v3.19.3
Long-Term Debt and Revolving Credit Arrangements (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Components of Debt
Components of debt, including the associated effective interest rates were as follows (in millions, except for percentages):
 
 
As of
 
 
 
 
December 31, 2018
 
September 30, 2019
 
Effective Interest Rate
2016 Senior Secured Term Loan
 
$
1,124

 
$
1,116

 
6.1
%
2018 Senior Secured Term Loan
 
1,493

 
1,481

 
6.2
%
2021 Convertible Notes
 
1,844

 
—

 
23.5
%
2022 Convertible Notes
 
1,030

 
—

 
13.7
%
2023 Senior Note
 
500

 
500

 
7.7
%
2026 Senior Note
 
1,500

 
1,500

 
8.1
%
2027 Senior Note
 
—

 
1,200

 
7.7
%
Total debt
 
7,491

 
5,797

 
 
Less: unamortized discount and issuance costs
 
(595
)
 
(59
)
 
 
Less: current portion of long-term debt
 
(27
)
 
(27
)
 
 
Total long-term debt
 
$
6,869

 
$
5,711

 
 
Schedule of Debt Expense
The following table presents the amount of interest expense recognized relating to the contractual interest coupon, amortization of the debt discount and issuance costs, and the IRR payout with respect to the Senior Secured Term Loan, the Convertible Notes, and the Senior Notes for the three and nine months ended September 30, 2018 and 2019 (in millions):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2019
 
2018
 
2019
Contractual interest coupon
 
$
59

 
$
83

 
$
148

 
$
338

Amortization of debt discount and issuance costs
 
82

 
2

 
231

 
80

8% IRR payout
 
16

 
—

 
45

 
26

Total interest expense from long-term debt
 
$
157

 
$
85

 
$
424

 
$
444