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Debt (Tables)

12 Months Ended

Dec. 31, 2022

Convertible Notes Payable [Abstract]

Convertible Debt

The following table summarizes the carrying value of our outstanding debt (in millions), net of unamortized debt discount and issuance costs of $14 million and $18 million at December 31, 2022 and 2021, respectively:

			December 31, 2022												December 31, 2021
			2030 Notes						2022 Notes						2030 Notes						2022 Notes
Current, net			$	—					$	—					$	—					$	92
Long-term, net			1,486						—						1,484						—
Total debt			$	1,486					$	—					$	1,484					$	92

Convertible Date

Initial Conversion Price per Share

Initial Conversion Rate per $1,000 Par Value

Initial Number of Shares

(in millions)

2022 Notes

February 1, 2022

$

134.75

7.42 shares

6

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value of the 2030 Notes at December 31, 2022, and the 2022 Notes and 2030 Notes at December 31, 2021 is based on the closing trading price per $100 of the 2030 Notes and 2022 Notes as follows (in millions):

			December 31, 2022						December 31, 2021
2022 Notes			$	—					$	440
2030 Notes			$	1,144					$	1,400

Schedule of Note Hedge Transactions

			Purchase						Initial Shares						Shares as of December 31, 2022
			(in millions)
2022 Note Hedge			$	128					6						—

Schedule of Warrants

Proceeds

Initial Shares

Strike Price

First Expiration Date

Shares as of December 31, 2022

(in millions)

(in millions)

(in millions)

2022 Warrants

$

54

6

$

203.40

September 1, 2022

—

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Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount.

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section S99
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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