v3.24.0.1
Long-Term Debt and Revolving Credit Arrangements (Tables)
 12 Months Ended
Dec. 31, 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,
20222023Effective Interest RatesMaturities
2025 Refinanced Term Loan$1,433 $— — %—
2027 Refinanced Term Loan1,078 — — %—
2030 Refinanced Term Loans— 1,986 8.3 %March 3, 2030
2025 Senior Note1,000 — — %—
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
2028 Convertible Notes— 1,725 0.9 %December 1, 2028
Total debt9,361 9,561 
Less: unamortized discount and issuance costs(69)(77)
Less: current portion of long-term debt(27)(25)
Total long-term debt$9,265 $9,459 
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, 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 December 31, 2023
2026 Senior Note1,528 
2027 Senior Note1,238 
2028 Senior Note503 
2029 Senior Note1,431 
Total$4,700 
Future Principal Payments
The future principal payments for our long-term debt as of December 31, 2023 is summarized as follows (in millions):
Future Minimum Payments
Year Ending December 31,
2024$25 
20251,175 
20261,525 
20271,225 
20281,750 
Thereafter3,860 
Total$9,560 
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 years ended December 31, 2021, 2022 and 2023 (in millions):
Year Ended December 31,
202120222023
Contractual interest coupon$464 $510 $577 
Amortization of debt discount and issuance costs16 15 18 
Total interest expense from long-term debt$480 $525 $595