v3.24.2.u1
Long-Term Debt and Revolving Credit Arrangements (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2023June 30, 2024Effective Interest RatesMaturities
2030 Refinanced Term Loans$1,986 $1,973 8.2 %March 3, 2030
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 Note1,725 1,725 1.1 %December 1, 2028
Total debt9,561 9,548 
Less: unamortized discount and issuance costs(77)(69)
Less: current portion of long-term debt(25)(25)
Total long-term debt$9,459 $9,454 
Fair Value of Senior Notes
The following table presents the fair values of our Senior Notes as of June 30, 2024, 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, 2024
2026 Senior Note$1,512 
2027 Senior Note1,224 
2028 Senior Note500 
2029 Senior Note1,427 
Total$4,663 
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, 2023 and 2024 (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202420232024
Contractual interest coupon$145 $124 $292 $247 
Amortization of debt discount and issuance costs3 4 10 8 
Total interest expense from long-term debt$148 $128 $302 $255