		—	%	—
2025 Refinanced Term Loan	—		1,448		3.8	%	April 4, 2025
2027 Refinanced Term Loan	—		1,090		3.8	%	February 25, 2027
2025 Senior Note	1,000		1,000		7.7	%	May 15, 2025
2026 Senior Note	1,500		1,500		8.1	%	November 1, 2026
2027 Senior Note	1,200		1,200		7.7	%	September 15, 2027
2028 Senior Note	500		500		7.0	%	January 15, 2028
2029 Senior Note	—		1,500		4.7	%	August 15, 2029
2025 Convertible Note	1,150		1,150		0.2	%	December 15, 2025
Total debt	7,914		9,388
Less: unamortized discount and issuance costs	(327)		(85)
Less: current portion of long-term debt	(27)		(27)
Total long-term debt	$	7,560	$	9,276

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the fair values of our Senior Notes as of December 31, 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 December 31, 2021
2025 Senior Note	$	1,052
2026 Senior Note	1,602
2027 Senior Note	1,305
2028 Senior Note	537
2029 Senior Note	1,533
Total	$	6,029

Future Principal Payments

The future principal payments for our long-term debt as of December 31, 2021 is summarized as follows (in millions):


	Future Minimum Payments
Year Ending December 31,
2022	$	27
2023	27
2024	27
2025	3,564
2026	1,512
Thereafter	4,231
Total	$	9,388

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 with respect to our long term debt, and an 8.0% internal rate of return (“IRR payout”) which was accruing on our 2022 Convertible Notes that converted into shares of common stock upon the close of our IPO in 2019, for the years ended December 31, 2019, 2020 and 2021 (in millions):


	Year Ended December 31,
	2019		2020		2021
Contractual interest coupon	$	439	$	449	$	464
Amortization of debt discount and issuance costs	82		14		16
8% IRR payout	26		—		—
Total interest expense from long-term debt	$	547	$	463	$	480

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details