v3.23.2
Long-Term Debt and Revolving Credit Arrangements (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2022June 30, 2023Effective Interest RatesMaturities
2025 Refinanced Term Loan$1,433 $— — %—
2027 Refinanced Term Loan1,078 — — %—
2030 Refinanced Term Loans— 2,498 8.1 %March 3, 2030
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
2029 Senior Note1,500 1,500 4.7 %August 15, 2029
2025 Convertible Notes1,150 1,150 0.2 %December 15, 2025
Total debt9,361 9,348 
Less: unamortized discount and issuance costs(69)(68)
Less: current portion of long-term debt(27)(25)
Total long-term debt$9,265 $9,255 
Fair Value of Senior Notes
The following table presents the fair values of our Senior Notes as of June 30, 2023, 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, 2023
2025 Senior Note$1,014 
2026 Senior Note1,529 
2027 Senior Note1,226 
2028 Senior Note499 
2029 Senior Note1,380 
Total$5,648 
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, 2022 and 2023 (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2022202320222023
Contractual interest coupon$124 $145 $257 $292 
Amortization of debt discount and issuance costs4 3 8 10 
Total interest expense from long-term debt$128 $148 $265 $302