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Long-term Debt and Finance Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Long-term Debt and Finance Leases | Long-term debt and finance leases consisted of the following:
(In millions, except rates) | September 30, 2024 |  | December 31, 2023 |  | Interest rate %
Recourse debt: |  |  |  |  |
Senior Notes, due 2027 | $ | 375 |  |  | $ | 375 |  |  | 6.625
Senior Notes, due 2028 | 821 |  |  | 821 |  |  | 5.750
Senior Notes, due 2029 | 733 |  |  | 733 |  |  | 5.250
Senior Notes, due 2029 | 500 |  |  | 500 |  |  | 3.375
Senior Notes, due 2031 | 1,030 |  |  | 1,030 |  |  | 3.625
Senior Notes, due 2032 | 480 |  |  | 480 |  |  | 3.875
Convertible Senior Notes, due 2048(a) | 232 |  |  | 575 |  |  | 2.750
Senior Secured First Lien Notes, due 2024 | — |  |  | 600 |  |  | 3.750
Senior Secured First Lien Notes, due 2025 | 500 |  |  | 500 |  |  | 2.000
Senior Secured First Lien Notes, due 2027 | 900 |  |  | 900 |  |  | 2.450
Senior Secured First Lien Notes, due 2029 | 500 |  |  | 500 |  |  | 4.450
Senior Secured First Lien Notes, due 2033 | 740 |  |  | 740 |  |  | 7.000
Term Loan, due 2031 | 871 |  |  | — |  |  | SOFR + 2.000
Tax-exempt bonds | 466 |  |  | 466 |  |  | 1.250 - 4.750
Subtotal recourse debt | 8,148 |  |  | 8,220 |  |  |
Non-recourse debt: |  |  |  |  |
Vivint Senior Notes, due 2029 | 800 |  |  | 800 |  |  | 5.750
Vivint Senior Secured Notes, due 2027 | 600 |  |  | 600 |  |  | 6.750
Vivint Senior Secured Term Loan, due 2028 | 1,310 |  |  | 1,320 |  |  | SOFR + 2.750
Subtotal all Vivint non-recourse debt | 2,710 |  |  | 2,720 |  |  |
Subtotal long-term debt (including current maturities) | 10,858 |  |  | 10,940 |  |  |
Finance leases | 11 |  |  | 19 |  |  | various
Subtotal long-term debt and finance leases (including current maturities) | 10,869 |  |  | 10,959 |  |  |
Less current maturities | (258) |  |  | (620) |  |  |
Less debt issuance costs | (60) |  |  | (60) |  |  |
Discounts | (129) |  |  | (146) |  |  |
Total long-term debt and finance leases | $ | 10,422 |  |  | $ | 10,133 |  |  |
(a)As of the ex-dividend date of November 1, 2024, the Convertible Senior Notes were convertible at a price of $40.94, which is equivalent to a conversion rate of approximately 24.4241 shares of common stock per $1,000 principal amount
Schedule of Extinguishment of Debt | For the nine months ended September 30, 2024, a $260 million loss on debt extinguishment was recorded.
(In millions, except percentages) |  |  |  |  |  |
Settlement Period |  | Principal Repurchased |  | Cash Paid(a) |  | Average Repurchase Percentage
March 2024 |  | $ | 92 |  |  | $ | 151 |  |  | 162.356%
April 2024 |  | 251 |  |  | 452 |  |  | 179.454%
Total Repurchases |  | $ | 343 |  |  | $ | 603 |  |  |
(a)Includes accrued interest of $1 million and $2 million for the March and April repurchases, respectively
Schedule of Debt Instrument, Interest Expense | The following table details the interest expense recorded in connection with the Convertible Senior Notes:
| Three months ended September 30, |  | Nine months ended September 30,
(In millions, except percentages) | 2024 |  | 2023 |  | 2024 |  | 2023
Contractual interest expense | $ | 1 |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | 12 |
Amortization of deferred finance costs | — |  |  | — |  |  | 1 |  |  | 1 |
Total | $ | 1 |  |  | $ | 4 |  |  | $ | 8 |  |  | $ | 13 |
Effective Interest Rate | 0.76 | % |  | 0.76 | % |  | 2.31 | % |  | 2.28 | %

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