DEBT (Tables)

12 Months Ended

Dec. 31, 2024

The following table summarizes the Company’s outstanding debt:


		December 31, 2023				December 31, 2024
	Maturity	Amount (in millions)		Effective Interest Rate		Amount (in millions)		Effective Interest Rate
Long-term debt
2026 Notes	2026	$	1,250	12.0	%	$	1,250	11.0	%
2029 Green Convertible Notes	2029	1,500		4.9	%	1,500		4.8	%
2030 Green Convertible Notes	2030	1,725		3.8	%	1,725		3.8	%
Total long-term debt		4,475				4,475
Less unamortized discount and debt issuance costs		(44)				(34)
Long-term debt, less unamortized discount and debt issuance costs		$	4,431			$	4,441

Schedule of Loss/Gain on 2026 Convertible Note Recognized in Gain/Loss on Convertible Notes, Net

During the year ended December 31, 2024, the gain/(loss) on the 2026 Convertible Note was recognized in “Loss on convertible notes, net” in the Consolidated Statements of Operations and was calculated as follows (in millions):


	Year Ended December 31, 2024
Fair value of shares issued upon conversion	$	1,133
Unpaid principal balance plus accrued interest	1,021
Loss on conversion	$	112

- 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