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v3.22.1

Long-Term Debt and Revolving Credit Arrangements (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2021 |  | March 31, 2022 |  | Effective Interest Rates |  | Maturities
2025 Refinanced Term Loan |  | $ | 1,448 |  |  | $ | 1,444 |  |  | 3.8 | % |  | April 4, 2025
2027 Refinanced Term Loan |  | 1,090 |  |  | 1,087 |  |  | 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
2029 Senior Note |  | 1,500 |  |  | 1,500 |  |  | 4.7 | % |  | August 15, 2029
2025 Convertible Notes |  | 1,150 |  |  | 1,150 |  |  | 0.2 | % |  | December 15, 2025
Total debt |  | 9,388 |  |  | 9,381 |  |  |  |  |
Less: unamortized discount and issuance costs |  | (85) |  |  | (81) |  |  |  |  |
Less: current portion of long-term debt |  | (27) |  |  | (27) |  |  |  |  |
Total long-term debt |  | $ | 9,276 |  |  | $ | 9,273 |  |  |  |  |
Fair Value of Senior Notes | The following table presents the fair values of our Senior Notes as of March 31, 2022, 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 March 31, 2022
2025 Senior Note |  | $ | 1,044 |
2026 Senior Note |  | 1,595 |
2027 Senior Note |  | 1,281 |
2028 Senior Note |  | 516 |
2029 Senior Note |  | 1,410 |
Total |  | $ | 5,846 |
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 months ended March 31, 2021 and 2022 (in millions):
|  | Three Months Ended March 31, |  |
|  | 2021 |  | 2022 |  |  |  |
Contractual interest coupon |  | $ | 111 |  |  | $ | 133 |  |  |  |  |
Amortization of debt discount and issuance costs |  | 7 |  |  | 4 |  |  |  |  |
Total interest expense from long-term debt |  | $ | 118 |  |  | $ | 137 |  |  |  |  |

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