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Long-Term Debt and Revolving Credit Arrangements (Tables) | 6 Months Ended
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Jun. 30, 2021
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, 2020 |  | June 30, 2021 |  | Effective Interest Rates |  | Maturities
2016 Senior Secured Term Loan |  | $ | 1,101 |  |  | $ | — |  |  | — | % |  | —
2018 Senior Secured Term Loan |  | 1,463 |  |  | — |  |  | — | % |  | —
2025 Refinanced Term Loan |  | — |  |  | 1,455 |  |  | 3.8 | % |  | April 4, 2025
2027 Refinanced Term Loan |  | — |  |  | 1,095 |  |  | 3.8 | % |  | February 25, 2027
2025 Senior Note |  | 1,000 |  |  | 1,000 |  |  | 7.7 | % |  | May 15, 2025
2026 Senior Note |  | 1,500 |  |  | 1,500 |  |  | 8.1 | % |  | November 1, 2026
2027 Senior Note |  | 1,200 |  |  | 1,200 |  |  | 7.7 | % |  | September 15, 2027
2028 Senior Note |  | 500 |  |  | 500 |  |  | 7.0 | % |  | January 15, 2028
2025 Convertible Note |  | 1,150 |  |  | 1,150 |  |  | 0.2 | % |  | December 15, 2025
Total debt |  | 7,914 |  |  | 7,900 |  |  |  |  |
Less: unamortized discount and issuance costs |  | (327) |  |  | (75) |  |  |  |  |
Less: current portion of long-term debt |  | (27) |  |  | (27) |  |  |  |  |
Total long-term debt |  | $ | 7,560 |  |  | $ | 7,798 |  |  |  |  |
Fair Value of Senior Notes | The following table presents the fair values of our Senior Notes as of June 30, 2021, 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, 2021
2025 Senior Note |  | $ | 1,081 |
2026 Senior Note |  | 1,619 |
2027 Senior Note |  | 1,322 |
2028 Senior Note |  | 540 |
Total |  | $ | 4,562 |
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, 2020 and 2021 (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2020 |  | 2021 |  | 2020 |  | 2021
Contractual interest coupon |  | $ | 110 |  |  | $ | 109 |  |  | $ | 215 |  |  | $ | 220 |
Amortization of debt discount and issuance costs |  | 2 |  |  | 3 |  |  | 5 |  |  | 10 |
Total interest expense from long-term debt |  | $ | 112 |  |  | $ | 112 |  |  | $ | 220 |  |  | $ | 230 |

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